Tech firm DFNN posts 884% EBITDA growth quarter-on-quarter in 2022
DFNN President and CEO Calvin Lim. Contributed photo
In line with DFNN’s projections in the second half of 2021, revenue for the three months ended March 31, 2022, increased by 81.3% to ₱283.7 million compared to ₱156.5 million in the same period last year, posting an increase of ₱127.3 million. EBITDA stood at ₱95.8 million versus a loss before interest, taxes, depreciation, and amortization of ₱12.2 million for the same period last year, an increase of ₱108 million, an impressive growth rate of 884.2%.
Revenue from share-based income generated from interactive technology platforms for the three months ended March 31, 2022, increased by 116.6%. Total revenue in this category amounted to ₱229.3 million for the three-month period ended March 31, 2022, or an increase of 116.6% compared to ₱105.9 million in the same period in 2021. Income generated from the development and maintenance of software solutions during the three-month period ended March 31, 2022, amounted to ₱12.8 million, a decrease of ₱10.7 million or 45.5% compared to the same period last year. Sales of software and application licenses for the three months ended March 31, 2022, amounted to ₱41.6 million, an increase of ₱14.6 million or 53.9% compared to the same period last year. This surge in income is attributed to the increase in sales of foreign licenses.
Consolidated costs and expenses amounted to ₱196.4 million, an increase of ₱20.2 million or 11.5% compared to the same period last year. This is attributable to the increase in costs associated with the company’s strategy of continued development and improvement of its technology platforms. The Company’s cash position remains liquid throughout the three-month period with consolidated cash and cash equivalents amounting to ₱66.5 million with no significant long-term debt.
DFNN continues to be cognizant that sustaining growth hinges heavily on its ability to timely act on developing COVID conditions and impose expedient measures that minimize health and economic risks. Therefore, in parallel with government mandates, DFNN continues to develop and adjust business strategies to effectively respond to the ever-changing business climate.
Moreover, to ensure continued growth, DFNN is bolstering its technology, platforms, software solutions for enterprise, e-government, and retail clients as it invests in the latest technologies in data centers, space technology, and sustainability support systems platforms involving artificial intelligence.
This will involve supporting the industry built around launch platforms with objects into near space, low earth orbit, geostationary orbit, space tourism, beyond Earth, or on interplanetary trajectories. It will also include the developments necessary to support spaceport and space industries and their ancillary operations.
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