(Alliance News) - expert.ai Spa on Wednesday reported that it ended 2023 with total revenues of EUR32.6 million from EUR31.7 million as of Dec. 31, 2022.

Value of production in the period was EUR39.1 million from EUR40.5 million in 2022.

Ebitda was negative EUR200,000 from negative EUR14.4 million, while Ebit was negative EUR8.8 million, an improvement from negative EUR23.1 million.

Net financial debt is EU21.8 million from EUR15.8 million as of Dec. 31, 2022.

Dario Pardi, president of expert.ai, commented, "The year 2023 marks a starting point for the expert.ai of the future. During this fiscal year, the company has achieved three important goals: the business one where vertical solutions have been completed with the integration of new technologies as announced on February 15, the financial one to zero out past losses, and the strategic one by opening up to those forms of technical-commercial partnerships that are essential for a broadening of horizons."

"As of this year, expert.ai will accelerate the path of evolution and transformation of its AI solutions, which will aim to be increasingly tailor made toward customer needs. Being one of the first AI companies in Italy, with more than 150 clients and with prestigious international installations such as, to name a few, Bloomberg, INDG and Dow Jones in the media world, we enjoy a significant competitive advantage."

"Looking ahead, the 2024-2026 business plan, recently approved by the board of directors, has set a clear goal of achieving positive margins, by 2024-an ambitious but achievable goal. We are actively exploring new forms of financing to support our growth strategy, which aims to expand our business globally and technologically."

The group's goal is to end fiscal year 2024 with positive Ebitda of between EUR8.7 million and EUR10.4 million.

expert.ai on Wednesday closed 3.6 percent in the red at EUR1.44 per share.

By Claudia Cavaliere, Alliance News reporter

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