• The company’s Gross Profit reached AED 32 million, representing a gross margin of 28%
  • EBITDA reached AED 8 million, representing a 7% margin, aligning with Bayanat’s IPO strategy to continuously invest in R&D
  • Q1 results were driven by Bayanat’s continued focus on the company’s key segments and Artificial Intelligence (AI) capabilities

Abu Dhabi, UAE — Bayanat (ADX: BAYANAT), the ADX-listed public company and leading provider of AI-powered geospatial solutions, announced today its results for Q1 2024.

Bayanat’s Financial Highlights:

Bayanat’s revenue reached AED 113 million in Q1 2024, a 12% increase Year-over-Year. Revenue increased primarily due to the expansion of its market presence and its strong product range and service offerings. The company remains focused on deploying world-class AI solutions and enhanced geospatial services for its clients.

Gross Profit reached AED 32 million in Q1 2024, representing a gross margin of 28%. Profits were largely driven by Bayanat’s continued focus on key segments, namely its Smart Operations Solutions (SOPS), Smart Mobility Solutions (SMOS), and Smart Geospatial Solutions (SGS). Aimed at delivering unique use cases, the HAPS technology by Mira Aerospace, a joint venture between Bayanat and UAVOS, and the company’s AI- and geospatial solutions were another major driver of this quarter’s results.

EBITDA reached AED 8 million, representing a 7% margin. Bayanat deployed significant efforts in R&D and talent acquisition. These strategic initiatives, while having a short-term negative impact on the EBITDA, will contribute to expanding the company’s product portfolio and future revenue growth, which aligns with its IPO strategy.

Net Profit after tax reached AED 10 million, representing a net margin of 9%. Besides its EBITDA performance, the company has continued to receive significant financial income from investing its excess cash into responsibly managed financial instruments. In accordance with applicable UAE Federal Decree-Laws, Bayanat has started to record a provision for Corporate Tax on its 2024 taxable income.

Bayanat remains debt-free while deploying its cash to build capabilities and improve operational efficiency. At AED 648 million, the cash balance remains robust, ensuring the company is in a prime position for further organic and inorganic expansion.

Technological advancement and partnerships at the core of Bayanat’s growth strategy

Bayanat has made significant strides toward its strategic goals, highlighted by the establishment of expansive agreements and partnerships. Notably, the company signed several Memoranda of Understanding at DRIFTx, an international summit dedicated to the future of smart and autonomous mobility. At the event, Bayanat showcased its latest technological advancements across the firm’s SMOS segment, reaffirming its dedication to innovation and leadership within the mobility space.

Additionally, Bayanat continued its support and operations for the Abu Dhabi Smart Mobility project further, which underscored its commitment to advancing smart infrastructure solutions.

In the first quarter also, Bayanat bolstered its R&D efforts to optimize and broaden its product offering, one of which is the company’s AI-enabled disaster management platform, AID. The platform has proven vital during heavy rainstorms in the UAE by providing valuable data and analytics to the relevant authorities. The platform was developed to leverage space data and AI technologies to address global climate and environmental challenges.

An additional key highlight of the quarter was the strategic AED 5.5 billion (US$ 1.5 billion) investment by Microsoft in G42, the pioneering Abu Dhabi-based AI technology holding company and Bayanat’s majority shareholder. This investment significantly bolsters Bayanat’s position, granting it direct access to Microsoft’s advanced AI services, and putting it at the forefront of the geospatial intelligence sector with next-generation AI solutions that continue to redefine industry standards for innovation and operational efficiency.

Hasan Al Hosani, Managing Director of Bayanat, said, “Our ability to not only sustain but significantly build upon last year’s exceptional financial milestone—surpassing AED 1 billion in revenues for the first time in our history — is a clear indication of our team’s strength and our forward-thinking strategic vision. The significant growth in our revenue highlights our solid market positioning. Importantly, we have continued to achieve robust profitability while strategically amplifying our investments in R&D. This focus is pivotal as it enhances our product offerings and operational excellence, fully aligning with our steadfast commitments to innovation and the investor community.

“As we continue to realize our ambitions to become a leader in the burgeoning global SpaceTech industry, we remain firmly focused on driving growth and enhancing shareholder value. I am confident that we will continue our positive momentum and deliver even greater success for the remainder of 2024 and beyond,” he concluded.

Both Bayanat and Yahsat continue to work on the merger to create SPACE42. The newly formed company will combine Yahsat's advanced Satellite communication capabilities and Bayanat’s Geospatial data analytics expertise to create an AI-powered MENA space technology champion with global. The merger was approved by each company’s respective General Annual Meetings on April 25, 2024, and is expected to be effective in the second half of 2024.

The full financial disclosure, including a more detailed report that defines capitalized terms used in this press release, can be found on the investor relations section of Bayanat’s website.


Hannah Guenther; Bayanat@trailrunnerint.com

About Bayanat

Bayanat, an ADX-listed public company with a majority shareholding by G42, provides comprehensive world-class AI-powered geospatial solutions to a growing number of sectors such as Government Services, Environment, Energy & Resources, Smart Cities, and Transportation. Its offering includes topographic, hydrographic, and aeronautical products and charts, as well as spatial data surveying, analysis, management, modeling, visualization, and cartography services. Bayanat’s solutions harness vast amounts of premium and unique data from a range of sources, including Satellites, High Altitude Pseudo Satellites (HAPS), and Earth Observation powered by AI to drive geospatial intelligence (gIQ).

Merger Note

The Board of Directors of Bayanat AI PLC (Bayanat) and Yahsat recommended a merger of the two entities to its shareholders on December 18, 2023. The proposed merger was approved by each company’s respective General Annual Meetings on April 25, 2024. The proposed merger aims to create an AI-powered space technology champion in the MENA region with global reach. Bayanat and Yahsat will continue to operate independently until regulatory approval is received and the merger is effective, which is expected to take place in the second half of 2024. Visit the merger microsite for more information: www.asharedambition.com