Earnings Release • Nov 23, 2023
Earnings Release
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23.11.2023 08:00:31 CET | Huddlestock Fintech AS | Addi=onal regulated informa=on required to be disclosed under the laws of a member state.
Stavanger, Norway, 23 November 2023 – Huddlestock Fintech AS, a provider of innova=ve technology solu=ons to investment providers and wealth managers, today released its Unaudited Financial Report for third quarter and nine months 2023.
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 sa=sfied to deliver a first nine months report that shows both revenue growth YoY, but also a significant improvement in the EBITDA-margin. Huddlestock will con=nue to balance these two objec=ves going forward to reach EBITDA profitability FY 2024. At the same =me the company will con=nue to strive for an increasing recurring revenue growth.
During the third quarter of 2023, Huddlestock has con=nued to focus on its objec=ves of becoming a profitable provider of Investment-as-a-Service. Both the signing of an LOI with Stack 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 dives=ng Huddlestock Solu=ons was an opera=onal part of the Investment-as-a-Service strategy and demonstrates that Huddlestock is prepared to take ac=ons necessary to ensure strategic focus to achieve its goals faster.
Added resources spent on sales and marke=ng has resulted in more new sales opportuni=es during Q3 within the Investment-as-a-Service area. As previously announced, the German market is a priori=zed area for Huddlestock and more resources will be dedicated to follow up iden=fied 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 marke=ng mix. A new company homepage was launched end of Q2, and measurements of the effects of the different communica=on ini=a=ves are done on a regular basis.
To achieve the objec=ve of posi=ve EBITDA for FY 2024, the cost saving program is on track with the plan. Being part of a constant dynamic environment, Huddlestock is con=nuously evalua=ng poten=al other cost saving opportuni=es. This include an ongoing evalua=on 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 7me to reach both revenue growth and improved profitability margin, has been demonstrated as good strategy and will therefore con7nue. 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 presenta=on will be held via Teams at 11.00 AM CET (Norwegian language) and 13.00 AM CET (English language). For par=cipa=on, 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.
Norwegian: Klikk her for å bli med i møtet
Møte-ID: 349 551 622 721 Passord: QkeMnF
English: Klikk her for å bli med i møtet
(Click on this link to join the mee=ng)
Møte-ID: 371 598 427 503 Passord: LreRpf
Please find enclosed the Q3 presenta=on material. For ques=ons, please contact:
John E. Skajem, CEO, +47 418 87 412, [email protected]
Leif Arnold Thomas, Chief Corporate Development & IR, [email protected]
This informa=on is considered to be inside informa=on pursuant to the EU Market Abuse Regula=on and is subject to the disclosure requirements pursuant to sec=on 5-12 of the Norwegian Securi=es Trading Act.
To see all press and investor releases please have a look in the investor rela=ons sec=on of our corporate website www.huddlestock.com/investor-rela=ons
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