NowVertical Group reported strong financial performance in Q1 2024, with revenue and profitability growth.

From GlobeNewswire: 2024-05-30 19:28:00

NowVertical Group Inc. reported Q1 2024 revenue of $12.9 million, a 3% increase from Q1 2023. Income from Operations saw a 120% increase to $0.2 million, while Adjusted EBITDA rose by 314% to $1.6 million. With a focus on profitability and sustainability, the company made significant progress in the first quarter. CEO Sandeep Mendiratta highlighted leadership, governance, and strategic integration efforts, aiming for long-term value creation.

Key financial highlights from Q1 2024 include Revenue of $12.9 million, Gross Profit of $6.3 million, and Adjusted EBITDA of $1.6 million. These figures represent increases compared to Q1 2023 and point towards positive growth for NowVertical Group Inc. Administrative Expenses decreased by 16%, showing effective cost management strategies in place to support future profitability.

NOW achieved several important milestones in Q1 2024 and beyond, including appointing new directors and executives, renewing contracts with key clients, amending agreements to improve the balance sheet, and divesting a subsidiary to reduce debt and focus on core business operations. These strategic decisions aim to position the company for sustainable growth and value creation in the data analytics and AI solutions sector.

Investors and stakeholders are invited to an upcoming webinar on May 31, 2024, to discuss Q1 2024 results and engage in a question-and-answer session with management. This event provides an opportunity for individuals to gain further insights into NowVertical Group Inc.’s performance and strategic initiatives moving forward. Registrations can be done on the company’s website for access to the webinar and related materials. For more information about NowVertical Group Inc. and its financial results, visit their website or SEDAR+ profile for detailed financial statements and analysis.



Read more at GlobeNewswire:: NowVertical Group Reports First Quarter 2024 Financial