Earnings Release • May 30, 2024
Earnings Release
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Huddlestock - Q1 2024: Preparing for profitable growth in existing markets
30.5.2024 07:00:00 CEST | Huddlestock Fintech AS | Additional regulated
information required to be disclosed under the laws of a member state
Huddlestock Fintech AS ("Huddlestock") reports total operating income of NOK
20.6 million in the first quarter 2024, up from NOK 16.6 million in the same
quarter last year, supported by three acquisitions in 2023. The operating income
reflects a profitable Consulting business and an Investment-as-a-Service (IaaS)
offering with high growth potential.
EBITDA came in at negative NOK 3.8 million, compared to negative NOK 2.4 million
in the same period in 2023. Compared to Q4 2023, Huddlestock improved its EBITDA
from negative NOK 8.0 million, as a result of a reduction in Other operating
expenses.
In the first quarter 2024, new management roles were established with a clear
ambition of turning Huddlestock EBITDA-positive through focused sales efforts
and increased cost control and cost reduction measures. Leif Arnold Thomas was
appointed Group CEO, Morten Bernhardsen CFO, Daniel Risberg CCO with focus on
the Nordics. In addition, Robert Fuchsgruber to fully focus on his role as
Country manager Germany and Stefan Willebrand was appointed Chief Information
Officer.
"We have established a strong North European position with the only complete
Investment-as-a-service-platform, targeting a self-reinforced growth market for
providers of financial products and services. More investors, more investment
platforms and evolving investment preferences increase the demand for our
products and services, and we have high value to capture in our existing
markets" says Leif Arnold Thomas, CEO of Huddlestock.
For the last twelve months Huddlestock's total operating income was NOK 89
million, of which NOK 43 million (49%) related to recurring
Investment-as-a-Service sales. Products and services from recent acquisitions
are gradually being made available to existing and new Investment-as-a-Service
customers, and this strengthened platform-offering is expected to drive organic
growth. At the same time, the company sees high upside potential in the large
and growing German market and evaluates different alternatives with potential to
accelerate time to market.
Subsequent to the first quarter, Huddlestock strengthened its financial position
by issuing a convertible shareholder loan of NOK 12.5 million. On the annual
general meeting Huddlestock gained autorization to issue one or more convertible
loans in aggregate up to NOK 40 million.
Presentation and Q&A
Huddlestock's Chairman of the Board, Øyvind Hovland, and the CEO Leif Arnold
Thomas, will host webcast presentations of the results in Norwegian and English
today, followed by Q&A sessions.
Time and language:
10:00 CEST in Norwegian / 12.00 CEST in English
To participate, please register your interest with:
For further information, please contact:
CEO Leif Arnold Thomas
+47 982 15 520
About Huddlestock Fintech AS:
Huddlestock is an innovative technology software provider through its
Investment-as-a-service offering, with full operational service support and a
leading financial Consultancy services business. We deliver innovative and
sustainable technology and operational solutions to companies offering financial
products and services.
Find out more at huddlestock.com - https://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
* Leif Arnold Thomas, Chief Executive Officer, Huddlestock Fintech AS, +47 982
15 520, [email protected]
ABOUT HUDDLESTOCK FINTECH AS
About Huddlestock:
Huddlestock is a leading provider of investment and wealth management SaaS
solutions and services. We provide the technology, expertise and support that
financial institutions need to launch or transform an investment offering. Our
modular approach to cloud software helps firms around the world - from fintech
startups to established banks, neobanks, wealth and asset managers - deploy
innovative solutions with flexibility and speed. With a team made up of
ex-industry practitioners and wealth technology experts, we also provide
professional services and operations outsourcing that drive performance,
innovation and growth for our customers. Huddlestock is listed on the Euronext
Growth market.
Find out more at huddlestock.com - https://www.huddlestock.com/
ATTACHMENTS
Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17848032/3166/4586/Download%20announcement
%20as%20PDF.pdf
HUDL - Stock Exchange Release Q1 2024_FINAL.pdf -
https://kommunikasjon.ntb.no/ir-files/17848032/3166/4584/HUDL%20-%20Stock%20Exch
ange%20Release%20Q1%202024_FINAL.pdf
Huddlestock Fintech AS - Q1 2024 presentation_FINAL.pdf -
https://kommunikasjon.ntb.no/ir-files/17848032/3166/4585/Huddlestock%20Fintech%2
0AS%20-%20Q1%202024%20presentation_FINAL.pdf
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