Second quarter in summary
- Net revenue amounted to SEK 23.4 (6.0) million, an increase of 293% compared with
the corresponding quarter the year before.
- EBITDA amounted to SEK -7.5 (-7.3) million.
- Cash and cash equivalents amounted to SEK 6.3 (151.3) million.
- Equity amounted to SEK 238.2 (194.5) million.
Significant events during the second quarter
- ZignSec launched its new portal that will simplify the onboarding process of new customers, as well as make it easier for the company´s existing customers, to discover and purchase more relevant products.
- ZignSec developed a new communication platform to make it easier for banks to handle Mastercard´s new rules regarding disputes for refunds.
Significant events after the end of the second quarter
- ZignSec has signed a partnership agreement with Mastercard's subsidiary Ethoca that enables the company to offer its platform for processing payment claims to failing banks as an official Mastercard Collaboration Service Provider.
- ZignSec has, through its subsidiary Web Shield, signed a customer agreement with Deutsche Bank regarding the use of solutions to automate the due diligence process for merchant.
- ZignSec AB has carried out a rights issue that has provided the company with SEK 59.2 million, before issue costs.
A comment from the CEO Alex Noton:
ZignSec delivered a sales figure broadly similar to that of the previous quarter. In Q2, 2022, we generated net revenue of SEK 23.4 million against a net revenue of SEK 24.3 million in Q1, 2022. The key factors behind the less aggressive growth were the termination of client agreements in Russia and paused sales initiatives of ZignSec products as we concentrated on finalizing the new portal.
In-housing R&D activities and expanding our development team has accelerated our product roadmap, launching the new SaaS portal and the Chargeback Management Platform, which has secured our position as a Mastercard Collaboration Service Provider.
For more information, please contact:
Alex Noton, CEO
Tel: +44 7775 685 984
Alexander Albedj, Chairman of the Board
Tel: +46 76 221 30 75
ZignSec is a technology group in the fast-growing RegTech industry. The company provides SAAS platform with digital real-time solutions for customer due diligence and ID verification with global reach. The solutions are used by companies that in turn can optimize their processes for "onboarding" both corporate customers and consumers and at the same time ensure compliance with ever-changing local and global regulatory requirements for Know Your Customer (KYC) and Anti Money Laundering (AML).
Link to where the report is published on ZignSec’s Website:
Nasdaq First North (ZIGN)
Certified Adviser: Eminova Fondkommission AB, Phone: +46 8 684 211 00