Ayfie International AS (AIX): First Half of 2024 Results

28 Aug 2024 08:00 CEST

Oslo, August 28, 2024: Ayfie International AS (AIX) has changed its name and
ticker code on the stock exchange during the first half of 2024 to emphasize its
commitment to international scaling.
The change took effect in mid-May, and the company has since focused on
partnering with entities that can boost sales and international penetration.
The company is collaborating with international partners such as Arribatec,
Deloitte, Capgemini, and Atea, and has recently entered into a new partnership
with Touchtec Solutions in London.

– Artificial intelligence will revolutionize the way we work across many roles
in all industries. To extract these benefits, it is absolutely crucial that
relevant knowledge stored in the company's data systems is made available in a
safe, efficient, and secure manner. In this area, Ayfie is a world leader, says
CEO Herman Sjøberg.

In the first half of 2024, revenues reached 8.7 MNOK with a negative EBITDA of
11.1 MNOK. Over 2.5 MNOK of the costs were one-time expenses related to
workforce adjustments, resulting in an adjusted EBITDA of -8.6 MNOK. The company
also lowered its fixed costs during the first half of the year. Furthermore,
phasing out a product resulted in lower turnover but also reduced fixed costs.
The cash balance was nearly 13 MNOK.
–Product development and technology are costly. The investments we've made in
the product are invaluable for the coming years, and we look forward to
customers using our services. The value of good search with artificial
intelligence is significant, which our partners recognize, Sjøberg states.

The company is in concrete discussions about entering into a distribution
agreement with Nimbus Gruppen AS, a company with 200 salespeople in Norway,
Sweden, and Germany. The company sees great potential in the distribution of
Ayfie's products.
– We will work closely together to tailor products that can scale, says Sjøberg.

Investors, analysts, and media are invited to a digital presentation at 09:30,
via the following link:

https://teams.microsoft.com/l/meetup-join/19%3ameeting_OTEwMjZlMzgtZDc2NS00YTdkL
Tk1YWUtOGVlNzNjMDEyZjFi%40thread.v2/0?context=%7b%22Tid%22%3a%2223c53cad-5eef-4b
88-8647-f7dfc81d54ef%22%2c%22Oid%22%3a%2208630a7b-64c0-4c9d-905a-09738db53ae1%22
%7d

(mnok) 1H 2024 1H 2023
Revenue 8,7 10,8
EBITDA -11,1 -10,9
Adj. EBITDA -8,6 -10,9
Net P/L -11,9 -11,8

For further information or other inquiries, please contact:
Olav Gram Degnes, CFO/IR
Phone: +47 906 25 168
Email: olav.degnes@ayfie.com

About Ayfie: Ayfie is a leading innovator in search solutions and artificial
intelligence (AI), offering a powerful AI-driven search product. This product is
specially designed to transform extensive text data into useful insights by
utilizing advanced ChatGPT technology. Ayfie's solutions function as an
intelligent assistant that quickly and accurately identifies and extracts
relevant information from a wide range of documents and digital platforms,
contributing to significant improvements in efficiency for users. As an
integrated plugin to Microsoft Copilot, and with a strong focus on privacy,
Ayfie establishes itself as a secure and reliable AI partner for businesses
internationally.

More information:
Access the news on Oslo Bors NewsWeb site

626400_H1 2024 Ayfie International AIX-28.08.24.pdf