Earnings Release • Feb 22, 2024
Earnings Release
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Huddlestock Fintech AS (OSE: HUDL) - Huddlestock Fintech AS Q4 2023 Financial Report
22.2.2024 08:00:01 CET | Huddlestock Fintech AS | Additional regulated
information required to be disclosed under the laws of a member state
Huddlestock continues to deliver revenue growth, and EBITDA Q4 2023 in line with
Q4 2022
Stavanger, Norway, 22 February 2024 - Huddlestock Fintech AS, a provider of
innovative technology solutions to investment providers and wealth managers,
today released its Unaudited Financial Report for fourth quarter 2023.
For the full year of 2023 Huddlestock group consolidated revenues was MNOK 87,7
against MNOK 46,7 in 2022. This is a year over year growth of 88% and follows
the growth strategy. Consolidated Group EBITDA for the full year of 2023 was
MNOK -16,7 million against MNOK -14,7 for 2022. EBITDA Q4 2024 was MNOK -8,3
which is in line with Q4 2022 (MNOK -8,3).
Recurring revenues full year 2023 was MNOK 41,9 against MNOK 4,7 in 2022, a YoY
growth of 566%.
With a strong focus on balancing revenue growth with profitability, Huddlestock
is satisfied to deliver a full year unaudited report that shows both significant
revenue growth YoY, but at the same time an EBITDA in Q4 2023 which is in line
with Q4 2022.
January 2, 2024, Morten Bernhardsen was appointed at the new group CFO. February
1, 2024, Leif Arnold Thomas was appointed as the new group CEO. Both the new CFO
and the new CEO have strong track records of achieving objectives within
business development and change management. Thomas has been within the
Huddlestock Group since March 2023 and knows the products, the markets and the
employees well before his new position. With Thomas and Bernhardsen in place,
the top management team of Huddlestock Group has been significantly
strengthened.
The announcement of divesting Huddlestock Solutions was closed during Q4 2023
and demonstrates that Huddlestock is prepared to take actions necessary to
ensure strategic focus to achieve its goals faster.
The German market is a prioritized area for Huddlestock and different strategies
to achieve profitable results faster is continuously evaluated.
After the Q4, both the signing of an LOI with AVL, but also a decision from
Garantum Wealth Management of using more of the company's services, validates
the company's value proposition as an attractive provider of
Investment-as-a-Service solutions.
To achieve the objective of positive EBITDA faster, the cost saving program
decided Q2 and Q3 is on track with the plan. The program will be revised during
Q1 2024 with objective of being more aggressive.
"Managing strong growth and profitability at the same time is challenging, but
not impossible. To secure our goals of both growth and profitability going
forward, we will need to act more focused on what and where we use our energy
and resources. Decisions will always be driven by what is creating the most
long-term shareholder values. Identifying long term financing partners to
support our strategy, incl potential for non-organic growth, will be part of
that work.", says Leif Arnold Thomas, CEO Huddlestock Group.
A presentation will be held via Teams Febr 22, at 10.00 AM CET (Norwegian
language) and 12.00 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_MjFlNWVkZmYtMGI0Ny00ZGM4L
WExODgtN2MxMDY4Y2FhMzFm%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: 397 681 689 44
Passord: ZoU3mf
Last nedTeams - https://www.microsoft.com/en-us/microsoft-teams/download-app |
Join on the web - https://www.microsoft.com/microsoft-teams/join-a-meeting
Finn ut mer - https://aka.ms/JoinTeamsMeeting | Møtealternativer -
https://teams.microsoft.com/meetingOptions/?organizerId=df038bb9-1ab5-4c9d-9661-
32a71b82ac25&tenantId=c1a5a59d-592c-49a2-ada8-beedc552d1f5&threadId=19_meeting_M
[email protected]&messageId=0&language=n
b-NO
English: Click here to join the meeting -
https://teams.microsoft.com/l/meetup-join/19%3ameeting_YTY5NjE2ZDgtOTU4MS00ZTc5L
WI2ZGQtZTRhZDVjNmVlZmUz%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
Meeting ID: 318 893 554 146
Passcode: 6nVxCe
Download Teams - https://www.microsoft.com/en-us/microsoft-teams/download-app |
Join on the web - https://www.microsoft.com/microsoft-teams/join-a-meeting
Learn More - https://aka.ms/JoinTeamsMeeting | Meeting options -
https://teams.microsoft.com/meetingOptions/?organizerId=df038bb9-1ab5-4c9d-9661-
32a71b82ac25&tenantId=c1a5a59d-592c-49a2-ada8-beedc552d1f5&threadId=19_meeting_Y
[email protected]&messageId=0&language=n
b-NO
Please find enclosed the Q4 presentation material. For questions, please
contact:
Leif Arnold Thomas, Chief Executive Officer, [email protected]
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
* Leif Arnold Thomas, Chief Executive Officer, Huddlestock Fintech, +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/17848032/2925/4100/Download%20announcement
%20as%20PDF.pdf
HFT Q4 2023 Investor presentasjon_February 22_2024_Final.pdf -
https://kommunikasjon.ntb.no/ir-files/17848032/2925/4095/HFT%20Q4%202023%20Inves
tor%20presentasjon_February%2022_2024_Final.pdf
HFT Q4 2023_invitation to teams presentation_February 22_2023.pdf -
https://kommunikasjon.ntb.no/ir-files/17848032/2925/4097/HFT%20Q4%202023_invitat
ion%20to%20teams%20presentation_February%2022_2023.pdf
HFT IR Q4 2023_Pressrelease_February 22_2024_Final.pdf -
https://kommunikasjon.ntb.no/ir-files/17848032/2925/4099/HFT%20IR%20Q4%202023_Pr
essrelease_February%2022_2024_Final.pdf
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