Observed Signal · Jul 12, 2024 · Earnings Report · Source: Trending Topics · Impact: 4/5 · Sentiment: Positive
Adverity Cuts Losses in 2023 as Revenue Grows 22%
Vienna-based marketing data analytics scale-up Adverity reported its 2023 annual results, showing revenue growth of 21.9% to €21.4 million, up from €17.55 million in 2022. Licensed customer numbers rose 24.2% from 397 to 493. The company cut its net loss nearly in half to €17.53 million, compared with €35.71 million in the prior year, driven primarily by cost reductions across R&D and sales/marketing. Operating expenses fell from €54.57 million to €39.69 million. Adverity ended 2023 with a bank balance of roughly €23.65 million. The management report notes that raising new capital was difficult amid the economic environment, prompting cost discipline. The company remains majority-owned by investors, including SoftBank, Mangrove, Sapphire Ventures and Felix Capital, while founders hold less than 20%.
Detailed FY2023 financial results of a notable European marketing analytics scale-up show strong revenue growth and significantly reduced losses, signaling continued consolidation and cost discipline in the MarTech segment.
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Key Takeaways & Evidence Grounding
- Adverity's revenue increased 21.9% year over year to €21.4 million in 2023.
- The company's net loss halved from €35.71 million in 2022 to €17.53 million in 2023.
- Operating expenses decreased from €54.57 million in 2022 to €39.69 million in 2023.
- Customer count grew 24.2% from 397 to 493.
- SoftBank Vision Fund 2 and Sapphire Ventures invested €102 million in Adverity in 2021.
Connected Companies & Entities
3 Entities mapped“Vienna-based marketing data analytics company that reported 2023 revenue growth and reduced losses....”
“Together with Sapphire and Felix Capital holds a further 43 percent of Adverity....”
“Together with Mangrove and Sapphire holds a further 43 percent of Adverity....”
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