Financial Performance and Strategic Decisions
Our revenue grew 17% from 17.6 million Euros in 2022 to 20.7 million Euros in 2023. Since the founding of Oivan in 2020 via the merger between NXme and IWA, we have doubled our team and revenue. Due to the rising costs and some delayed business, we missed our EBIT (Earnings Before Interest and Tax) target but reached a profitable EBIT for the year. Due to this, we had to implement limited personnel layoffs in Finland at the end of the year to ensure that we return on a more profitable trajectory.
Still, our global team grew 5% from 224 in December 2022 to 236 in December 2023. Furthermore, we broke our monthly records in December with 3.8 million Euros of revenue and 1.5 million Euros of EBIT in one month.
While our primary focus is on the KSA market, we also reached significant milestones in Thailand and Finland last year. In Thailand, we redesigned the consumer app of the local premier mobile operator, which has millions of users. In Finland, we continued working for the hotel chain NOLI Studios, with whom we started working even before their original launch half a decade ago.
