FY2024 results: the conference call

On March 18, 2025, following the disclosure of the Group’s FY2024 Financial Statement, the top management of Growens gathered for a public conference call to discuss and comment on the yearly results. 

Officiated by the Growens CEO Nazzareno Gorni, Chairman & CFO Matteo Monfredini, and Executive Director & Investor Relator Micaela Cristina Capelli, the conference call is available at this link.

You can review the press release here. For any further inquiries, please email investor.relations@growens.io.

2024 full year consolidated results 

Growens Chairman of the Board and CFO Matteo Monfredini presented the consolidated results for fiscal year 2024, showing total revenue exceeding €74.5 million, a slight decrease of 0.8% compared to the previous year.  This decrease was primarily due to a decline in the CPAAS segment, while the SaaS component showed a 23% growth.

The Agile Telecom business unit saw a 5% revenue decrease due to lower traffic volumes and unit selling prices, despite an increase in gross profit. Beefree, on the other hand, experienced a 24% revenue increase.

Consolidated EBITDA was essentially flat, with gross profit exceeding €17.7 million and growing by 20% year-on-year. Consolidated net earnings showed a loss of €2.5 million. The net financial position was €13 million in cash, lower than the previous year due to a €20 million dividend and investments in Beefree.

Beefree strategy update 

CEO Nazzareno Gorni discussed the updated guidance for Beefree, lowering the projected ARR to $24-27 million in 2027. This revision is attributed to slower-than-expected conversion rates from the Really Good Emails acquisition, delays in product launches (hosted rows, HTML converter, multi-region activity), and technical incidents.

Despite these delays, Gorni highlighted positive developments such as a new team focused on increasing conversion rates, a Figma library nearing release, a startup program, and a new private cloud offering. Gorni also mentioned ongoing AI research and development.

Industry valuations and future outlook 

Investor Relator Micaela Cristina Capelli announced an ARR and Q1 preview for both business units to be released on April 10, 2025, for a more current assessment of trends (now available here).