• Total FY24 Revenue of $41.2m up 34% (FY23 $30.6m)
• Annualised recurring revenue of $49.8 million at the end of December 2024, up 37% vs FY23
• EBITDA of $0.4m (FY23 $1.1m) driven by sustained revenue growth and gross margin improvement

Dropsuite Limited (ASX: DSE), a global cloud backup and archiving software provider, has reported its financial results for the year ended 31 December 2024. The company delivered a 34% increase in revenue to $41.2m, primarily driven by the continued increase in its end users via the highly scalable partner-based reseller model. Dropsuite added 483k paid users in FY24, taking its user numbers to over 1.65 million, a 42% uplift year-over-year. Annualised recurring revenue (ARR) reached $49.8 million at the end of December 2024, up 37% compared to FY23 on a constant currency basis. EBITDA for the year was $0.4m, down from $1.1m in the previous year, due to continued reinvestment across each function and non-cash share-based employee payments expense. Underlying EBITDA was $2.11m (FY23: $2.72m). Net cash generated from operations for FY24 was $4.2m, with normalised net cash generated from operations at $2.0m, down 11% on the prior corresponding period. The company ended the year with $28.6m in available cash and zero debt. Dropsuite's Board has unanimously recommended that shareholders vote in favour of a proposed Scheme of Arrangement where NinjaOne LLC has agreed to acquire 100% of the company's ordinary shares in an all-cash offer of A$5.90 per share.