Datalex reports positive 2024, raising 25m. euros in equity
DUBLIN, IRELAND – Datalex plc, a market leader in airline e-commerce solutions, announces it has published its Annual Report and Financial Statements for the year ended 31 December 2024 (FY 2024).
Key Highlights
Launched Stellex; Datalex's next-generation Offer and Order Management platform with easyJet and Air Macau now live on Stellex.
and now live on Stellex. Successfully migrated Air China and Edelweiss on to the Stellex platform, who will benefit from the latest products enhancements.
and on to the Stellex platform, who will benefit from the latest products enhancements. Went live with Air Macau with Stellex Offer Management in September 2024.
Continued to deliver multiple projects and activations for our customers with a focus on growth for these airlines.
Invested in developing modular standalone products for both our existing customers and new airline customers.
As a result of this, the Group was in a position to announce in April 2025 the launch of DLX Pay, which is planned to go live with Air Transat later in 2025. DLX Pay is a payment platform built exclusively with airline challenges in mind. Datalex believe there is a huge opportunity for airlines to unlock value in this space, and the company is well positioned to help airlines achieve this goal. In 2024, the company continued to invest in its Pricing AI product. In 2025, they have added capabilities that enable airlines to leverage their own AI price prediction models, in addition to leveraging Datalex Pricing AI models.
Raised 25 million euros in equity, which enabled the Group to fully repay its debt facility.
Commenting the announcement, Jonathan Rockett, Datalex CEO, said: 'We achieved several positive developments in 2024, including the launch of our Offer and Order solution, Stellex, and the successful activation and migration of four airlines to this new platform. Additionally, we raised 25 million euros in equity to strengthen our balance sheet.
Whilst it was disappointing to see revenue decline, after excluding non-recurring revenue, the underlying performance and momentum in platform revenue is promising. The financial performance in 2024 does not reflect the progress made, and I am confident that the actions we have taken will deliver stronger financial performance in 2025.
2025 has kicked off strongly with the launch of a new modular standalone product, DLX Pay, which is planned to go-live with our launch customer, Air Transat, later this year. Our focus for 2025 is to drive strong platform revenue growth, improve margins, and achieve EBITDA profitability.'
Key Financial Highlights
2024
(US$'M) 2023
(US$'M) YoY Growth (US$'M) YoY Growth
(%) Revenue 27.5 28.9 (1.4) (5%) Platform revenue 16.1 12.9 3.2 24% Services revenue 10.2 14.1 (3.9) (27%) Consultancy revenue 1.0 0.9 0.1 19% Other revenue 0.1 1.0 (0.9) (85%) Gross Profit 10.2 9.7 0.5 5% Gross Margin 37% 34% – 3% Adjusted EBITDA(1) (3.1) (2.9) (0.2) (7%) Loss after tax (10.2) (9.0) (1.2) (13%) Cash at 31 December 6.4 5.8 0.6 10%
(1) Adjusted EBITDA is defined as earnings from operations before (i) interest income and interest expense, (ii) tax expense, (iii) depreciation and amortisation expense, (iv) share-based payments cost and (v) exceptional items
Revenue for FY2024 was US$27.5 million, a decrease of 5% y/y (2023: US$28.9m). This decrease is primarily due to a number of customer contracts ending in 2023, creating a drag on year-on-year growth given this revenue did not recur in 2024.
Platform revenue increased by 24% to US$16.1 million (2023: US$12.9 million), driven by ongoing customer activations and the transition of customers to a SaaS licence and transaction fee model.
Services revenue decreased by 27% to US$10.2 million (2023: US$14.1 million), primarily due to the cessation of contracts with Scandinavian Airlines and Virgin Australia in 2023.
and in 2023. Consultancy revenue increased by 19% to US$1.0 million (2023: US$0.9 million).
Other revenue of US$0.1 million (2023: US$1.0 million), reflected the receipt of a previously written-off customer receivable. The prior year balance of US$1.0m is mainly attributable to one off customer termination fees that did not recur in 2024.
Gross profit of US$10.2m grew 5% y/y (2023: US$9.7m) with gross profit margin of 37% up 3% (2023: 34%), reflecting a shift in revenue mix to higher margin platform revenues. It is a strategic priority to grow platform revenue to enhance long-term profitability.
Total operating expenses increased by 5% to US$13.3 million (2023: US$12.6 million), mainly due to higher insurance and IT expenses because of inflationary pressures.
Adjusted EBITDA loss for the Group was US$3.1 million in 2024 (2023: US$2.9 million). The modest year on year increase is due to higher operating expenses offsetting gross profit growth.
Loss after tax for the Group for 2024 was US$10.2 million (2023: US$9.0 million), primarily due to increased interest and share-based payment costs.
Cash as at 31 December 2024 totalled US$6.4 million (2023: US$5.8 million). Proceeds from the 25 million euros equity raise and strict cash management offset operational and financing outflows.
Balance Sheet Developments
In September 2024, Datalex successfully raised 25 million euros (US$27.9 million) in equity, enabling full repayment of its debt facility and providing working capital for product investment and growth opportunities.
At the date of repayment, 30 September 2024, the facility comprised of a principal of 15 million euros (US$17.0 million) and accrued interest of 4.1 million euros (US$4.4 million).
The Group intends to raise additional capital in 2025. However, the exact amount and timing will depend on the pace of investment in the Company's product portfolio, as well as the funding of working capital to support the implementation of new revenue opportunities.
Subsequent to year end, the Group received a letter of support from its former lender Tireragh Limited, confirming a willingness to provide a backstop loan facility of 5 million euros (US$5.4 million) if an equity capital raise is not completed by 30 June 2025.
Outlook
Actions taken in 2024 to strengthen Datalex's foundations and competitive position have laid the groundwork for stronger financial performance in 2025 and beyond.
Datalex enters 2025 with a solid recurring revenue base and strengthened balance sheet having repaid the Group's loan facility. Our financial ambition and priorities will be focused on growing total revenue year on year, continuing to deliver strong platform revenue growth, expanding gross profit margins, and restoring the business to EBITDA profitability.
A key focus will also be investing in our Stellex anchor solution, advancing Stellex + opportunities, and raising capital to support future growth.
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