TSX:CVO - Post Discussion
Post by
retiredcf on Sep 13, 2023 9:19am
Ink Research
Morning Report: Coveo Solutions CFO buying shares
September 13, 2023
With Wall Street expected to price the near US$5 billion IPO of semiconductor products company ARM Holdings on Wednesday, we revisit the Canadian technology sector to look at Coveo Solutions (CVO) which has about a $1.1 billion market cap. Coveo operates what it describes as an AI-powered SaaS (software as a service) platform that injects search, recommendations, and personalization solutions into e-commerce, service, website, and workplace applications. Coveo has been climbing up our INK Edge rankings due in part to strong price momentum. The stock is up 23.1% year-to-date.
When Coveo announced Q1 fiscal 2024 (ended June 30, 2023) results on August 8th, revenue came in at US$30.5 million, up from US$26.5 million a year earlier. Coveo reported a net loss of US$7.0 million, an improvement from a loss of US$12.5 million in the comparable period. Coveo highlighted a gross margin of 78%, up 3% from Q1 fiscal 2023. Going forward, Coveo expects Q2 revenue to come in between US$30.8 and US$31.3 million with full-year fiscal 2024 revenue expected to be from US$127.0 million to US$129.0 million. Coveo expects to achieve positive operating cash flow in fiscal 2025.
In March, Coveo announced the appointment of Brandon Nussey as CFO, effective May 1st. Mr. Nussey was buying in August.
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