innoscripta SE showed strong growth in 2024 with revenue of €64.71 million, an increase of 64.34% compared to €39.37 million the prior year, with earnings increasing 144.27% to €25.09 million. The company IPO'd on May 23, 2025, positioning itself as a pure-play SaaS provider in the specialized R&D tax incentive and project management consulting vertical within Germany and expanding markets.
Cyborg Score Rationale
The company demonstrates strong operational efficiency with EBITDA of €57.24 million and an EBITDA margin of 57.69%. Recent revenue growth of 64%+ and earnings growth of 144%+ indicate strong market traction, though the company appears highly valued given the size of its balance sheet. Stock volatility and recent valuation pullback warrant monitoring.
Top Insights
2024 revenue grew 64.34% to €64.71M with earnings surging 144.27% to €25.09M, demonstrating strong operating leverage
Stock reached all-time high of €137 in November 2025 but declined to €61.30 by February 2026, creating potential value opportunity
57.69% EBITDA margin indicates excellent profitability and capital efficiency in core operations
IPO completed May 23, 2025 at €120 subscription price through Berenberg-led bookbuilding, providing recent institutional validation
Named Competitors
Enterprise Resource Planning Solutions — Large ERP players offering broad compliance modules that could subsume R&D tax functionality
Compliance & Tax Software — Tax and compliance specialists with resources to enter R&D incentive vertical