MyFirstApp Sweden AB (publ) Interim Report 2 - 2023

This is pressrelease and interim report is a translation from the main language which is Swedish.

Financial overview

* Excluding one-time costs associated with the re-listing process and the old operations.
 

Significant events during the period

• MyFirstApp Sweden AB’s stock is re-listed on the Spotlight’s regular list.
• MyFirstApp enters into an agreement to acquire 10Monkeys in line with the existing acquisition strategy.
• MyFirstApp enters into a paid collaboration with the influencer Fozi Mozi.
• MyFirstApp completes the acquisition of 10Monkeys - Expanding the Group’s customer base by 200,000 users.
• MyFirstApp’s ’PreSchool Academy’ reaches the App Store top chart in the UAE through the Fozi Mozi collaboration.
   

Significant events after the period

• MyFirstApp continues its collaboration with the influencer Fozi Mozi.
• MyFirstApp presents strategy and the Evolear system: An AI Model for individual learning.
• MyFirstApp’s stock underwent a reverse split, 1:100, by consolidating 100 shares into 1 share.

CEO’s Statement
It is with pleasure that I reflect on the first half of 2023, a six months that has been both challenging and successful.

During the last quarter, we have focused intensively on developing and improving our products. We have aimed to make our educational games and applications more intuitive and engaging, based on feedback from our users and insights from our development team.

Additionally, we have intensified our marketing strategy to increase our global presence and reach new users. We have primarily utilized digital marketing channels to engage new users. During the quarter, we conducted successful collaborations with the influencer Fozi Mozi, which resulted in the company’s applications ranking at the top of the list within the UAE for most purchased apps.

Another important milestone during this quarter has been the acquisition of the Finnish subsidiary 10Monkeys. This acquisition strengthens our position in the education sector and expands our offering of high-quality and innovative learning applications for the web. At the same time, we have ensured the expansion of our organization and welcomed new, talented employees who share our passion for education and technology.

Financial
Financially, we have experienced growth during the quarter. The Group’s revenue increased to 0.7 MSEK, which is an increase compared to the same period last year. Our net result for the period amounted to -1,135,972 SEK, which is weighed down by depreciations and goodwill of -0.2 MSEK.

We also choose to report an adjusted EBITDA that excludes costs attributable to the old ObsteCare operations and one-time costs that have arisen in connection with the re-listing process, in order to provide a clear picture of MyFirstApp today. The Group’s adjusted EBITDA for Q2 amounted to approximately -0.3 MSEK, a cost reduction of about 0.6 MSEK.

Forward outlook
As we look forward to the second half of 2023, we are more focused than ever on developing our company and our products. One of the most exciting developments we are planning is the continued development of our core AI system, Evolear, for personalized learning. We believe this will revolutionize the users’ learning experience and create an even more engaging and effective learning environment. The company plans to launch a first version of this in the fourth quarter of 2023.

We will also continue our strategy for expansion through acquisitions. We are constantly on the lookout for opportunities to incorporate outstanding companies and platforms into our ecosystem to strengthen our market position and improve our products.

Lastly, I want to express my gratitude for the support and trust of the Board and the shareholders. I am enthusiastic about what the future has in store for us, and we look forward to sharing the journey with you.