Huddlestock Fintech

Earnings Release • Feb 23, 2023

Huddlestock Fintech AS (OSE: HUDL) - Huddlestock Fintech AS Q4 2022 Financial Report

Huddlestock Fintech AS (OSE: HUDL) - Huddlestock Fintech AS Q4 2022 Financial Report

23.2.2023 08:09:34 CET | Huddlestock Fintech AS | Additional regulated

information required to be disclosed under the laws of a member state

Huddlestock delivers growth and is well prepared for entering a another lift in

commercial activity

Stavanger, Norway, 23 Feb 2021 - Huddlestock Fintech AS, a provider of

innovative technology solutions to the capital markets, treasury, and wealth

management industries, today released its Unaudited Financial Report for the

Fourth Quarter and Full Year 2022.

In 2022, Huddlestock Fintech delivered proforma revenues of NOK 16.19 million in

the fourth quarter, resulting in NOK 61.60 million for the full year, an

improvement on 2021 of NOK 20.05 million, or +48% YoY, after including F5 IT and

Tracs for the full year of 2022.

Consolidated group revenues were NOK 13.16 million in the fourth quarter, and

NOK 46.05 million for the full year 2022, an improvement on 2021 of NOK 22.69

million, or +97% YoY.

2022 was another year of growth and progress for Huddlestock. The company

continues to see great interest from our Pan European clients and partners

alike. Our technology solution is live with thousands of clients, executing

trades and growing the Asset under Management. The company is in a strong

position and is looking to add new relationships in months and years ahead. In

the consulting business, Huddlestock is enjoying solid demand, and has added new

first-class clients to the engagement list. While Technology was impacted by the

events in Ukraine and the reorganisation in Germany at the beginning of the

year, we have seen a marked acceleration in client demand for our technology

solutions and tailormade software, and the team secured several large mandates

at the end of the year. The Investor Services division has also added new

clients and are enjoying strong demand for its services. We are excited for 2023

and expect this to be a year of transformation to include several new products,

new geographical locations and several new clients.

"The company is working hard in all areas and a sound foundation has been

established for further growth in 2023 and beyond. The work on the next

generation technology solutions is going according to plan and will be launched

in the latter part of H1. We are planning to demonstrate our suite of products

and services at our Annual General Meeting to be hosted June 1, 2023 in

Stavanger," says John E. Skajem, CEO Huddlestock Group.

Huddlestock's Consulting business continues to deliver strong revenues, with NOK

10.51 in the fourth quarter 2022 and NOK 39.20 million for the full year 2022.

Longer-term client commitments, and three major framework agreements signed in

the fourth quarter, confirms the strength of the consulting franchise. Looking

into 2023, the team has added a few more products to serve the banking industry

and there is good visibility with existing and new client contracts.

Within Huddlestock Technologies, Europe's leading Banking-as-a-Service provider

embedded Huddlestock's Trade Tech solution into their service offering, and the

first platform client went live during the second half of 2022. The Huddlestock

technology has been validated and is running smoothly as expected. Furthermore,

our software developers continue to work on existing client deliveries and

onboarding, as well as bringing in new client mandates. During the fourth

quarter the team signed 2 significant mandates.

Technology, comprising of several dedicated and first-class developers and

commercial colleauges delivered overall technology related revenues of NOK 7.41

million in 2022, up from 2.45 million in 2021, confirming the path to profitable

growth in revenues within our technology franchise.

In 2022, the Huddlestock Group delivered consolidated revenues of NOK 46.1

million, +97% YoY, after including F5 IT since acquisition 1st May 2022. The

EBITDA was NOK -14.0 million, as the group is scaling up the organization and

continuing to invest in our technology suite, adding talent and preparing for

growth in future client deliveries. Proforma revenues for the full year of 2022

were NOK 61.6 million +48% YoY.

The company continues to see strong demand for Huddlestock's Trade and Wealth

Tech solutions, Technology Services and Consulting Services across our product

suite, signing new major framework agreements during the quarter. We expect to

crystalise multi-year synergies on both the revenue and cost side from our

recent acquisitions and remain committed to deliver on our medium-term target of

NOK 200 million revenues. The group enjoys a strong balance sheet with

shareholders' equity of NOK 121.0 million.

During the Second half of 2022, we closed the acquisition of F5 IT, issuing

6,666,667 new shares. The acquisition of Trac Services and Tracs Technology, a

full-service Reg Tech and Investor Services organisation for the Investment and

Wealth Management industry, is going to plan and we are currently awaiting final

approval from the Norwegian FSA. On close, Njord Group will invest an additional

NOK 5 million in Huddlestock Fintech, taking their stake post-close to 8.26%.

"With our acquisition of Tracs, we will have 68 talented colleagues in the

group, and are well on our way to build an organisation for profitable growth,

creating sustainable and recurring shareholder value," says Øyvind Hovland,

Chairman of Huddlestock Fintech.

A presentation will be held at 10.00 in Norwegian and at 12.00 in English. To

access the presentation, please contact Investor Relations -

http://investorrelations@huddlestock.com/.

Please find enclosed the Q4 and Year 2022 presentation material.

For questions, please contact investor relations.

CONTACTS:

John E. Skajem, CEO, +47 418 87 412, jes@huddlestock.com

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation and is subject to the disclosure requirements pursuant

to section 5-12 of the Norwegian Securities Trading Act. The stock exchange

announcement was published by the contact person, at the date and time as set

out above.

To see all press and investor releases please have a look in the investor

relations section of our corporate website

www.huddlestock.com/investor-relations -

http://www.huddlestock.com/investor-relations

About Huddlestock Fintech:

Huddlestock Fintech delivers innovative technology solutions to the capital

markets, treasury, and wealth management industries.

Through its technology offering, Huddlestock offers an innovative, compliant,

and data-centric WealthTech SaaS, accelerating the digital transformation, and

trends of hyper-personalization and on-demand banking within the wealth

management industry. Huddlestock's SaaS empowers the embedding of low-cost,

efficient white-label trading and investment services, underpinning

Huddlestock's mission of delivering financial inclusion by democratizing access

to capital markets.

Through its world-class expert professional services business, Huddlestock

delivers strategic technology solutions and process automation for the financial

services industry. This range of services has propelled Huddlestock into

becoming the preferred supplier of financial consultancy services and technology

solutions in the Nordic region. Huddlestock Fintech AS was listed on Euronext

Growth Market 26 November 2020, as Norway's first fintech company to be publicly

traded.

For more information, please visit www.huddlestock.com -

http://www.huddlestock.com/

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

CONTACTS

* John E. Skajem, CEO, +47 418 87 412, jes@huddlestock.com

ABOUT HUDDLESTOCK FINTECH AS

Huddlestock Fintech is an innovative technology software provider with a leading

expert professional services business. We deliver innovative and sustainable

technology solutions to the capital markets, treasury and wealth management

industries.

Through its technology offering, Huddlestock offers an innovative, compliant,

and data-centric WealthTech SaaS, accelerating the digital transformation, and

trends of hyper-personalization and on-demand banking within the wealth

management industry. Huddlestock's SaaS empowers the embedding of low-cost,

efficient white-label trading and investment services, underpinning

Huddlestock's mission of delivering financial inclusion by democratizing access

to capital markets.

Through its world-class expert professional services business, Huddlestock

delivers strategic technology solutions and process automation for the financial

services industry. This range of services has propelled Huddlestock into

becoming the preferred supplier of financial consultancy services and technology

solutions in the Nordic region. Huddlestock Fintech AS was listed on Euronext

Growth Market 26th November 2020, as Norway's first fintech company to be

publicly traded.

For more information, please visit www.huddlestock.com -

http://www.huddlestock.com/

ATTACHMENTS

Download announcement as PDF.pdf -

https://kommunikasjon.ntb.no/ir-files/17848032/2129/2862/Download%20announcement

%20as%20PDF.pdf

HSF ir Q4 2022 Investor Presentation.pdf -

https://kommunikasjon.ntb.no/ir-files/17848032/2129/2858/HSF%20ir%20Q4%202022%20

Investor%20Presentation.pdf