Redcloud Holdings plc released its annual financial results for the fiscal year ending December 31, 2024. The company reported a significant increase in revenue, which rose to $46.5 million from $19.8 million in the previous year, marking an increase of $26.7 million. This growth in revenue represents a 48% rise in the number of orders completed, with 399,710 orders in 2024 compared to 270,160 in 2023. The company's cash flow statement for the year showed net cash used in operating activities amounting to $34.7 million, compared to $22.0 million in 2023. Meanwhile, net cash used in investing activities was $3.9 million, up from $1.6 million the previous year. On the other hand, net cash provided by financing activities increased significantly to $35.1 million from $19.8 million. Redcloud's AI-powered Open Commerce Platform for B2B trade, which commenced full commercialization in the second quarter of 2022, continues to drive growth. This platform connects FMCG brands and distributors with retailers, aiming to solve supply chain inefficiencies and counteract counterfeit goods. The company operates in key markets, including Nigeria, South Africa, Argentina, and Brazil.
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