Quarterly report 2 2024: Sales Growth 112%
Financial highlightsQ2
- Sales growth adjusted for prepaid revenues: 112% compared to Q2 2023.
- Positive EBITDA adjusted for restructuring costs and prepaid revenues: approximately 4 MSEK, corresponding to an EBITDA margin of about 55%.
- Positive cash flow: approximately 2,1 MSEK during Q2.
- Contracted Annual Recurring Revenue (CARR) amounts to 23,4 MSEK as of August 15, compared to 16,1 MSEK at the end of Q1 2024.
Summary April – June 2024 (compared to the same period the previous year):
- Net sales adjusted for prepaid revenues: 7 340 KSEK (3 469 KSEK)
- EBITDA adjusted for prepaid revenues and restructuring costs: 4 041 KSEK (-1 697 KSEK)
- Net sales for the period: 5 522 KSEK (3 469 KSEK)
- EBITDA for the period: 802 KSEK (-1 697 KSEK), adjusted for restructuring costs: 2 222 KSEK
(-1 697 KSEK)
- Result for the period: -3 041 KSEK (-5 092 KSEK)
- Sales per share: SEK 0,19 (SEK 0,12)
- Earnings per share: SEK -0,11 (SEK -0,18)
- Equity per share: SEK 2,15 (SEK 2,59)
·
Summary January – June 2024 (compared to the same period the previous year):
- Net sales adjusted for prepaid revenues: 11 382 KSEK (6 784 KSEK)
- EBITDA adjusted for restructuring costs and prepaid revenues: 5 655 KSEK (-3 372 KSEK)
- Net sales for the period: 9 504 KSEK (6 784 KSEK)
- EBITDA for the period: 738 KSEK (-3 372 KSEK), adjusted for restructuring costs: 3 777 KSEK
(-3 372 KSEK)
- Result for the period: -4 778 KSEK (-9 558 KSEK)
- Sales per share: SEK 0,33 (SEK 0,24)
- Earnings per share: SEK -0,17 (SEK -0,34)
- Equity per share: SEK 2.15 (SEK 2.59)
Events During the Period
- The savings program's effects were realized by the end of Q1, securing savings of approximately 10 MSEK annually, compared to the initially estimated 7-9 MSEK.
- EyeonGroup changes CEO: Georg Tsaros steps down, and Fredrik Björklund, current Chairman, will assume the role of CEO starting September the 1st.
- EyeonGroup secures a 10 MSEK loan facility from the company's main owner.
- EyeonGroup hires Translink Corporate Finance as an M&A advisor.
- EyeonGroup establishes a sales office in Dubai.
- EyeonGroup signs several reseller agreements for the new B2B service.
- EyeonGroup takes over a former reseller's B2C business, now operated under the Protectia brand.
- EyeonGroup broadens its product portfolio through strategic licensing agreements for VPN and Password Manager.
- EyeonGroup signs reseller agreements with Yettel Bulgaria and a fintech company in the USA regarding Eyeon Group's id-protection service (white label).
Events After the Period
- EyeonGroup to deliver a Proof of Concept to a banking group in the Netherlands and has signed a Letter of Intent with Locon in Poland for a white label solution.
- EyeonGroup updates its plan to accelerate the company's sales force, aiming to increase the sales team to 33 sellers by the end of August to achieve closed deals equivalent to approximately 440 TEUR per month. The goal is to reach sales of 100 MSEK for the fiscal year 2025.
CEO statement
The intensive work of structuring the company's focus on sales has characterized the quarter, and we are beginning to see results. Sales of the B2B service officially started in April, and it was not until June, with a sales team of 9 sellers, that growth began to take off in several countries, including Sweden, Norway, Finland, the USA, Switzerland, and Spain. The scaling continues, and by August, EyeonGroup has about 20 sellers in place, with a continued goal of reaching 30 sellers by the end of August. This work will continue to drive growth in the coming quarters. Simultaneously, a continuous review of potential acquisitions is ongoing together with our M&A partner, Translink.
Although the company is only at the beginning of its growth journey, I can report fantastic progress during the second quarter, with the company already achieving figures far beyond what it has historically.
- Sales in the second quarter, adjusted for prepaid revenues, amounted to 7 340 KSEK, corresponding to a sales growth of 112% compared to the same period in 2023.
- EBITDA for the second quarter, adjusted for prepaid revenues and restructuring costs, amounted to just over 4 MSEK, representing an EBITDA margin of approximately 55%.
- As of mid-August, the company’s CARR is just over 23 MSEK, which will continue to increase throughout the year, especially as B2B sales continue.
In the second quarter, the company added another revenue stream by taking over a former reseller's B2C business, which was launched under the Protectia brand. Protectia's business has been part of the group since May 1 this year. With this, EyeonGroup now has four revenue streams:
- White label B2B2C and B2B2B through resellers/partners (identity protection service),
- B2B through resellers/partners (Enterprise service),
- B2B through direct sales and
- B2C through direct sales
During the quarter, EyeonGroup signed agreements with Yettel Bulgaria and a fintech company for a white-label identity protection service, with a launch in the third quarter. The customer base within white-label is continuously growing, both within the existing customer base and as new partners are added. Although the white-label model is somewhat slow, it continues to contribute to long-term stable revenues and cash flows.
During the year, Eyeon participated in a major procurement process for an established bank in the Netherlands. Eyeon was among 30 competitors evaluated to develop an identity protection service for the bank's customers. After comparing 30 suppliers, Eyeon made the shortlist of 3 suppliers and ultimately won the procurement, being chosen as the supplier for a proof of concept project to be launched in the fall of 2024.
B2B sales, which started in April, were naturally limited during April and May but picked up speed in June. Building a sales team takes time, and currently, I believe that recruiting good salespeople is the company’s biggest challenge. EyeonGroup already has a large number of customer segments to work on, both in existing markets and markets we have not yet begun to address. Therefore, the key for the company today and moving forward is to continue recruiting and building strong sales teams. That said, I am satisfied with the sales development since the start in early April and look forward to the development in the coming quarters.
Sincerely,
Fredrik Björklund
Chairman of the Board and Incoming CEO
Description of the business
Eyeon Group AB (publ) was founded in 2015 and is a SaaS provider that, through proprietary technology for collecting, analyzing and packaging data, develops and sells smart solutions that make life on the internet easier and safer for people, companies and organizations. The company provides business solutions within IT security, privacy protection services and AI-based data solutions. These are primarily aimed at the B2B market in Europe for industries such as e.g. banking, insurance and telecom.
Eyeon Group in Brief
Eyeon Group AB (publ) is the parent company of a group with three wholly-owned subsidiaries: Protectia AB, EyeonID Intressenter AB, and EyeOnText BVBA (Belgium). During the period, the American subsidiary Eyeonid Inc was liquidated. Eyeonid’s headquarters, including development, production, and administration, is located in Stockholm. As of April this year, the company has a sales office in Dubai.
This report covers the entire group’s and the parent company’s operations during the period from January 1 2024 to June 30 2024.
Financial overview
The following section presents summarized financial information for EyeonGroup for January – June 2024, compared with the period January – June 2023. During the period, EyeonGroup acquired the wholly-owned subsidiary Protectia AB, which is included in the consolidated accounts from May 1, 2024. During the period, the subsidiary Eyeonid Inc was liquidated. The American company was primarily established to ensure a structure that complied with regulatory requirements according to the conditions at the time. As conditions have changed, there is no longer any justification for the cost of maintaining the company. The consolidated result of the liquidation amounts to 2 154 TSEK. During the period, significant cutbacks within the EyeonText business area were decided and initiated, with full effect of these savings achieved by the end of the first quarter of 2024. During the period, a dividend of 1 385 TSEK was decided in the subsidiary EyeonText to the parent company. The dividend has no impact on the group’s result. With the closure of the business in Belgium, a process is underway to liquidate the Belgian company.
Sales and results
April - June
The group’s net sales for the period amounted to KSEK 5 522 (KSEK 3 469), with a net result of KSEK
–3 041 (KSEK -5 092).
Sales were distributed as follows: EyeonGroup KSEK 5 509 (KSEK 3 443) and EyeonText KSEK 13 (KSEK 26).
Prepaid revenues amounted to KSEK 2 041 (SEK 0).
January - June
The group’s net sales for the period amounted to KSEK 9 504 (KSEK 6 784), with a net result of KSEK
-4 778 (KSEK -9 558). The result from the liquidation of Eyeonid Inc amounts to KSEK 2 154.
Sales were distributed as follows: EyeonGroup KSEK 9 451 (KSEK 6 758) and EyeonText KSEK 53 (KSEK 26).
Prepaid revenues amounted to KSEK 2 106 (SEK 0).
Liquidity and financing
As of June 30 2024, EyeonGroup's bank balances amounted to KSEK 5 559 (KSEK 16 914). The group had interest-bearing liabilities of KSEK 106 (SEK 0).
Investments
April - June
Eyeonid’s total new investments during the period amounted to KSEK 2 325 (KSEK 3 130) and concerned intangible fixed assets amounting to KSEK 2 317 (KSEK 3,130) such as capitalized development costs, and tangible fixed assets amounting to KSEK 9 (KSEK 0).
January - June
Eyeonid’s total new investments during the period amounted to KSEK 5 237 (KSEK 6 303) and concerned intangible fixed assets amounting to KSEK 5 229 (KSEK 6 303) such as capitalized development costs, and tangible fixed assets amounting to KSEK 9 (KSEK 0).
Depreciation
April - June
The period’s result was charged with KSEK 3 838 (KSEK 3 347) in depreciation, of which KSEK 51 (KSEK 78) refers to depreciation on equipment, tools, and installations, KSEK 3 773 (KSEK 3 269) refers to depreciation of capitalized development costs, and goodwill depreciation of KSEK 14 (KSEK 0).
January - June
The period’s result was charged with KSEK 7 665 (KSEK 6 721) in depreciation, of which KSEK 106 (KSEK 184) refers to depreciation on equipment, tools, and installations, KSEK 7 545 (KSEK 6 537) refers to depreciation of capitalized development costs, and goodwill depreciation of KSEK 14 (KSEK 0).
Equity
As of June 30, 2024, EyeonGroup's equity amounted to KSEK 61,023 (KSEK 73 604).
The Share and Share-related Instruments
As of June 30, 2024, the share capital of Eyeon Group AB was divided into 28 410 125 shares with a nominal value of SEK 0.2. All shares are of the same series and have the same right to vote and profit in the company. The shares in EyeonGroup have been traded on NGM Nordic SME under the ticker EOID since September 20, 2016. Since February 7, 2023, the shares in Eyeonid have been traded with ISIN code SE0019763988 after the share consolidation decided at the extraordinary general meeting on January 27, 2023. EyeonGroup does not have a liquidity guarantee agreement.
At the 2023 annual general meeting, it was decided to introduce the Employee Stock Option Program 2023/2026 and the Warrant Program 2023/2026. The programs are aimed at the company’s employees and consultants. Each option under the respective program entitles the holder to subscribe for one share. The exercise period runs from September 1, 2026, to September 30, 2026. If all issued options are exercised to subscribe for shares, the number of shares will increase by 1,495,269 shares, corresponding to a dilution of approximately 5 percent of the total number of shares and votes in the company. Due to known personnel changes, the number of shares will increase by 897,159 shares upon full exercise of issued options, corresponding to a dilution of approximately 3% of the total number of shares and votes in the company.
Employees
As of June 30, 2024, Eyeonid had approximately 3 (5) employees and, in addition, several consultants associated with EyeonGroup.
Accounting principles
The report has been prepared in accordance with the Annual Accounts Act of Sweden and BFNAR 2012:1 Annual Report and Consolidated Financial Statements (K3). Applied principles are consistent with those described in the 2023 annual report.
Upcoming reporting dates
Eyeon Group AB provides regular financial information according to the following schedule:
| October 28, 2024 | Quarterly report 3 |
| February 17, 2025 | Year-end Report 2024 |
This report has not been subject to review by the company’s auditor.
August 19, 2024
Eyeon Group AB (publ)
The Board of Directors
For further information, please contact:
Fredrik Björklund
Chairman of the Board
+46 70-892 35 92
Carl-Magnus Jönsson
Acting CEO and CFO
+46 73-545 53 50
This information is information that Eyeonid Group AB (publ) is obliged to disclose under the EU Market Abuse Regulation. The information was provided, through the contact of the above contact person, for publication on August 19, 2024, at 08.30 CET.
| Income Statement | |||||
| Group | 2024-04-01 | 2023-04-01 | 2024-01-01 | 2023-01-01 | 2023-01-01 |
| (KSEK) | 2024-06-30 | 2023-06-30 | 2024-06-30 | 2023-06-30 | 2023-12-31 |
| Net Sales | |||||
| Pre-invoiced revenues | 2 041 | - | 2 106 | - | - |
| Accrued pre-invoiced revenues | -1 818 | - | -1 878 | - | - |
| Sales resellers | 5 299 | 3 469 | 9 275 | 6 784 | 14 576 |
| Total Net Sales | 5 522 | 3 469 | 9 504 | 6 784 | 14 576 |
| Other Operating Income | |||||
| Capitalized work for own account | 6 | 1 538 | 610 | 3 281 | 5 663 |
| Other operating income | 411 | 400 | 800 | 793 | 1 649 |
| Total Other Operating Income | 417 | 1 937 | 1 410 | 4 073 | 7 312 |
| Total Revenues | 5 939 | 5 406 | 10 914 | 10 858 | 21 888 |
| Operating Costs | |||||
| Raw materials and supplies | -613 | -2 154 | -1 204 | -4 480 | -7 416 |
| Other external costs | -2 132 | -2 272 | -3 777 | -4 478 | -8 268 |
| Personnel costs | -953 | -2 668 | -2 024 | -5 262 | -10 265 |
| Other operating costs | -19 | -9 | -132 | -9 | - |
| Restructuring costs | -1 421 | - | -3 039 | - | - |
| Total Operating Costs before Depreciation | -5 137 | -7 104 | -10 176 | -14 230 | -25 950 |
| Operating Profit before Depreciation (EBITDA) | 802 | -1 697 | 738 | -3 372 | -4 062 |
| ((EBITDA excluding restructuring costs) | 2 222 | -1 697 | 3 777 | -3 372 | -4 062 |
| Depreciation and Group Share Results | |||||
| Depreciation of tangible and intangible assets | -3 838 | -3 347 | -7 665 | -6 721 | -14 214 |
| Result of sold shares in group companies | - | - | 2 154 | 626 | 626 |
| Total Depreciation and Group Share Results | -3 838 | -3 347 | -5 511 | -6 095 | -13 588 |
| Operating Profit (EBIT) | -3 036 | -5 044 | -4 773 | -9 467 | -17 649 |
| Results from Financial Items | |||||
| Interest income and similar items | 0 | -1 | 0 | 0 | 274 |
| Interest expenses and similar items | -2 | -2 | -2 | -2 | -3 |
| Total Results from Financial Items | -2 | -3 | -2 | -2 | 271 |
| Profit After Financial Items | -3 038 | -5 047 | -4 775 | -9 469 | -17 378 |
| Tax on the period's result | -2 | -36 | -3 | -81 | -135 |
| Other taxes | - | -8 | - | -8 | -8 |
| RESULT FOR THE PERIOD | -3 041 | -5 092 | -4 778 | -9 558 | -17 521 |
| Balance Sheet | |||
| Group | |||
| (KSEK) | 2024-06-30 | 2023-06-30 | 2023-12-31 |
| ASSETS | |||
| Intangible Fixed Assets | |||
| Goodwill | 420 | - | - |
| Capitalized expenditures for development work | 57 966 | 58 459 | 58 111 |
| Total Intangible Fixed Assets | 58 386 | 58 459 | 58 111 |
| Tangible Fixed Assets | |||
| Equipment, tools, and installations | 431 | 662 | 544 |
| Total Tangible Fixed Assets | 431 | 662 | 544 |
| Total Fixed Assets | 58 817 | 59 121 | 58 655 |
| Current Assets | |||
| Short-term Receivables | |||
| Accounts receivables | 2 632 | 1 379 | 2 757 |
| Other receivables | 128 | 1 298 | 419 |
| Prepaid expenses and accrued income | 1 763 | 814 | 921 |
| Total Short-term Receivables | 4 523 | 3 491 | 4 097 |
| Cash and Cash Equivalents | 5 559 | 16 914 | 7 365 |
| Total Current Assets | 10 082 | 20 404 | 11 462 |
| TOTAL ASSETS | 68 899 | 79 525 | 70 118 |
| Balance Sheet | |||
| Group | |||
| (KSEK) | 2024-06-30 | 2023-06-30 | 2023-12-31 |
| Equity and Liabilities | |||
| Equity | |||
| Equity | 61 023 | 73 604 | 65 801 |
| Total Equity | 61 023 | 73 604 | 65 801 |
| Long-term Liabilities | |||
| Other iabilities | - | - | - |
| Total Long-term Liabilities | 0 | 0 | 0 |
| Short-term Liabilities | |||
| Accounts Payable | 3 626 | 2 983 | 1 573 |
| Current Tax Liabilities | 16 | 264 | 295 |
| Other Liabilities | 1 076 | 383 | 513 |
| Accrued Expenses and Prepaid Income | 3 159 | 2 291 | 1 935 |
| Total Short-term Liabilities | 7 877 | 5 920 | 4 316 |
| TOTAL EQUITY AND LIABILITIES | 68 899 | 79 525 | 70 118 |
| Changes in Equity | |||||
| 2024-04-01 - 2024-06-30 Group (KSEK) | Share Capital | Reserves | Other Contributed Capital | Retained Earnings incl. periods Result | Total Equity |
| Amount at the beginning of the period | 33 524 | 64 030 | 269 793 | -303 271 | 64 076 |
| Decrease in share capital | -27 842 | 27 842 | - | ||
| Share issue | - | ||||
| Issue costs | -8 | -8 | |||
| Period's currency difference | -5 | -5 | |||
| Allocation to development expenditure reserve | -1 455 | 1 455 | - | ||
| Period's result | -3 041 | -3 041 | |||
| 2024-06-30 | 5 682 | 62 570 | 269 785 | -277 014 | 61 023 |
| 2023-04-01 - 2023-06-30 Group (KSEK) | Share Capital | Reserves | Other Contributed Capital | Retained Earnings incl. periods Result | Total Equity |
| Amount at the beginning of the period | 33 524 | 65 036 | 269 461 | -289 437 | 78 584 |
| Share issue | 0 | ||||
| Issue costs | 0 | ||||
| Period's currency difference | 113 | 113 | |||
| Allocation to development expenditure reserve | 41 | -41 | - | ||
| Period's result | -5 092 | -5 092 | |||
| 2023-06-30 | 33 524 | 65 190 | 269 461 | -294 570 | 73 605 |
| 2024-01-01 - 2024-06-30 Group (KSEK) | Share Capital | Reserves | Other Contributed Capital | Retained Earnings incl. periods Result | Total Equity |
| Amount at the beginning of the period | 33 524 | 64 812 | 269 793 | -302 328 | 65 801 |
| Decrease in share capital | -27 842 | 27 842 | - | ||
| Share issue | - | ||||
| Issue costs | -8 | -8 | |||
| Period's currency difference | 7 | 7 | |||
| Allocation to development expenditure reserve | -2 249 | 2 249 | - | ||
| Period's result | -4 778 | -4 778 | |||
| 2024-06-30 | 5 682 | 62 570 | 269 785 | -277 014 | 61 023 |
| 2023-01-01 - 2023-06-30 Group (KSEK) | Share Capital | Reserves | Other Contributed Capital | Retained Earnings incl. periods Result | Total Equity |
| Amount at the beginning of the period | 23 950 | 64 889 | 271 318 | -297 483 | 62 674 |
| Decrease in share capital | -12 646 | 12 646 | - | ||
| Share issue | 22 219 | 1 141 | 23 360 | ||
| Issue costs | -2 998 | -2 998 | |||
| Period's currency difference | 127 | 127 | |||
| Allocation to development expenditure reserve | 174 | -174 | - | ||
| Period's result | -9 558 | -9 558 | |||
| 2023-06-30 | 33 523 | 65 190 | 269 461 | -294 569 | 73 605 |
| 2023-01-01 - 2023-12-31 Group (KSEK) | Share Capital | Reserves | Other Contributed Capital | Retained Earnings incl. periods Result | Total Equity |
| Amount at the beginning of the period | 23 950 | 64 889 | 271 318 | -297 483 | 62 674 |
| Decrease in share capital | -12 646 | 12 646 | - | ||
| Share issue | 22 219 | 1 668 | 23 887 | ||
| Issue costs | -3 194 | -3 194 | |||
| Period's currency difference | -45 | -45 | |||
| Allocation to development expenditure reserve | -31 | 31 | - | ||
| Period's result | -17 521 | -17 521 | |||
| 2023-12-31 | 33 523 | 64 813 | 269 792 | -302 327 | 65 801 |
| Cash Flow Statement | |||||
| Group | 2024-04-01 | 2023-04-01 | 2024-01-01 | 2023-01-01 | 2023-01-01 |
| (KSEK) | 2024-06-30 | 2023-06-30 | 2024-06-30 | 2023-06-30 | 2023-12-31 |
| Operating Activities | |||||
| Operating Profit | -3 036 | -5 044 | -4 773 | -9 467 | -17 649 |
| Adjustments for items not included in cash flow: | |||||
| Depreciation | 3 838 | 3 347 | 7 665 | 6 721 | 14 214 |
| Gains on sale of assets | - | - | -2 154 | -626 | -626 |
| Interest Received | 0 | -1 | 0 | 0 | 274 |
| Interest Paid | -2 | -2 | -2 | -2 | -3 |
| Cash Flow from Operating Activities | |||||
| before Changes in Working Capital | 800 | -1 700 | 736 | -3 374 | -3 790 |
| Cash Flow from Changes in Working Capital | |||||
| Increase (-) / Decrease (+) in Receivables | -83 | 937 | -89 | 1 270 | 465 |
| Increase (+) / Decrease (-) in Payables | 3 149 | -394 | 2 179 | -387 | -1 890 |
| Cash Flow from Operating Activities | 3 866 | -1 158 | 2 826 | -2 491 | -5 215 |
| Investing Activities | |||||
| Acquisition of Capitalized Development Costs | -2 317 | -3 130 | -5 229 | -6 303 | -12 882 |
| Acquisition of Tangible Fixed Assets | -9 | - | -9 | - | - |
| Acquisition of Subsidiaries | 551 | - | 551 | - | - |
| Disposal/Liquidation of Subsidiaries | 0 | - | 37 | 626 | 626 |
| Cash Flow from Investing Activities | -1 774 | -3 130 | -4 649 | -5 677 | -12 256 |
| Financing Activities | |||||
| Share Issue before Issue Costs | - | - | - | 21 900 | 21 900 |
| Issue Costs | -8 | - | -8 | -1 538 | -1 734 |
| Cash Flow from Financing Activities | -8 | 0 | -8 | 20 362 | 20 166 |
| Period’s Cash Flow | 2 083 | -4 288 | -1 831 | 12 193 | 2 696 |
| Cash and Cash Equivalents at the Beginning of the Period | 3 468 | 21 175 | 7 365 | 4 688 | 4 688 |
| Currancy Difference in Cash and Cash Equivalents | 8 | 27 | 25 | 32 | -18 |
| Cash and Cash Equivalents at the End of the Period | 5 559 | 16 914 | 5 559 | 16 914 | 7 365 |
| Income Statement | |||||
| Parent Company | 2024-04-01 | 2023-04-01 | 2024-01-01 | 2023-01-01 | 2023-01-01 |
| (KSEK) | 2024-06-30 | 2023-06-30 | 2024-06-30 | 2023-06-30 | 2023-12-31 |
| Rörelsens intäkter | |||||
| Net sales | 4 885 | 3 443 | 8 828 | 6 758 | 14 470 |
| Other operating income | 411 | 400 | 800 | 793 | 1 649 |
| Total Operating Revenues | 5 296 | 3 843 | 9 628 | 7 551 | 16 119 |
| Operating Costs | |||||
| Raw materials and supplies | -861 | -1 492 | -1 608 | -2 910 | -5 172 |
| Other external costs | -2 347 | -2 203 | -4 499 | -4 368 | -8 124 |
| Personnel costs | -1 647 | -1 786 | -2 943 | -3 540 | -6 832 |
| Other operating costs | -19 | -9 | -132 | -9 | 0 |
| Total Operating Costs before Depreciation | -4 873 | -5 490 | -9 182 | -10 827 | -20 129 |
| Operating Profit before Depreciation (EBITDA) | 423 | -1 647 | 446 | -3 276 | -4 009 |
| Depreciation | |||||
| Depreciation of tangible and intangible assets | -3 823 | -3 342 | -7 647 | -6 712 | -14 195 |
| Total Depreciation | -3 823 | -3 342 | -7 647 | -6 712 | -14 195 |
| Operating Profit (EBIT) | -3 400 | -4 989 | -7 201 | -9 987 | -18 204 |
| Results from Financial Items | |||||
| Impairment of shares in group companies | - | - | - | - | -4 288 |
| Result of sold shares in group companies | - | - | 675 | 626 | 626 |
| Dividend from shares in group companies | - | - | 1 385 | - | - |
| Interest income and similar items | 0 | -1 | 0 | 0 | 274 |
| Interest expenses and similar items | -2 | -2 | -2 | -2 | -2 |
| Total Results from Financial Items | -2 | -3 | 2 059 | 624 | -3 390 |
| Profit After Financial Items | -3 402 | -4 992 | -5 142 | -9 364 | -21 594 |
| Tax on the period's result | - | - | - | - | - |
| RESULT FOR THE PERIOD | -3 402 | -4 992 | -5 142 | -9 364 | -21 594 |
| Balance Sheet | |||
| Parent Company | |||
| (KSEK) | 2024-06-30 | 2023-06-30 | 2023-12-31 |
| ASSETS | |||
| Intangible Fixed Assets | |||
| Capitalized expenditures for development work | 62 394 | 64 847 | 64 643 |
| Total Intangible Fixed Assets | 62 394 | 64 847 | 64 643 |
| Tangible Fixed Assets | |||
| Equipment, Tools, and Installations | 431 | 632 | 525 |
| Total Tangible Fixed Assets | 431 | 632 | 525 |
| Financial Fixed Assets | |||
| Shares in Group Companies | 379 | 4 734 | 445 |
| Other Long-term Receivables | - | 0 | - |
| Total Financial Fixed Assets | 379 | 4 734 | 445 |
| Total Fixed Assets | 63 204 | 70 213 | 65 613 |
| Current Assets | |||
| Kortfristiga fordringar | |||
| Accounts Receivable | 2 632 | 1 379 | 2 757 |
| Receivables from Group Companies | 12 | - | |
| Other Receivables | 124 | 384 | 386 |
| Prepaid Expenses and Accrued Income | 1 460 | 812 | 837 |
| Total Short-term Receivables | 4 228 | 2 575 | 3 980 |
| Cash and Cash Equivalents | 4 768 | 16 248 | 6 395 |
| Total Current Assets | 8 995 | 18 823 | 10 375 |
| TOTAL ASSETS | 72 199 | 89 036 | 75 988 |
| Balance Sheet | |||
| Parent Company | |||
| (KSEK) | 2024-06-30 | 2023-06-30 | 2023-12-31 |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Equity | 65 052 | 82 101 | 70 203 |
| Total Equity | 65 052 | 82 101 | 70 203 |
| Long-term Liabilities | |||
| Other Liabilities | - | - | - |
| Total Long-term Liabilities | 0 | 0 | 0 |
| Short-term Liabilities | |||
| Accounts Payable | 3 384 | 1 833 | 1 542 |
| Current Tax Liabilities | 9 | 78 | 85 |
| Liabilities to Group Companies | 343 | 2 891 | 2 409 |
| Other Liabilities | 354 | 311 | 247 |
| Accrued Expenses and Prepaid Income | 3 058 | 1 821 | 1 502 |
| Total Short-term Liabilities | 7 147 | 6 935 | 5 786 |
| TOTAL EQUITY AND LIABILITIES | 72 199 | 89 036 | 75 988 |
| Changes in Equity | ||||||
| 2024-04-01 - 2024-06-30 Parent Company (KSEK) | Share Capital | Development Expenditure Reserve | Share Premium Reserve | Retained Earnings | Periods Result | Total Equity |
| Amount at the beginning of the period | 33 524 | 63 849 | 269 793 | -296 963 | -1 740 | 68 463 |
| Decrease in share capital | -27 842 | 27 842 | - | |||
| Share issue | - | |||||
| Issue costs | -8 | -8 | ||||
| Transfer of previous period’s result | -1 740 | 1 740 | - | |||
| Allocation to development expenditure reserve | -1 455 | 1 455 | - | |||
| Period's result | -3 402 | -3 402 | ||||
| 2024-06-30 | 5 682 | 62 394 | 269 785 | -269 406 | -3 402 | 65 052 |
| 2023-04-01 - 2023-06-30 Parent Company (KSEK) | Share Capital | Development Expenditure Reserve | Share Premium Reserve | Retained Earnings | Periods Result | Total Equity |
| Amount at the beginning of the period | 33 524 | 64 807 | 269 461 | -276 327 | -4 371 | 87 094 |
| Share issue | - | |||||
| Issue costs | - | |||||
| Transfer of previous period’s result | -4 371 | 4 371 | - | |||
| Allocation to development expenditure reserve | 41 | -41 | - | |||
| Period's result | -4 992 | -4 992 | ||||
| 2023-06-30 | 33 524 | 64 848 | 269 461 | -280 739 | -4 992 | 82 102 |
| 2024-01-01 - 2024-06-30 Moderbolaget (KSEK) | Share Capital | Development Expenditure Reserve | Share Premium Reserve | Retained Earnings | Periods Result | Total Equity |
| Amount at the beginning of the period | 33 524 | 64 643 | 269 793 | -276 163 | -21 594 | 70 203 |
| Decrease in share capital | -27 842 | 27 842 | - | |||
| Share issue | - | |||||
| Issue costs | -8 | -8 | ||||
| Transfer of previous period’s result | -21 594 | 21 594 | - | |||
| Allocation to development expenditure reserve | -2 249 | 2 249 | - | |||
| Period's result | -5 142 | -5 142 | ||||
| 2024-06-30 | 5 682 | 62 394 | 269 785 | -267 666 | -5 142 | 65 052 |
| 2023-01-01 - 2023-06-30 Moderbolaget (KSEK) | Share Capital | Development Expenditure Reserve | Share Premium Reserve | Retained Earnings | Periods Result | Total Equity |
| Amount at the beginning of the period | 23 950 | 64 674 | 271 318 | -267 072 | -21 768 | 71 102 |
| Decrease in share capital | -12 646 | 12 646 | - | |||
| Share issue | 22 220 | 1 141 | 23 361 | |||
| Issue costs | -2 998 | -2 998 | ||||
| Transfer of previous period’s result | -21 768 | 21 768 | - | |||
| Allocation to development expenditure reserve | 174 | -174 | - | |||
| Period's result | -9 364 | -9 364 | ||||
| 2023-06-30 | 33 524 | 64 848 | 269 461 | -276 368 | -9 364 | 82 101 |
| 2023-01-01 - 2023-12-31 Moderbolaget (KSEK) | Share Capital | Development Expenditure Reserve | Share Premium Reserve | Retained Earnings | Periods Result | Total Equity |
| Amount at the beginning of the period | 23 950 | 64 674 | 271 318 | -267 072 | -21 768 | 71 103 |
| Decrease in share capital | -12 646 | 12 646 | - | |||
| Share issue | 22 219 | 1 668 | 23 888 | |||
| Issue costs | -3 194 | -3 194 | ||||
| Transfer of previous period’s result | -21 768 | 21 768 | - | |||
| Allocation to development expenditure reserve | -31 | 31 | - | |||
| Period's result | -21 594 | -21 594 | ||||
| 2023-12-31 | 33 523 | 64 643 | 269 793 | -276 163 | -21 594 | 70 203 |
| Cash Flow Statement | |||||
| Parent Company | 2024-04-01 | 2023-04-01 | 2024-01-01 | 2023-01-01 | 2023-01-01 |
| (KSEK) | 2024-06-30 | 2023-06-30 | 2024-06-30 | 2023-06-30 | 2023-12-31 |
| Operating Activities | |||||
| Operating Profit | -3 400 | -4 989 | -7 201 | -9 987 | -18 204 |
| Adjustments for items not included in cash flow: | |||||
| Depreciation | 3 823 | 3 342 | 7 647 | 6 712 | 14 195 |
| Interest Received | 0 | -1 | 0 | 0 | 274 |
| Interest Paid | -2 | -2 | -2 | -2 | -2 |
| Cash Flow from Operating Activities | |||||
| before Changes in Working Capital | 421 | -1 650 | 445 | -3 278 | -3 737 |
| Cash Flow from Changes in Working Capital | |||||
| Increase (-) / Decrease (+) in Receivables | -54 | 793 | -247 | 1 113 | -292 |
| Increase (+) / Decrease (-) in Payables | 3 402 | -285 | 3 513 | -48 | -1 120 |
| Cash Flow from Operating Activities | 3 769 | -1 143 | 3 710 | -2 212 | -5 149 |
| Investing Activities | |||||
| Acquisition of Capitalized Development Costs | -2 317 | -3 309 | -5 295 | -6 711 | -13 433 |
| Acquisition of Tangible Fixed Assets | -9 | - | -9 | - | - |
| Change in Financial Assets | - | - | -25 | - | - |
| Acquisition of Subsidiaries | 0 | - | 0 | - | - |
| Disposal/Liquidation of Subsidiaries | - | - | - | 626 | 626 |
| Cash Flow from Investing Activities | -2 326 | -3 309 | -5 329 | -6 085 | -12 807 |
| Financing Activities | |||||
| New Share Issue before Issue Costs | - | - | - | 21 900 | 21 900 |
| Issue Costs | -8 | - | -8 | -1 538 | -1 734 |
| Cash Flow from Financing Activities | -8 | 0 | -8 | 20 362 | 20 166 |
| Period’s Cash Flow | 1 435 | -4 452 | -1 627 | 12 065 | 2 211 |
| Cash and Cash Equivalents at the Beginning of the Period | 3 333 | 20 700 | 6 395 | 4 183 | 4 183 |
| Cash and Cash Equivalents at the End of the Period | 4 768 | 16 248 | 4 768 | 16 248 | 6 395 |
| KPI | |||||
| (SEK) | 2024-04-01 | 2023-04-01 | 2024-01-01 | 2023-01-01 | 2023-01-01 |
| 2024-06-30 | 2023-06-30 | 2024-06-30 | 2023-06-30 | 2023-12-31 | |
| PROFITABILITY AND RETURN | |||||
| Revenue Growth (%) | 59% | 9% | 40% | 8% | 10% |
| Operating Margin (%) | Neg | Neg | Neg | Neg | Neg |
| Profit Margin (%) | Neg | Neg | Neg | Neg | Neg |
| Return on Equity (%) | Neg | Neg | Neg | Neg | Neg |
| CAPITAL STRUCTURE | |||||
| Equity (KSEK) | 61 023 | 73 604 | 61 023 | 73 604 | 65 801 |
| Total Assets (KSEK) | 68 899 | 79 525 | 68 899 | 79 525 | 70 118 |
| Capital Employed (KSEK) | 61 129 | 73 604 | 61 129 | 73 604 | 65 801 |
| Net Interest-bearing Debt (KSEK) | -5 453 | -16 914 | -5 453 | -16 914 | -7 365 |
| Capital Turnover Ratio (times) | 0,08 | 0,05 | 0,14 | 0,09 | 0,21 |
| Equity Ratio (%) | 89% | 93% | 89% | 93% | 94% |
| Debt Ratio (%) | 0% | 0% | 0% | 0% | 0% |
| Interest Coverage Ratio (times) | Neg | Neg | Neg | Neg | Neg |
| CASH FLOW AND LIQUIDITY | |||||
| Cash Flow before Investments (KSEK) | 3 866 | -1 158 | 2 826 | -2 491 | -5 215 |
| Cash Flow after Investments (KSEK) | 2 092 | -4 288 | -1 823 | -8 168 | -17 471 |
| Cash and Cash Equivalents (KSEK) | 5 559 | 16 914 | 5 559 | 16 914 | 7 365 |
| INVESTMENTS | |||||
| Acquisition of Tangible Fixed Assets (KSEK) | 9 | - | 9 | - | - |
| Acquisition of Intangible Fixed Assets (KSEK) | 2 317 | 3 130 | 5 229 | 6 303 | 12 882 |
| Acquisition of Subsidiaries (KSEK) | 0 | - | 0 | - | - |
| EMPLOYEES | |||||
| Average Number of Employees | 3 | 5 | 3 | 5 | 5 |
| Revenue per Employee (KSEK) | 1 841 | 694 | 3 168 | 1 357 | 2 915 |
| Number of Employees | 3 | 5 | 3 | 5 | 5 |
| DATA PER SHARE | |||||
| Number of Shares | 28 410 125 | 28 410 125 | 28 410 125 | 28 410 125 | 28 410 125 |
| Sales per Share | 0,19 | 0,12 | 0,33 | 0,24 | 0,51 |
| Earnings per Share (SEK) | -0,11 | -0,18 | -0,17 | -0,34 | -0,62 |
| Equity per Share (SEK) | 2,15 | 2,59 | 2,15 | 2,59 | 2,32 |
| Average Number of Shares during the Period | 28 410 125 | 28 410 125 | 28 410 125 | 493 212 358 | 493 212 358 |
Definition of KPI:s
| PROFITABILITY AND RETURN | |
| Revenue Growth (%) | The percentage increase in revenue compared to the previous period. |
| Operating Margin (%) | Operating profit as a percentage of total revenue, indicating how much of each SEK of revenue is retained as operating profit. |
| Profit Margin (%) | Net profit as a percentage of total revenue, showing the percentage of revenue that remains as profit after all expenses. |
| Return on Equity (%) | Net profit for the period as a percentage of average equity. |
| CAPITAL STRUCTURE | |
| Equity (KSEK) | Equity at the end of the period. |
| Total Assets (KSEK) | The sum of assets or the sum of liabilities and equity. |
| Capital Employed (KSEK) | Total assets minus non-interest-bearing liabilities, including deferred tax. |
| Net Interest-bearing Debt (KSEK) | The net of interest-bearing provisions and liabilities minus financial assets, including cash and cash equivalents. |
| Capital Turnover Ratio (times) | Annual revenue divided by average total assets. |
| Equity Ratio (%) | Equity as a percentage of total assets. |
| Debt Ratio (%) | Interest-bearing liabilities divided by equity. |
| Interest Coverage Ratio (times) | Earnings before interest and taxes plus financial expenses divided by financial expenses. |
| CASH FLOW AND LIQUIDITY | |
| Cash Flow before Investments (KSEK) | Profit after financial items plus items not affecting cash flow minus changes in working capital. |
| Cash Flow after Investments (KSEK) | Profit after financial items plus items not affecting cash flow minus changes in working capital and investments. |
| Cash and Cash Equivalents (KSEK) | Bank balances and cash. |
| EMPLOYEES | |
| Average Number of Employees | The average number of employees during the period. |
| Revenue per Employee (KSEK) | Revenue divided by the average number of employees. |
| Number of Employees | The number of employees at the end of the period. |
| DATA PER SHARE | |
| Number of Shares | The number of outstanding shares at the end of the period. |
| Sales per Share | Period’s sales divided by the number of shares. |
| Earnings per Share (SEK) | Period’s net profit divided by the number of shares. |
| Equity per Share (SEK) | Equity divided by the number of shares. |
