The company also saw a 32% increase in the gross margin to RON8.6 million in Q1/2023 from RON6.5 million in Q1/2022. The increase in the administrative indirect expenses during 2022 triggered an operating loss of RON2.3 million at group level in the analyzed period, compared to almost zero in Q1/2022.
Bittnet saw its loss shrinking from RON3.1 million in Q1/2022 to RON574,000 in the first three months of 2023. Thus, the gross result stays in negative territory, in line with the level recorded in 2022, which translates into a gross loss of RON3.3 million versus RON3.5 million in Q1/2022. At the same time, the operating profit had a positive evolution, reaching RON6 million, up 35% year-over-year.
“On an annual basis (the last 12 months), the evolution of results reconfirms our Group’s ability to increase revenue and the operating profit: consolidated revenue at RON212.8 million, up almost 74% from the previous period, and the gross margin at RON44.8 million, up 67% on the year”, the Group said in a press statement.
Since its listing on the Bucharest Stock Exchange in 2015, Bittnet Group has recorded an average annual growth rate (AAGR) of 48% in terms of revenue, 59% for assets, 69% for equity and 40% in terms of operating profit. At the same time, during this time interval, the return on equity (ROE) was 55%.
Bittnet Group currently is organized in four divisions: Education (Bittnet Training, Equatorial), Cloud & Infrastructure (Dendrio, Optimizor, TopTech, 2Net), Cybersecurity (Fort) and Business Platforms & Software (Elian Solutions and Nenos).