Intershop Holding SA

Latest Results (05.03.2026):

Summary — Intershop Holding SA — Q2 2024 (first half / Jan–Jun 2024): Intershop reported group revenues of EUR 19.0m for the first six months of 2024 (‑2% y/y). The cloud business showed strong expansion: cloud revenue rose 32% to EUR 10.3m and ARR increased 18% to EUR 19.0m; net new ARR improved sharply to EUR 1.69m. Operating profit (EBIT) improved but remained negative at EUR -0.44m (benefiting from cost control but impacted by a one‑off personnel charge of ~EUR 0.4m). EBITDA was positive at EUR 1.13m and the half‑year net loss was EUR -0.65m. Cash at 30 June was EUR 7.33m and headcount was 270. Management confirms its 2024 targets and expects a moderate revenue increase and a balanced full‑year EBIT.

Revenue mix and regional trends

Total revenue EUR 19.036m. Cloud and subscription accounted for 54% of revenue (EUR 10.257m, +32% y/y). License & maintenance fell 19% to EUR 3.698m; services declined 28% to EUR 5.081m (service business impacted by complex large projects). By region: Europe EUR 13.539m (+4%), USA EUR 4.064m (+12%), Asia/Pacific EUR 1.433m (‑14%).

Cloud performance and recurring metrics

Strong cloud momentum: cloud order entry EUR 11.426m (+18% y/y); ARR rose to EUR 19.027m (+18%); new ARR EUR 1.82m and net new ARR EUR 1.69m (up 139% y/y). Cloud margin improved to 66% and cloud contribution reached 54% of total revenue.

Profitability and one‑offs

EBIT for H1 2024 was EUR -0.441m (improved vs EUR -0.815m prior year). EBITDA was EUR 1.126m (+25% y/y). The result was affected by approximately EUR 0.4m of one‑time personnel measures tied to the Value Creation program; management says EBIT would be nearly break‑even excluding these items.

Balance sheet and cash flow

Total assets EUR 36.84m; shareholders’ equity EUR 10.72m (equity ratio ~29%). Cash and cash equivalents declined to EUR 7.334m (from ~EUR 10m at year‑end). Operating cash flow was negative EUR 0.694m (driven by higher receivables); investing outflow EUR 0.996m; financing outflow EUR 1.018m largely from lease repayments.

Costs, margins and efficiency

Gross margin improved to 44% (from 43%). Cost control drove a 4% reduction in operating expenses (R&D -10%, sales & marketing -5%, G&A -2%). Total costs (COGS + operating expenses) were ~EUR 19.5m, 4% below prior year.

Operational items and workforce

Headcount at 270 FTEs (‑11% y/y, driven by hiring freeze and reductions under the Value Creation program). Intershop continues to shift implementation activity toward partners, which reduces internal service revenue but aligns with strategic direction.

Strategic progress and recognition

Management is accelerating AI focus: SPARQUE.AI offerings listed in Azure Marketplace and Shopware store; company to create a dedicated "Artificial Intelligence" unit. Forrester named Intershop a “Strong Performer” in B2B commerce, highlighting personalized AI search as a strength.

Outlook and guidance

Board reconfirmed 2024 guidance: expects slight increases in incoming cloud orders and net new ARR, a moderate revenue rise and a balanced full‑year EBIT (one‑time Q2 charges expected to be offset in H2). Management remains cautious given macro uncertainty and longer customer decision cycles.