Windward, the London-listed maritime artificial intelligence company, announced on Monday that its revenue and annual contract revenue experienced significant growth in the first half of the year. Driven by new customer wins, the company’s board expressed confidence in meeting market expectations for the full year.
According to Windward, it expects its revenue for the first half of 2022 to be no lower than $12.7 million, reflecting a 17% increase. Additionally, the company anticipates an annual contracted revenue rise of 23% to reach $27.6 million.
The period also saw a rise in gross margins to 77%, up from 72%. This was mainly attributed to increased revenue and cost-saving measures implemented earlier in the year.
Windward emphasized its strong financial position, reporting a net cash balance of $17.9 million as of June 30. The company also achieved a significant reduction in cash burn, decreasing it by 52% to $4.2 million during this period.
Chief Executive Ami Daniel reaffirmed Windward’s commitment to becoming cashflow positive and reaching EBITDA breakeven sooner than initially projected during their IPO. Daniel expressed optimism for a successful second half of the year and promised further updates to shareholders in August.
As of 0737 GMT, Windward’s shares had risen by 2.50 pence, a 4% increase, reaching 65 pence.
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