Windward Ltd said on Thursday its annual revenue increased during a year of market share growth in 2022, though its loss widened.
The Liverpool, England-based maritime predictive intelligence company said its pretax loss widened to $19.2 million from $13.1 million in 2021. This was driven by a rise in net financial expenses to $3.7 million from $592,000 the year prior.
Meanwhile, revenue shot up 25% to $21.6 million from $17.4 million last year.
Chair Edmund Browne said: ‘2022 has been another landmark year for Windward, in which the company has proven its ability to capture market share in the key commercial and US government segments, while continuing to add a range of powerful capabilities to its unique maritime AI platform.’
Windward said its annual contract value increased 21% to $25.5 million from $21.2 million.
Windward noted that significant customer expansions included multi-year contracts with Shell and Gard.
The company did not declare a dividend, unchanged from last year.
Looking ahead, Windward said ‘strong trading’ followed into the start of 2023.
Chief Executive Officer Ami Daniel said: ‘As we move into 2023, our mission to become the leading decision support platform for real-time maritime data intelligence through ground-breaking technology remains unchanged.
‘In the wider market, we see increasing levels of mergers and acquisitions and capital raises, suggesting this is a golden age for maritime and AI, and as a result, for Windward. Our technology and team are at the forefront of this market opportunity, ready and willing to build a global leader in the space.’
Shares were trading flat at 40.00 pence in London on Thursday afternoon.
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