Silver Bullet Data Services Group plc

Final Results for the year ended 31 December 2023

Silverbullet (AIM: SBDS), a provider of AI driven digital transformation services and products, is pleased to announce its audited results for the year ended 31 December 2023.

FINANCIAL HIGHLIGHTS.

YE December 2023

YE December 2022

Y-O-Y

Revenue

£8.36m

£5.82m

+44%

Gross Profit

£6.36m

£4.22m

+51%

Headline Loss before tax*

£3.31m

£6.10m

-46%

Reported Loss before tax

£3.45m

£7.54m

-54%

Loss Per Share

£0.20

£0.49

-61%

* Headline results are calculated before exceptional items and share option charges, reconciliation per note 5 of the consolidated financial statements.

Operational Highlights:

·

Group revenue increased 44% to £8.36m (2022: £5.82m).

·

Services revenue increased 29% to £5.55m (2022: £4.30m).

·

4D revenue increased 85% to £2.81m (2022: £1.52m) driven by US demand for the product.

·

US and globally operating clients now account for more than 50% of total Group revenues.

·

Losses significantly reduced due to revenue acceleration and cost reductions.

Post-Period End Highlights

Total Group bookings year to date are approximately £6.2m.

Committed and earned services revenues represent 69% of targeted revenues for the year to date.

4D bookings more than doubled in Q1 24 compared to Q1 23.

Growth in services top two clients has increased (2024 vs 2023) by 43% and 26% respectively, reflecting growing demand and increased client spending on data transformation.

US and global clients contribute approximately 73% of total revenue (2023: 50%).

Net margin year to date has increased by 35% versus the corresponding period in FY 23.

Group overheads and costs remain flat year over year.

A robust pipeline of over £4m providing strong confidence for the rest of the year.

Silverbullet expects to achieve its objective of an EBITDA positive run rate entering the second half and commence generating positive operating cashflow in the current financial year.

Based on current demand for the Group products and services, the Board views the future of the business with confidence.

Ian James, Chief Executive Officer of Silverbullet, commented: "I am delighted to see Silverbullet's remarkable growth trajectory. Our revenue increase of 44% to £8.36m underscores the growing demand for our AI-driven digital transformation services and products. Notably, our 4D revenue increased by 85%, a testament to the continued interest in our products, particularly in the US market. Moreover, with over 50% of our revenue now stemming from US and global clients, we are solidifying our position as a key player in the international arena.

"Looking ahead, our post-period end highlights paint a promising picture, with total bookings at approximately £6.2m and a robust pipeline exceeding £4m. With our sights set on achieving an EBITDA positive run rate entering the second half of the year and positive operating cashflow in the current financial year, I am very excited about the future prospects of Silverbullet. Our unwavering confidence in the Group's trajectory is grounded in our steadfast commitment to innovation, client satisfaction, and sustained growth."

Florence Chandler

IFC Advisory

Account Manager

DL: +44 (0) 203 934 6636

SB: +44 (0) 203 934 6630

M: +44 (0) 7958 124 052

Email: florence.chandler@investor-focus.co.uk

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