Softbinator Group posts net profit of 1.4 million lei in the first nine months of 2024, a 160% increase
Softbinator Technologies, a Romanian company providing comprehensive software product development services (product management, product design, software development, AI/ML development, and product marketing), posts a consolidated net profit of 1.4 million lei for the first nine months of 2024, marking a 160% increase compared to a net loss of 2.3 million lei in the same period last year. Turnover for the first nine months reached 21.4 million lei, reflecting a 15% decrease. The consolidated financial results for the first nine months of 2024 were prepared in accordance with IFRS standards.
“In Q3 2024, we continued implementing measures to optimize internal processes, with a heightened focus on cost efficiency, margin improvement, and minimizing the impact of the SOP program on existing shareholders. Simultaneously, we intensified our efforts to expand in the U.S. market, emphasizing the development of our sales operations. Operationally, as stated earlier this year, our strategy remains focused on attracting and fostering collaborations with high-scaling-potential clients, prioritizing these over those with smaller budgets. Our Silicon Valley office continues to perform well, while our expansion efforts on the East Coast are progressing steadily. Our client portfolio already includes businesses in New York, Washington DC, Miami, and Tampa, with current expansion efforts targeting Boston and Chicago. The results achieved in Q3 2024 reflect our firm commitment to profitability goals, reinforcing the positive trajectory we are on,” stated Daniel Ilinca, Founder and CEO of Softbinator Technologies.
The company’s performance exceeded the projections outlined in the 2024 Revenue and Expense Budget. By the end of the first nine months, EBITDA recorded a 50% increase compared to the budgeted level – 3 million lei achieved versus 2 million lei budgeted – while net profit was 100% higher than the forecast – 1.4 million lei achieved, compared to 0.7 million lei budgeted. For Q4 2024, the group’s management anticipates a positive evolution, with increased profitability and revenues closely aligned with budget projections, forecasting a total of 29 million lei for the year.
The consolidated results for the first nine months of 2024, prepared in IFRS format, include the performance of Softbinator Technologies, [es-pres-oh], Ixperi, and Digital Tailors. Throughout the year, the group continued integrating its constituent companies, consolidating entities through mergers and optimizing existing costs.
Individually, under IFRS standards, Softbinator Technologies reported a turnover of 15.3 million lei, up 3% compared to the same period last year, and a net profit of 1 million lei, a 147% improvement compared to a net loss of 2.1 million lei during the same period in 2023.
In August, the managment of Softbinator Technologies conducted a mission to explore opportunities in South America, holding strategic meetings in Buenos Aires with representatives of local companies and regional organizations. This initiative aligns with the group’s strategy to expand the Softbinator community and tap into global talent. In Europe, the group intensified its search for M&A opportunities outside Romania.
“Our vision is to become a global company with a diversified client portfolio and access to developers from multiple regions, strategically selected based on market specifics and client needs. To this end, we rely on an operating model built around the concept of ‘business as a platform,’ aiming to automate core business processes: from talent identification and vetting to recruitment and the technical and operational management of teams,” added Daniel Ilinca.
Softbinator Technologies is listed on the AeRO market of the Bucharest Stock Exchange as of December 17, 2021, trading under the symbol CODE.
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About Softbinator Technologies
Softbinator Technologies, a Romanian company that provides full-stack product development services (product management, product design, software development, AI/ML development, and product marketing) using cutting-edge technologies and helps companies to launch high-performance and easily scalable products in a shorter time. The company’s services and products are used globally by startups, SMEs, unicorns, and Fortune 500 clients, with which they build versatile teams that use the Agile methodology. The organization’s profile is oriented toward product development, valued for its ability to deliver results quickly. Softbinator Technologies has approximately 80 programmers and collaborators in its team in Bucharest, and Timisoara as well as in Cluj, Brasov, Constanta, Iasi.