Bento doubles the revenues in the first quarter of 2023

2B Intelligent Soft (Bento, Intellectually Curious, BVB: BENTO), a Romanian entrepreneurial company specialized in software solution development and IT and Cloud infrastructure services, posts operating revenues of 8.5 million lei in the first three months of 2023, a 102% increase compared to the same period in 2022, and a net profit of 0.8 million lei, a 34% appreciation.

“The positive results we achieved in the first quarter of 2023 highlight our growth potential and adaptability in a dynamic business environment. The growth validates our strategy to invest in the development of innovative software products and IT and Cloud services, and our operational expertise continues to be our main differentiator, as well as a key to the Bento team’s success in the first three months of 2023. We will continue to pay increased attention to product and service development processes, operational efficiency, and creating added value for our customers, partners, and shareholders,” stated Radu Scarlat, Chairman of the Bento Board of Directors.

The turnover contributed 4.4 million lei in the first quarter of the year to the total operating revenues recorded by the company, a 35% increase compared to the first three months of 2022. The “Software Development” (DEV) division contributed 41% to the turnover for the first quarter of the current year. Within DEV, revenues from software project development and implementation stages account for 46% of turnover, while revenues from maintenance and evolution services, which have a recurring nature, contributed 54%. The “IT, Infrastructure, and Cloud” (IT) division, composed of IT design and implementation services and equipment and software resales, contributed 59% to the turnover generated in the first quarter of 2023.

The second significant contribution to operating revenues in the first quarter of 2023 came from revenues from the capitalization of own production, amounting to 3.9 million lei. These represent investments in the own software products, specifically the development of the integrated modular software platform, in the context of the European funds’ project, as well as expenses related to the technological development of Bento Field Service Management (FSM) and Bento Mobile Device Management (MDM) as modules of this platform.

“We are in full execution of the development strategy presented at the listing, thus continuing to focus on capitalizing on intellectual property in the form of software products, on the one hand, and the organic growth of the business, on the other hand. We focus particularly on establishing and growing partnerships with players in various fields as a major objective for both approaching foreign markets and increasing the exposure of standardized software products to the local market,” stated Vlad Bodea, Bento co-founder and executive member of the Board of Directors.

In 2023, according to the revenue and expense budget approved by shareholders at the Ordinary General Meeting of Shareholders at the end of April, Bento targets operating revenues of 46.7 million lei, a 32% increase compared to 2022, EBITDA of 11.8 million lei, a 70% increase and a net profit of 9.3 million lei, a 65% appreciation. Also, this year, the company plans to increase the number of new clients and recurring contracts, continue the development of its own products, and consolidate partnerships with global players in the field.

The funding project will play a significant role in achieving the approved budget won within the Operational Competitiveness Program (POC 2014-2020), which has a total value of 25 million lei, of which 15 million lei represents non-repayable funds. Bento management estimates that this project will contribute approximately 14.7 million lei, as revenues from the production of intangible assets, to the operating revenues for 2023. In addition, another major project of the company that will play an essential role in achieving the estimated results for this year is the execution of the contract with Distributie Energie Electrica Romania (DEER), in which the company implements its own Bento FSM solution.

Bento is listed on the AeRO market of the Bucharest Stock Exchange as of March 16, 2022, being one of the few technology companies in Romania that develop its own software products. The products and solutions provided by Bento are used by local and international companies operating in various fields, such as utilities (energy, water, oil, and gas), agriculture, industrial engineering, media, FMCG, insurance, and food production.