Maritime surveillance firm Windward said half-year losses narrowed by two-thirds as demand for its products increased significantly amid a rebound in global trade.
Earnings before interest, taxation, depreciation and amortisation (EBITDA) losses came in at $1.3m (£1m) for the six months to 30th June, down from $3.8m (£2.9m) last year.
Revenue surged 37 per cent to $17.6m (£13.5m), driven by a 35 per cent uptick in the group’s annual contract value (ACV) to $37.2m (£29m).
The results aligned with recently upgraded market expectations, and Windward said it was “confident” in achieving break-even adjusted EBITDA in 2024.
Ami Daniel, chief executive and co-founder, said: “We delivered another period of growth in line with our expectations with good momentum across all our financial metrics as we approach adjusted EBITDA breakeven run rate during the current financial year.
“We are expanding our global customer base as they embrace our portfolio offering to address their varied needs across global trade.”
According to the OECD’s forecasts, global trade growth is set to more than double this year as inflation eases and the US economy drives activity.
Windward’s maritime intelligence platform is used by customers including BP, Shell and HSBC to help ensure compliance with shipping regulations and sactions when chartering ships.
The shipping industry has increasingly turned to high-tech maritime surveillance technology over the last two decades, fuelling a nascent but rapidly growing industry.
In 2021, the Tel Aviv-headquartered Windward listed on London’s Aim with a market cap of £126.5m, the first Israeli company to IPO in London in half a decade.
In an interview with City A.M. in April, Simon Tucker, chief executive of SRT Systems, said demand was coming primarily from Asia and the Middle East, with some African countries also submitting inquiries.