Silverbullet slashes losses as switch to AI by global giants boost sales
AI firm Silverbullet slashed its losses and saw its revenue surge during 2023 thanks to a major shift by global brands.
The London-based company has said its total group revenue for the year increased by 42 per cent to £8.3m while its revenue from 4D AI jumped by 85 per cent to £2.8m.
Its losses were significantly reduced as well during the 12 months, with its adjusted EBITDA falling by 65 per cent, due to the revenue rise and a reduction in costs.
Silverbullet, which works with the likes of Mars and Heineken, added that it has also seen a “strong start” to 2024.
In an update to the London Stock Exchange, chief executive Ian James said: “Our results show strong, sustained growth on the backdrop of a once-in-a-generation shift to data and AI-driven marketing transformation.
“The demise of a generation-old AdTech ecosystem based on defunct data sources, such as third-party cookies, is being rapidly replaced by a first-party data-driven, privacy-first marketing environment.
“According to a survey conducted in late October by Blis and Sapio Research, 98 per cent of marketers report they’re concerned about the disappearance of the third-party cookie.
“Silverbullet is perfectly placed to deliver this transformation, at global scale. We have seen impressive 4D AI growth, a flourishing first-party data enablement offering to global clients, and a strategic emphasis on the US market.
“Our future trajectory is clear, and we are dedicated in our commitment to delivering exceptional transformational value for our clients.”
Silverbullet full-year results are expected to be published on the London Stock Exchange in May.
On its outlook, the company added: “In the initial months of 2024, the group has secured FY2024 bookings totalling £1.1m for its 4D AI product and £4m for its CX Services, with overall bookings for the year thus surpassing £5m.
“The strong start to the new financial year reflects the strength and sustained engagement of key global client relationships and the increasing importance of 4D AI for clients and media agencies as they transition to AI-driven, first-party data and privacy-safe digital marketing.
“As a result of this, the company continues to move towards a position of positive adjusted EBITDA in early FY24.
“The company also notes that, in January 2024, Google announced the launch of its third-party cookie deprecation initiative in January 2024, which further accelerates the importance of alternative privacy-safe insight and targeting tools such as 4D AI, providing a positive backdrop for Silverbullet’s position in market.”