CI&T Reports Strong Sequential Revenue Growth in 2Q24 Results

NEW YORK--(BUSINESS WIRE)--CI&T (NYSE: CINT, “Company”), a global technology transformation specialist and fast-growing technology company, today announces its results for the second quarter of 2024 (2Q24) in accordance with International Financial Reporting Standards (IFRS). For comparison purposes, we refer to the results for the second quarter of 2023 (2Q23) and the first quarter of 2024 (1Q24).

Second quarter of 2024 (2Q24) highlights

• Net Revenue was R$565.7 million compared to R$523.5 million in 1Q24, a sequential growth of 8.1% quarter-over-quarter.
• Net Profit grew 24.5% to R$48.5 million in 2Q24 from R$39.0 million in 2Q23.
• Adjusted EBITDA of R$108.7 million and Adjusted EBITDA margin of 19.2%.
• Adjusted Net Profit was R$65.4 million compared to R$61.8 million in 2Q23, an increase of 5.8%. The Adjusted Net Profit margin was 11.6%.
• CI&T ended 2Q24 with 6,235 employees, 2.4% higher than 1Q24.

Cesar Gon, founder and CEO of CI&T, commented, "In 2Q24, we achieved an impressive net revenue growth of 8.1% quarter-over-quarter, accompanied by an adjusted EBITDA margin of 19.2%. These results reflect our ability to drive growth while maintaining solid profitability metrics. Looking ahead, our guidance indicates continued growth, bolstered by enduring relationships with our blue-chip clients, highlighting our commitment to delivering consistent value.

A year ago, we proudly launched CI&T Flow, our end-to-end AI-powered platform, initiating a transformative journey for CI&T. With over 100 clients onboarded, we are effectively navigating the hyper-productivity disruption. As we resume our growth trajectory, we are expanding our team to accelerate AI initiatives across the globe."

The full 2Q24 Earnings Release can be accessed here.