CI&T (NYSE: CINT), a global digital solutions provider, has announced a transition to an AI-first company, leveraging its proprietary AI platform, CI&T Flow, to drive internal efficiencies and client services. In the first quarter of 2024, CI&T reported a slight increase in net revenue to BRL523.5 million and a 7.
9% sequential growth from its top 10 clients. The company signed a significant contract with a leading global automotive player and onboarded 22 new clients. Despite a lower adjusted EBITDA and net income margins compared to the previous year's first quarter, CI&T maintains a positive outlook, expecting a 3.
5% increase in net revenue for Q2 2024 and maintaining full-year guidance with net revenue growth between -2.5% to +2.5% at constant currency.
The company also announced the adoption of the U.S. dollar as its reporting currency from 2024 onwards.
Key Takeaways CI&T is transforming into an AI-first company, with significant adoption of its AI platform, CI&T Flow. Q1 2024 net revenue was BRL523.5 million, with a 7.
9% growth from top 10 clients and 22 new clients onboarded. The company signed a multi-million dollar contract with a global automotive player and expects to see further complex opportunities in its pipeline. Adjusted EBITDA margin for Q1 stood at 16.
1%, with a net income margin lower than the previous year's comparable quarter. CI&T plans to transition to reporting in U.S.
dollars to facilitate global financial comparison and expects a 3.5% increase in Q2.
