Earnings Release • Nov 23, 2023
Earnings Release
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Huddlestock Fintech AS (OSE: HUDL) - Third quarter and nine months 2023 Financial Report
23.11.2023 07:45:00 CET | Huddlestock Fintech AS | Additional regulated
information required to be disclosed under the laws of a member state
Huddlestock continues to deliver revenue growth, improved EBITDA margin and a
strong focus on recurring revenues.
Huddlestock continues to deliver revenue growth, improved EBITDA margin and a
strong focus on recurring revenues.
Stavanger, Norway, 23 November 2023 - Huddlestock Fintech AS, a provider of
innovative technology solutions to investment providers and wealth managers,
today released its Unaudited Financial Report for third quarter and nine months
For the first nine months of 2023 Huddlestock group consolidated revenues was
MNOK 62.6 against MNOK 31.9 for the first nine months 2022. This is a year over
year growth of 90%. Consolidated Group EBITDA for the first nine months 2023 was
MNOK -8.4 million against MNOK -6,4 for the first nine months 2022, which is an
EBITDA margin improvement of 32%.
Huddlestock Group Proforma revenues first nine months 2023 was NOK 70.6 million
against MNOK 45.4 first nine months 2022. This is a year over year growth of
56%. Proforma Group EBITDA first nine months 2023 was MNOK -10.5 million against
MNOK - 8.4 first nine months 2022, which is an EBITDA margin improvement of 23%.
Recurring revenues first nine months 2023 was MNOK 29,2 against MNOK 4,7 in
first nine months 2022, a YoY growth of 620%.
With a strong focus on balancing revenue growth with profitability, Huddlestock
is satisfied to deliver a first nine months report that shows both revenue
growth YoY, but also a significant improvement in the EBITDA-margin. Huddlestock
will continue to balance these two objectives going forward to reach EBITDA
profitability FY 2024. At the same time the company will continue to strive for
an increasing recurring revenue growth.
During the third quarter of 2023, Huddlestock has continued to focus on its
objectives of becoming a profitable provider of Investment-as-a-Service. Both
the signing of an LOI with Stack by.me - http://by.me and the live launch of
Garantum Wealth Management, validates the interest in our services and will also
contribute to revenue growth. The announcement of divesting Huddlestock
Solutions was an operational part of the Investment-as-a-Service strategy and
demonstrates that Huddlestock is prepared to take actions necessary to ensure
strategic focus to achieve its goals faster.
Added resources spent on sales and marketing has resulted in more new sales
opportunities during Q3 within the Investment-as-a-Service area. As previously
announced, the German market is a prioritized area for Huddlestock and more
resources will be dedicated to follow up identified prospects.
During the third quarter Huddlestock has increased the use of social media
channels. Going in to Q4, social media has become an important part of the
company's sales and marketing mix. A new company homepage was launched end of
Q2, and measurements of the effects of the different communication initiatives
are done on a regular basis.
To achieve the objective of positive EBITDA for FY 2024, the cost saving program
is on track with the plan. Being part of a constant dynamic environment,
Huddlestock is continuously evaluating potential other cost saving
opportunities. This include an ongoing evaluation of how internal work processes
can be done more efficient without reducing the customer value of the services.
"Our willingness of using the accelerator and brakes at the same time to reach
both revenue growth and improved profitability margin, has been demonstrated as
good strategy and will therefore continue. With a recently successful capital
increase in Q4, we now have the ability to enhance this strategy even further",
says John E. Skajem, CEO Huddlestock Group.
A presentation will be held via Teams at 11.00 AM CET (Norwegian language) and
13.00 AM CET (English language). For participation, please send an email to
[email protected] or click on the links below. The webcasts will
be recorded and made available for replay at huddlestock.com -
https://www.huddlestock.com/news-releases/.
Norwegian: Klikk her for å bli med i møtet -
https://teams.microsoft.com/l/meetup-join/19%3ameeting_OGEzY2E3ZDUtYzQzNS00YmQ1L
Tg2N2UtNTQxZDgyNTgzYjg2%40thread.v2/0?context=%7b%22Tid%22%3a%22c1a5a59d-592c-49
a2-ada8-beedc552d1f5%22%2c%22Oid%22%3a%22df038bb9-1ab5-4c9d-9661-32a71b82ac25%22
%7d
Møte-ID: 349 551 622 721
Passord: QkeMnF
English: Klikk her for å bli med i møtet -
https://teams.microsoft.com/l/meetup-join/19%3ameeting_MTU1OWVjYTUtYTExNS00YjE0L
WI3ZTYtNmI0MGUxYTJjMDIx%40thread.v2/0?context=%7b%22Tid%22%3a%22c1a5a59d-592c-49
a2-ada8-beedc552d1f5%22%2c%22Oid%22%3a%22df038bb9-1ab5-4c9d-9661-32a71b82ac25%22
%7d
(Click on this link to join the meeting)
Møte-ID: 371 598 427 503
Passord: LreRpf
Please find enclosed the Q3 presentation material. For questions, please
contact:
John E. Skajem, CEO, +47 418 87 412, [email protected]
Leif Arnold Thomas, Chief Corporate Development & IR,
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.
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
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, Chief Executive Officer, Huddlestock Fintech, +47 418 87 412,
* Leif Arnold Thomas, Chief Corporate Development, Huddlestock Fintech -
Corporate Development, +47 982 15 520, [email protected]
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/17848032/2770/3871/Download%20announcement
%20as%20PDF.pdf
HSF IR 2023 q3 Press release.pdf -
https://kommunikasjon.ntb.no/ir-files/17848032/2770/3869/HSF%20IR%202023%20q3%20
Press%20release.pdf
HFT Q3 Investor Presentation 20231123 FINAL.pdf -
https://kommunikasjon.ntb.no/ir-files/17848032/2770/3870/HFT%20Q3%20Investor%20P
resentation%2020231123%20FINAL.pdf
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