The cyber_Folks Group can once again proudly showcase record-breaking results. In 2023, revenues amounted to 480 million PLN, with adjusted EBITDA reaching 141.3 million PLN. During this period, net profit totaled 87.4 million PLN, more than double the previous year's figure. In the fourth quarter alone, revenues reached 132.5 million PLN, while adjusted EBITDA stood at 38.4 million PLN. From October to December of the preceding year, net profit amounted to 36.8million PLN. The dynamic growth of the company's business and its record financial performance are attributable to its extensive portfolio of products and its strong position in international markets, particularly within the small and medium-sized enterprise sector.
Once again, we have achieved excellent financial results. The fourth quarter of the previous year was a period of dynamic growth and significant investments in our own products,including those based on AI technology. The results we achieve are largely due to the development of new products, as well as organic growth across all categories. We are pleased that our offering reaches hundreds of thousands of customers, with their numbers steadily increasing - says Jakub Dwernicki,CEO of cyber_Folks.
Throughout 2023, sales revenues increased by 22.4% year over year, reaching 480 million PLN. During this period, adjusted EBITDA amounted to 141.3 million PLN, reflecting a 36% year-over-year growth, while cash flows from operating activities surged by 41% year over year to 136.9 million PLN. Net profit more than doubled to 87.4 million PLN. Similarly, net profit attributable to the shareholders of the parent company increased by the same rate, reaching 50.8 million PLN, and in the fourth quarter alone, it amounted to 21.4 million PLN, marking a 142% year-over-year increase.
Our solutions drive digitalization across every aspect of business. Today, an online presence is more than just a website; it includes an e-commerce store, communication via email, advertisements, notifications, and search engine optimization. We understand these challenges perfectly and can effectively address them. Our clients can focus on running their businesses while our solutions cater to the majority of technological needs for any online business, particularly within the e-commerce sector. - adds Jakub Dwernicki.
In 2023, the company introduced new services, including Billz, an intuitive invoicing program for small businesses, and the _Stores tool – an e-commerce store builder that is steadily gaining popularity in the Polish market. This solution attracts over 100 new users monthly. To support the development of proprietary products, cyber_Folks allocated significant funds to the R&D department last year. As a result of these efforts, we've launched, among other things, aproprietary domain builder powered by AI technology, as well as the _Now tool introduced at the beginning of 2024.
_Now is a fully AI-powered website builder. It's a revolutionary addition to our product portfolio because it allows users to build a fully functional website in about 90 seconds. The websites generatedare feature-rich yet have simple code, ensuring fast loading time. The tool also enables easy editing, even from a mobile phone, providing entrepreneurs with website functionalities and the convenience of social media handling - adds Jakub Dwernicki.
The company aims to quickly join the mWIG40index. Currently, cyber_Folks holds the top position on the standby list, qualifying for advancement to the group of the 60 largest publicly traded companies listed on the Warsaw Stock Exchange (GPW).
In 2023, we recorded 137 million PLN in annual cash flows from operating activities, marking a 41% year-over-year increase. This gives us significant flexibility for further investments in R&D, debt servicing, and dividend payouts. The results we achieve are the outcome of an efficient subscription-based business model.
We're proud to boast a high conversion rate of EBITDA into cash flows. The adjusted EBITDA result for 2023 significantly exceeded our target. We consistently plan to share profits with our shareholders through dividends - says Robert Stasik, Vice President ofcyber_Folks.
The market trusts us, as evidenced by our 2nd place ranking in the Stock Company of the Year. We're not slowing down; we aim to grow amidst the technological global transformation, with our ambition to achieve unicorn status - adds Robert Stasik, Vice President of cyber_Folks.
cyber_Folks' solutions are already being used by 355,000 customers in over 100 countries.