Pinewood Technologies Group PLC (Pinewood.AI) reported a strong first half, with revenue up 21.7% to £19.6m. Recurring revenue reached £16.8m, gross profit rose 17.2% to £17.0m, and EBITDA advanced 14.5% to £7.9m. Cash reserves more than doubled to £30.3m. Net user churn remained minimal at 0.3%.

Pinewood.AI completed the Seez acquisition, signed contracts with Volkswagen Group Japan and expanded to North America. It agreed to buy out Lithia’s stake in Pinewood North America LLC for $76.5m. The company opened a North American headquarters in Florida and acquired key customer contracts in South Africa.

In the UK, Pinewood.AI focuses on system implementations with Lookers and Marshall Motor Group. Management prioritizes North America, Central Europe, Japan, South-East Asia, South Africa, and the Middle East. Updated guidance expects FY25 EBITDA of £15.5m–£16.0m, with a medium-term FY28 target of £58m–£62m.

CEO Bill Berman highlighted progress and growth achievements, emphasizing new customer onboarding and increased customer spend. The company is on track to pilot the Pinewood Automotive Intelligence platform and has ambitious growth plans for the future.

Read more at Yahoo Finance: Pinewood.AI accelerates growth with revenue rise and US expansion plans