Following a series of IPOs and mergers with SPAC in recent months, a number of Israeli technology companies published their first financial statements as public companies yesterday (Wednesday). Among these companies, SimilarWeb and.Walkmi Who made initial public offerings, and Pioneer merged with SPAC about two months ago.
SimilarWeb has developed a platform that examines the behaviors of web surfers. The company was issued in May on the New York Stock Exchange at a value of $ 1.6 billion, and for a period of time its stock shuffled below the issue price ($ 22). Recently, the price stabilized above the issue price, but following the publication of the financial statements, the stock fell 16.8% and traded again below the issue price, and at a value of about $ 1.5 billion.
In the second quarter, SimilarWeb’s revenue grew 48.5% to $ 32.5 million, and in the first half growth was 45.7% to $ 61.9 million. The company is unprofitable, showing a quarterly net loss of $ 15.7 million and a loss of $ 27.8 million in the first half – a 4.5.fold increase in loss in the quarter compared to the same quarter and almost three times the loss in the half. Part of the loss is explained by the capital reward, which increased significantly and amounted to half of $ 5.1 million.
Cash flow from operating activities was negative at $ 664,000 in the quarter and $ 2.6 million in the half. At the end of the period and after the IPO it made, the company had about $ 179 million in cash.
The company expects third.quarter revenue of $ 22.214.171.124 million and operating loss (Non.GAAP) of $ 126.96.36.199 million, and for the full year it expects revenue of $ 129.130 million and operating loss of $ 49.50 million.
Or Ofer, founder and CEO of SimilarWeb, said: “SimilarWeb presented strong financial results in our first quarter as a public company. Companies around the world are investing in digital transformation, and SimilarWeb allows them to maximize their efforts. Our growth accelerated in the second quarter, we added customers and continued to invest in growth. We have a massive opportunity ahead of us. “
Pioneer dropped to the site of the reports
The fintech company Pioneer Published its post.trade reports on Wall Street, falling 11.2% in late trading, despite raising its annual forecast.
In the second quarter, the company’s revenues grew by 41.5% to $ 111 million and since the beginning of the year revenues were $ 212 million, a growth of about 32% compared to the corresponding period.
The bottom line was adversely affected by an increase in operating expenses and recognition of financial expenses, compared with financial income in the corresponding quarter. The net loss was $ 12.4 million, 86.4% higher than in the same quarter last year. At the half.time level the loss was $ 15.9 million, an increase of 12.6%. The company is profitable on the basis of adjusted EBITDA (profit excluding interest, tax, depreciation and amortization) when the amount for the quarter was $ 674,000, a decrease of 51.2% from the corresponding quarter, although at the half level there was an increase of 83% to $ 8.5 million.
The cash flow from operating activities in the half was positive and even grew compared to the corresponding period by 48% to $ 16.7 million. At the end of the period and after the completion of the recruitment and merger with SPAC, Pioneer had more than $ 500 million in cash.
The company expects to end the year with revenue of $ 442.448 million and adjusted EBITDA of $ 1.3 million, meaning that in the second half the adjusted EBITDA will be negative. CFO Michael Levin said: “We are raising the forecast for all of 2021 with a 28% .30% increase in revenue compared to 2020, compared to the previous growth forecast of 25%. Raising the forecast reflects our expectations for a higher take rate that will offset and even compensate for any lower rate of volume growth. Our first half, which is better than expected, allows us to forecast positive adjusted EBITDA for the whole of 2021. “Pioneer is merged at a value of $ 3.3 billion and is traded at a similar value today.
Increase in walkie.talkie losses
Walkami is also showing revenue growth but a negative bottom line. The company, which developed software that simplifies the use of complex enterprise software, grew 28.2% in the quarter to revenue of $ 46.8 million and half the amount was $ 89.5 million, an increase of 26.5%. Operating expenses increased and with them the operating loss deepened according to GAAP rules, and the bottom line is that the net loss reached $ 22.5 million in the quarter and $ 46.5 million in the half, significantly higher than the corresponding periods. On a non.GAAP basis, excluding various accounting items, the loss was $ 12.1 million in the quarter and $ 21.7 million in the half.
The company expects continued growth in the third quarter, with revenue of $ 48.5.50 million representing 25% .29% growth from the same quarter, and a non.GAAP operating loss of $ 15.5.17 million. The entire year will end with a 28% .29% growth in revenue to $ 188.8.131.52 million.
Dan Adika, CEO and co.founder, said the company is very pleased with the strong results and that “we are still at a very early stage of great opportunity and believe we are in a good position, as we invest in continued growth”.
Walkmi is trading at $ 2.1 billion after falling 18.8% from its offering price.