Quickbit publishes Q2 interim report ‘23/24

Quickbit reports sales of € 8.9 million during Q2 ‘23/24 to compare with EUR 4.4 m during the first quarter '23/24. This growth is due to increased transaction volumes via Quickbit's new partners and that Quickbit's inhouse developed products are now starting to contribute to turnover. The gross margin amounted to 4.8 %. 

 

Second quarter, October - December 2023 in summary

• Net sales totalled € 8.9 million (81.6).
• Gross profit amounted to € 0.4 million (3.4) with a gross margin of 4.8% (4.2%).
• Adjusted EBITDA was € -1.6 million (0.8).
• EBIT totalled € -4.6 million (-1.1).
• Basic earnings per share amounted to -0,04 EUR (-0,01).

Six months period, July - December 2023 in summary

• Net sales totalled € 13.8 million (149.7).
• Gross profit amounted to € 0.6 million (6.3) with a gross margin of 4.6% (4.2%).
• Adjusted EBITDA was € -2.7 million (1.9).
• EBIT totalled € -6.5 million (-1.1).
• Basic earnings per share amounted to -0.06 EUR (-0.02).

 

Events during the quarter

•  Quickbit started a collaboration with RightBridge Ventures Group to start investing in Esports and Gaming.
• Quickbit strengthened the business with additional experience in tech and established a sales organization.
• Quickbit announced an expansion of its offer to Poland and Lithuania.
• Quickbit informed about the subscription of shares by the Board, Group Management and certain employees in connection with, and after, the rights issue. These people acquired a total of approximately 7.4 million shares from guarantors after the rights issue.
• Quickbit signed its first customer through the collaboration with Paysecure for Quickbit Pay.
• Quickbit entered into an agreement with the e-commerce platform Abicart, which has over 2,500 e-merchants connected to it, and signed the first customers through the platform.
• Quickbit carried out a rights issue which entailed a capital injection of approx. 21 mSEK before issue costs of approx. € 5.3 million.
• Quickbit strengthened the Group Management team with Elvira Vänerfors, who was promoted to Head of Compliance.
• Quickbit announced that the board decided on a write-down of intangible assets since one of the products the company acquired during the previous financial year will not be used in the business and thus lacks financial value. Total impact on the group's results in current quarter is € -2.85 million. The write-down does not affect Quickbit's liquidity.
• Quickbit adopted a dividend policy which implies an ambition to distribute 40-60 quarterly percent of the company's operating profit after tax from and including the end of the financial year '25/26.

Events after the quarter

• Quickbit announced that the Gibraltar Financial Services Commission (GFSC) has completed its investigation regarding Quickbit Limited. The result of this investigation meant that Quickbit Limited's local registration was revoked. However, the GFSC found no reason to impose any fines or other action.
• Quickbit strengthened the Group Management team with Wilhelm Eklund who was promoted to Chief Technical Officer.

Comments by the CEO

It is with great pleasure I report that Quickbit has successfully navigated through a challenging period filled with significant obstacles. After a time of layoffs, cutbacks, and the termination of unfavorable partnerships, Quickbit has now laid the groundwork for growth.

The new generation Quickbit is focused on product, sales, marketing, and direct relationships with the end customer. This change means a greater focus on in-house developed products and increased ability to understand and meet customer needs. The goal is a market- and sales-oriented company with a global growth potential.

Quickbit has successfully built new partnerships with merchants during Q2 and improved our technical capacity and delivery capability, especially in the in-house developed platform Quickbit Pay. We have seen an increase in the number of merchants choosing to place their transaction volumes with Quickbit, which has led to our total transaction volume more than doubling in Q2 compared to Q1. This has required hard work, and the team remains fully dedicated to further increasing the transaction volume.

The increase in transaction volume shows that we are doing the right things. We continue to receive positive feedback from customers, whom, with our new pivoted model, Quickbit has now come even closer to. With our improved technical capacity, we have laid the foundation for increased scalability, mainly by quickly increasing our transaction capacity, which makes us an attractive option for large global players.

Quickbit has gone through a year of trial with great hope and confidence. The team took their Christmas break with ambition and confidence in a 2024 where we will take significant steps as a company.

Now we look forward to taking on H2 2024!

Daniel Sonesson

CEO 

Quickbit

 

The interim report is published in Swedish, but the English translation is not yet translated and will be published during the day.

 

For further information, please contact:

Daniel Sonesson, VD

+ 46 73 530 30 25
[email protected] 

 

This release is published in Swedish and English. In the event of any differences between the English version and the Swedish original, the Swedish version takes precedence. 

This information is such information that Quickbit eu AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the above contact person, on Wednesday, 21 February 2024 at 8:00 a.m CET.
 

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Quickbit is a Swedish fintech company, founded in 2016 with the goal of making the integration of cryptocurrencies into the everyday lives of people and companies smoother. Today, Quickbit offers safe and easy-to-use products for e-merchants as well as customers. With a transaction volume to date in excess of €1 billion, Quickbit has already enabled and empowered individuals around the world, through the use of cryptocurrencies. Quickbit has been listed on NGM Nordic SME since July 2019. For more information, please visit www.quickbit.com