📊Photomyne Ltd. (TASE: PHTM) published its FY23 report, showing continued commitment to profitability and cash flow generation for the 2023 year.
🔹 Solid Top-Line & Traction: Despite a 50% reduction in direct advertising and marketing expenses in 2023, Photomyne's revenue remains strong, decreasing at a far lower rate, with $16.2m in revenues in 2022, $7m in H1 2023 and finishing 2023 with $13.3m. Traction remains strong with 📲 333k new downloads monthly and 📸 4.4m new photos uploaded monthly (~145k daily) in 2023.
🔹 Improved Operational Efficiency: Added $2m in in operating profits in 2023 ($1m each in H1 & H2), compared to an operating loss of $1.1m in 2022.
🔹 Healthy Cash Balance: $15.8m in H2 2023, up from $14.5m in H1 2023, providing a solid foundation for future growth initiatives.
🎉Photomyne's collaboration with Google Photos in 2023 led to a significant increase in site traffic, with an average of 314k users visiting their dedicated page monthly. Additionally, their B2B revenue in 2023 amounted to approximately $579k reflecting strong diversification efforts and expansion into complementary sectors.
As a conclusion, 2023 results show that Photomyne has a sound business model, it can generate significant profits and rapidly grow its cash reserves. In 2024, the company indicated it would return to growth, now that investors can fully appreciate its ability to generate profits. As of yesterday, Photomyne’s market cap was just under $15m, while its cash reserves were ~$16m, meaning a negative Enterprise Value. 🤔
Click the link below for the FY23 publication (Hebrew)
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