Silverbullet (SBDS) , a provider of AI-driven digital marketing services, announced its audited results for the year ended December 31, 2023 (FY23).
Silverbullet reported a 44% increase in revenues to £8.36m from £5.82m last year. Services revenues rose 29% to £5.55m and 4D revenues jumped 85% to £2.81m, driven by US demand. 4D is Silverbullet's proprietary AI advertising platform. US and globally operating clinets now account for over 50% of total revenues. Along with higher revenues, Silverbullet announced a significantly reduced loss before tax of (£3.45m), down 54% from last year's (£7.54m).
Growth momentum carried into FY24 with bookings YTD at £6.2m and 69% of targeted revenues for FY24 already committed or earned, while 4D bookings doubled in 1Q24 over 1Q23. Also post-period, US and global client contributions spiked to 73% of total revenue from FY23's 50%, and net margin increased by 35% from last year.
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Excellent performance from Silverbullet in FY23, with a notable acceleration of momentum post-period. Revenues spiked by 44% and losses reduced by more than half on the back of growing demand for the company's AI-driven products and services. Its flagship AI advertising solution 4D saw an 85% increase in sales, with 4D bookings doubling in 1Q24 year-on-year, mostly driven by strong performance in the US where SMDB now generates 73% of its revenues, up from 50% in FY23. Markets welcomed the positive update, driving SBDS shares 7% higher on Wednesday.
Equally stellar post-period performance indicates Silverbullet is very well-positioned for continued sales growth, having already met 69% of its target FY24 revenues and having a robust pipeline of £4m, underlining confidence and visibility. The company is moving rapidly toward profitability, aiming to achieve an EBITDA positive run rate entering 2H24 and expecting positive cashflow in FY24.
Silverbullet is benefitting from increasing privacy protection policies implemented by Google, Apple and others in recent months, where SBDS's privacy-safe insight and targeting tools shine, most notably its 4D AI product. With an industry-wide move away from 3rd party cookies and the AdTech ecosystem, SBDS is well-aligned to address growing demand for 1st party data and privacy-focused products and services.
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