Compared to other IT companies on the stock exchange, this is a cheap stock precisely because over half of its revenue comes from recurring services, the company is growing quite nicely in these times, and it is effectively utilizing AI in its own offering. EBITDA profitability should be 15%, and there is still some work to reach that, but economies of scale are starting to show as the company grows. The firm currently maintains quite international operations relative to its size (Poland, UK, US, etc.).
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Digital Workforce announced a public sector development contract for Front AI, which was acquired this year, potentially generating €2–10M in new order backlog.
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It somehow feels like a lot needs to happen for small-cap companies before they start trending upward. It’s as if the market has forgotten about them. Of course, there is risk involved, but for many of them, the valuation metrics are starting to reach a point where they are definitely strong contenders.
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Here are Joni’s preview comments as Digital Workforce reports its earnings next week on Wednesday. 
We expect the company’s revenue to have grown strongly, supported by the e18 and Front AI acquisitions as well as organic growth. We also forecast that the operating result improved from the comparison period alongside volume growth, although front-loaded investments still limit scalability. In the report, our focus will be particularly on the progress of commercializing AI agents, the outlook for the UK market, and the first steps of the Front AI integration.
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