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 investorrelations@huddlestock.com 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: 397 681 689 44
Passord: ZoU3mf

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English:  Click here to join the meeting

Meeting ID: 318 893 554 146
Passcode: 6nVxCe

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Please find enclosed the Q4 presentation material.  For questions, please contact: 

Leif Arnold Thomas, Chief Executive Officer, leif.thomas@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.

 

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

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, leif.thomas@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

Attachments

  • Download announcement as PDF.pdf
  • HFT Q4 2023 Investor presentasjon_February 22_2024_Final.pdf
  • HFT Q4 2023_invitation to teams presentation_February 22_2023.pdf
  • HFT IR Q4 2023_Pressrelease_February 22_2024_Final.pdf

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