Viridien, the advanced technology, digital, and Earth data company, has released its full-year 2024 financial update, showcasing a remarkable performance that has exceeded expectations. The company, which employs around 3,500 people worldwide and is listed as VIRI on the Euronext Paris SA, has demonstrated impressive growth and cash generation, positioning itself as a leader in its industry.



The company's Data, Digital & Energy Transition (DDE) segment was a significant driver of its strong performance in 2024. This segment, which focuses on geoscience activities and digital solutions, contributed to Viridien's success through two key initiatives:

1. Strong growth in Geoscience (GEO) activities: The DDE segment benefited from robust growth in geoscience activities, driven by increased demand for geoscientific data and services. The successful execution of geoscience projects and advancements in carbon storage studies further contributed to this growth.
2. Launch of the Laconia project: The Laconia project, launched in 2024, enhanced the value of the seismic data library of Earth Data (EDA) activities in the Gulf of Mexico. This project likely contributed to the segment's strong performance by providing new data and insights, which could be used to support decision-making in the energy industry.



Viridien's net cash generation for the full year 2024 was estimated at c.$50 million, leading to a net debt (after IFRS 16) of c.$930 million. This impressive cash generation was achieved earlier than expected due to earlier than anticipated client collection, exceeding the initial target of c. $30 million. The company's improved credit rating by Standard & Poor’s to B- and the extension of its revolving credit facility until October 2026 further demonstrate Viridien's financial strength and stability.



Looking ahead to 2025, Viridien reaffirms its target of generating around $100 million in net cash flow. The company's continued strong activity in the Geoscience (GEO) segment, a strong pipeline of projects, and the termination of contractual fees from vessel commitment for EDA, along with the benefits of the SMO restructuring, position Viridien for another year of impressive growth.

Viridien will announce its fourth quarter 2024 and full year 2024 audited results on February 27, 2025, after market close. Investors and industry observers alike will be eager to see how the company continues to build on its impressive 2024 performance and solidify its position as a leader in the advanced technology, digital, and Earth data sector.

In conclusion, Viridien's strong 2024 performance, driven by the growth of its Data, Digital & Energy Transition (DDE) segment and impressive cash generation, positions the company as a beacon of growth in the tech industry. With a confident outlook for 2025 and a solid financial roadmap, Viridien is well-positioned to continue its success and deliver value to its stakeholders.