Wultra Grew by 68% in 2021, Increasing Its International Presence.
Despite the global turmoil, we not only managed to keep our company healthy but also achieved growth with an optimistic outlook for 2022. The results reflect the company's efficiency and continuing trend in banking digitization, resulting in increased investments in cyber-security solutions.
In 2021, Wultra earned 17.7M CZK (~$730k), compared to 10.6M CZK (~$440k) in 2020 (+68%). We also boosted our efficiency, resulting in a slight EBITDA profit of 2.1M CZK (~$87k) and a ~12 % overall profit margin. After receiving investment from J&T Ventures, we are now less optimizing for profitability in favor of optimizing our growth. Because we have to adjust our company operations for this change, we will focus on organizational tasks in 2022 and assume relatively modest growth, aiming at 26M CZK (~$1M).
In 2021, approximately 9.1 % of our revenues came from outside of the Czech Republic, compared to just 2 % in 2020. Our international presence has grown significantly. We can clearly see the same trend to continue in 2022, we are hoping for a 30% share of international revenues.
The structure of the revenues was also healthy in 2021. 38.8% of our revenues came from software licenses (own software), 26.2% from support and hosting fees, 30.0% from implementation work and consulting, and 5.0% from software re-selling. Implementation work and consulting solely consisted of initial setup fees and prioritized product development. We do not assume any changes in this area in 2022.