MyFirstApp Sweden AB (publ) Interim Report 3 - 2023
Financial overview
| Consolidated income statement | Q3 2023 | Q3 2022 | Q1-Q3 2023 | Q1-Q3 2022 | Helår 2022 |
| Net revenue (msek) | 0,6 | 0 | 1,5 | 0 | 0,4 |
| EBITDA (msek) | −0,2 | 0 | −1,8 | 0 | 0 |
| Total assets (msek) | −0,9 | 0 | −2,7 | 0 | 0,1 |
| Balansomslutning (msek) | 14,3 | 0,2 | 14,3 | 0,2 | 1,8 |
| Equity / assets ratio (%) | 31% | 63% | 31% | 63% | −88% |
| Earnings per share (sek) | −0,27 | 0 | −0,8 | 0 | 0 |
| Parent income statement | Q3 2023 | Q3 2022 | Q1-Q3 2023 | Q1-Q3 2022 | Helår 2022 |
| Net revenue (msek) | 0,2 | 0,1 | 0,5 | 0,4 | 0,5 |
| EBITDA (msek) | −0,3 | −1,4 | −1,9 | −7,1 | −6,1 |
| Total assets (msek) | −0,4 | −2,1 | −1,9 | −9 | −8,5 |
| Balansomslutning (msek) | 35,5 | 41,1 | 34,5 | 41,1 | 23,1 |
| Equity / assets ratio (%) | 76% | 97% | 76% | 97% | 88% |
SIGNIFICANT EVENTS DURING THE PERIOD
- MyFirstApp presented the 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.
- MyFirstApp’s subsidiary 10Monkeys secured a reseller partnership in Australia.
- MyFirstApp introduced the MineMath platform: The first product in the company’s AI initiative within digital education.
- MyFirstApp entered into an agreement to acquire TalesTime, in line with its existing acquisition strategy.
SIGNIFICANT EVENTS AFTER THE PERIOD
- MyFirstApp’s general meeting decided on the acquisition of TalesTime AB according to the board’s proposal.
- MyFirstApp launched a new website for the AI solution Evolear – Building anticipation ahead of the platform’s launch.
CEO’S STATEMENT
QUARTER THREE 2023
During the quarter, we have continued to build on our strong foundation within educational technology, with a special focus on partnerships and product development.
A key focus this quarter has been the integration and collaboration with 10Monkeys, a Finnish subsidiary acquired by MyFirstApp in Q2 2023. By working closely with 10Monkeys and leveraging their established partnerships and customer base, we have been able to expand our reach and strengthen our offering in the education sector. This collaboration has been crucial for improving the quality and accessibility of our products, as well as for strengthening our position in the global market.
Our new AI-based educational platform, Evolear, has also continued to evolve during the quarter. We have worked intensively to prepare the platform for its launch in the fourth quarter. The Evolear website was developed and recently launched to engage and inform potential customers and partners, focusing on offering a dynamic and personalized learning experience through artificial intelligence.
FINANCIAL
The MyFirstApp Group has shown significant and steady growth throughout the quarter. Notably, there has been an average monthly increase in sales of about 95% compared to the corresponding months last year. Additionally, the acquisition of TalesTime AB, initiated during the quarter, was successfully completed in October, further strengthening our portfolio and expansion in AI, in conjunction with Evolear.
The Group’s revenue increased to 0.6 MSEK, which is an increase compared to the same period last year. The Group’s EBITDA for the period amounted to -0.2 MSEK, which is an improvement compared to the previous quarter.
Another important financial event during the quarter was the amortization of loans in our Finnish subsidiary, 10Monkeys. We are pleased to announce that about 700 thousand SEK remains to be amortized, after 250 thousand SEK was amortized during the period.
FORWARD OUTLOOK
Moving forward, our focus lies on several key initiatives that will shape the MyFirstApp Group. A primary direction is the continued development and planned launch of our innovative platform Evolear in the fourth quarter. This launch marks a significant step in our journey to revolutionize educational technology by offering a tailored and dynamic learning experience.
In parallel with the development of Evolear, we continue to actively integrate acquisitions and additions along with their respective resources, technology, and customer base into our operations. This integration is part of our overall strategy to strengthen our offerings and expand our capacity within educational technology.
Additionally, we are committed to our long-term strategy for expansion through acquisitions. By continuously exploring and leveraging opportunities to incorporate prominent companies and platforms into our ecosystem, we aim to strengthen our market position and enrich our product portfolio. This strategy is not only focused on growth but also on enhancing and diversifying our offerings to customers.