Windward Regulatory News (WNWD)

4 February 2022

Windward Ltd.

("Windward", "the Company")

Trading Update

38% increase in ACV in 2021 provides strong start to 2022

Windward (LON: WNWD), a leader in maritime predictive intelligence, reports record levels of Annual Contract Value (ACV)1 growth in the year ended 31 December 2021, following the Company's admission to AIM in December 2021.

ACV increased by 38% to $21.1m (2020: $15.3m) in the year, and by 7% from 30 September 2021, as set out in the Company's admission document, demonstrating continued strong sales momentum in Q4. Customer numbers increased significantly in 2021, to over 80 by year end from 45 at the start of the year. The Company expects to report revenue growth in 2021 of approximately 18% to approximately $17.3m (2020: $14.6m).

Encouraged by momentum across the business, investment in headcount continued in Q4 and into the new year, ahead of an expected acceleration in new business and revenue growth in 2022.

The Company is seeing the effect of salary inflation pressures, consistent with the wider technology sector. As a result of these cost pressures the EBITDA loss for the year ended 31 December 2021 is expected to be slightly higher than expectations, with the salary cost pressures expected to continue in the current year.

The Group expects to announce its audited final results for the year ended 31 December 2021 towards the end of March 2022.

Ami Daniel, CEO and Co-Founder of Windward said:

"2021 was a milestone year, delivering record growth in our revenue metrics, nearly doubling our customer base and culminating in our AIM IPO - providing us with the capital to execute on our growth strategy. We expect growing demand in 2022 and see significant opportunity ahead."

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About Windward

Windward (LON:WNWD), is the leading Predictive Intelligence company fusing AI and big data to digitalize the global maritime industry, enabling organizations to achieve business and operational readiness. Windward's AI-powered solution allows stakeholders including banks, commodity traders, insurers, and major energy and shipping companies to make real time, predictive intelligence-driven decisions, providing a 360° view of the maritime ecosystem and its broader impact on safety, security, finance, and business. The company is publicly traded on the London Stock Exchange, For more information visit windward.ai.

(1) ACV, as of a given date, is the total of the value of each contract divided by the total number of years of the contract.

EBITDA is earnings before interest, tax, depreciation and amortisation

Prior to publication the information communicated in this announcement was deemed by the Company to constitute inside information for the purposes of article 7 of the Market Abuse Regulations (EU) No 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations No 2019/310 ('MAR'). With the publication of this announcement, this information is now considered to be in the public domain.