Q2 2024 Huddly AS Earnings Call Transcript
Key Points
- Huddly AS (OSL:HDLY) reported a 27% increase in sales to channels compared to the first quarter of the year.
- The establishment of a New York sales hub led to a 25% increase in channel revenue in the Americas year-on-year.
- A US patent was granted for Huddly Crew as an autonomous video conferencing system, highlighting the company's innovation capabilities.
- The company maintains a strong cash balance of NOK105 million as of June 30, 2024.
- Huddly AS is focusing on innovation and technology leadership, with plans to scale its sales model to Austin, Texas, in the second half of the year.
- Strategic sales remain challenging, with a significant decline compared to the same quarter last year.
- Gross margin declined to 39% in Q2, partly due to a one-off expense related to price protection for distributors.
- The company experienced a 15% year-on-year reduction in total cost base, indicating potential financial strain.
- There is a high degree of volatility and unpredictability in the market, leading to the withdrawal of financial guidance.
- Cash flow statements show a decrease in cash balance from NOK154 million at the end of March 2024 to NOK105 million at the end of June 2024.
Welcome to Huddly's second quarter presentation 2024. My name is Rosa Stensen, and I am the newly appointed CEO of Huddly. Today, I've with me our CFO, Abhi Banik, and we are sending this video using our own technology Huddly Crew from our offices herein so.
To start with the highlights. For Q2 results were revenue of NOK39 million with gross margin of 39%, and we will come back to that later in this presentation.
Sales to channels increased by 27% compared to the first quarter of the year and by 2% here year on year. It had a successful establishment of our New York sales hub, increasing channel revenue in Americas by 25% year on year. We plan to scale that model further Austin, Texas in the second half of this year.
We are also proud to inform that a US patent has been granted for Huddly Crew as an autonomous video conferencing system with virtual director assistance. Our cash balance and June 30, this year, NOK105 million. To support long-term growth for Huddly, we continue to keep focus on the following areas.
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