Half Year Results Announcement

• Reported revenue of $1.74 million, up 27% on prior corresponding period
• Gross Profit of $1.3 million up 45% on prior corresponding period
• Enterprise clients increased 15.4% from 325 to 375, including major multinationals

Way2VAT, a global fintech leader in automated VAT/GST claim and return solutions, announced its strong financial results for the first half of 2024. The company reported revenue of $1.74 million, a 27% increase on the prior corresponding period, and a 45% increase in Gross Profit to $1.3 million. The company's Gross Margin also improved to 75%, up 9 basis points on the prior period. Way2VAT's enterprise client base grew by 15.4% from 325 to 375 clients, including major multinationals such as Randstad, Fever, Acciona, SGS, CyberArk, and Hipra. The company also recently signed a global VAT reclaim contract with a large multinational NASDAQ-listed technology client. Way2VAT's patented 'document first' compliance technology, APAI Compliance, completed its pilot phase with a 90% success rate and is now set to launch commercially. The company also entered the Australian enterprise market, signing its first multinational Australia-based industrial client. Way2VAT's strong cash position of $2.74 million will help fund its sales and marketing initiatives across key markets, bolstered by capital raise activities. The company is confident that the second half of FY24 will see accelerating revenue growth, driven by new client wins, increased scope of work from current clients, and the nearing of peak tax cut-off dates in many jurisdictions. The introduction of APAI Compliance is also expected to drive increased uptake as multinationals look to reduce risk and boost their VAT/GST claims.

The company expects accelerating revenue growth in the second half of FY24, driven by new client wins, increased scope of work from current clients, and the nearing of peak tax cut-off dates in many jurisdictions. The introduction of APAI Compliance is also expected to drive increased uptake as multinationals look to reduce risk and boost their VAT/GST claims.

Way2VAT continues to see rising growth in its first half revenues across each successive period, driven by new clients and increased onboarding from the sales and marketing teams' efforts. The growing pipeline of new customers, increasing scope of work from the current client list, and the nearing of peak times for tax cut-off dates in many jurisdictions, give Way2VAT a high level of confidence that the second half of FY24 will see accelerating revenue growth.