Alarum Technologies (NASDAQ: ALAR) continues to see its NetNut-centric strategy pay off, after reporting another round of record results during the first quarter of 2024. The company has successfully focused on the web data collection space, which is becoming a coveted asset for companies and organizations across many different industries. Furthermore, the company’s technology is a complementary play to the artificial intelligence (AI) boom and the rise of large language models (LLMs) like OpenAI’s ChatGPT.
ALAR: Record Revenue and Adjusted EBITDA For Q1 2024, NetNut Revenues Jump 139% Y/Y
During the first three months of 2024, Alarum reported a record total revenue of $8.4 million, which represented year-over-year growth of 47%. The web data collection company reported an IFRS net profit of $1.4 million, compared to a net loss of $0.7 for Q1 2023. Non-IFRS net profit and earnings per share (EPS) surged to $2.8 million and $0.45 respectively. Earnings per American Depository Share (EPS) came in at $0.23.
Adjusted EBITDA hit a new record of $3.2 million, compared to $0.1 million last year. Margins continue to see impressive gains to 78%, up from 66% during the same period last year.
NetNut-specific results really impressed investors with year-over-year revenue growth of 139% to $8.1 million. Another important statistic is the fact that NetNut is not just growing its customer base, but it is also seeing growth in retained customers. The Net Retention Rate (NRR) for the quarter grew to 1.66.
Alarum’s balance sheet continues to see impressive strength. The company’s current assets have expanded to $19.45 million, compared to $13.27 million at the end of Q4 2023 and $6.28 million during Q1 2023. The overwhelming driver of the current asset growth has come from its ability to generate cash and equivalents. With such impressive growth, it makes sense to see the company’s cash position continue to expand. While assets have exploded higher, Alarum has kept its costs and liabilities in check despite its ability to roll out new products and features. This is an impressive feat and shows impressive operational efficiency.
Alarum Launched AI Web Data Collection and Website Unblocker Products During Q1 2024
The company has been hard at work expanding its product line and providing its vast customer base with cutting-edge technologies to help meet its growing web data collection needs. Alarum announced two key new announcements through the start of 2024: launched the website Unblocker and an innovative AI web data collection product line.
The AI web data collection product will use an intuitive, no-code interface that allows users to continuously collect web data within minutes. Using advanced AI, the product can automatically adapt to website changes to help customers ensure web collection continues without interruption. The Website Unblocker product, which also utilizes AI technology, provides automated web data collection tools with the ability to access public-facing websites without being shut down by anti-bot and other blocker solutions.
Alarum CEO, Mr. Shachar Daniel, has also provided investors with hints of further product launches in the pipeline: “I am thrilled to report another record quarter, marking continued growth and profitability for our company. As market leaders, our dedication to innovation has never been stronger. This quarter, we introduced the ‘Website Unblocker,’ a product that has not only received positive feedback but has also attracted new customers. We also launched our revolutionary ‘AI Data Collector’ product line, which features a user-friendly, no-code interface, that allows users to set up data collection in just minutes. We believe this will be a game-changer in the web data collection industry.”
Conclusion
Overall, the latest first quarter 2024 results continue to show that Alarum’s web data collection strategy is not only working but also paying off at an incredible scale. The company’s technologies have propelled it to a market leadership position at a time when data collection tools and capabilities are seeing high global demand.
Alarum’s commitment to continued innovation for product R&D provides the investment community with further anticipation that this growth run can continue forward. For their customer base, this R&D helps to build confidence that new technologies and improvements will continue to satisfy their data collection needs. This is evident in NetNut’s growing Net Retention Rate. In the end, there is a lot to be excited about at Alarum Technologies after its latest first-quarter 2024 results.
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