Eyeon Group AB: Quarterly report 2 2024: Sales Growth 112%
- 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 21 MSEK during Q2.
- Contracted Annual Recurring Revenue (CARR) amounts to 23,4 MSEK as of August 15, compared to 161 MSEK at the end of Q1 2024.
- 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
- 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)
- 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
- 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)
- 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).
- 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:
1. White label B2B2C and B2B2B through resellers/partners (identity protection service),
2. B2B through resellers/partners (Enterprise service),
3. B2B through direct sales and
4. 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 2023-04-01 2024-01-01 2023-01-01 2023-01-01
-04
-01
(KSEK) 2024 2023-06-30 2024-06-30 2023-06-30 2023-12-31
-06
-30
Net Sales
Pre-invoiced revenues 2 041 - 2 106 - -
Accrued pre-invoiced -1 - -1 878 - -
revenues 818
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 6 1 538 610 3 281 5 663
own account
Other operating income 411 400 800 793 1 649
Total Other Operating 417 1 937 1 410 4 073 7 312
Income
Total Revenues 5 939 5 406 10 914 10 858 21 888
Operating Costs
Raw materials and -613 -2 154 -1 204 -4 480 -7 416
supplies
Other external costs -2 -2 272 -3 777 -4 478 -8 268
132
Personnel costs -953 -2 668 -2 024 -5 262 -10 265
Other operating costs -19 -9 -132 -9 -
Restructuring costs -1 - -3 039 - -
421
Total Operating Costs -5 -7 104 -10 176 -14 230 -25 950
before Depreciation 137
Operating Profit before 802 -1 697 738 -3 372 -4 062
Depreciation (EBITDA)
((EBITDA excluding 2 222 -1 697 3 777 -3 372 -4 062
restructuring costs)
Depreciation and Group
Share Results
Depreciation of -3 -3 347 -7 665 -6 721 -14 214
tangible and intangible 838
assets
Result of sold shares - - 2 154 626 626
in group companies
Total Depreciation and -3 -3 347 -5 511 -6 095 -13 588
Group Share Results 838
Operating Profit (EBIT) -3 -5 044 -4 773 -9 467 -17 649
036
Results from Financial
Items
Interest income and 0 -1 0 0 274
similar items
Interest expenses and -2 -2 -2 -2 -3
similar items
Total Results from -2 -3 -2 -2 271
Financial Items
Profit After Financial -3 -5 047 -4 775 -9 469 -17 378
Items 038
Tax on the period's -2 -36 -3 -81 -135
result
Other taxes - -8 - -8 -8
RESULT FOR THE PERIOD -3 -5 092 -4 778 -9 558 -17 521
041
Balance Sheet
Group
(KSEK) 2024-06-30 2023-06-30 2023-12-31
ASSETS
Intangible Fixed
Assets
Goodwill 420 - -
Capitalized 57 966 58 459 58 111
expenditures for
development work
Total Intangible Fixed 58 386 58 459 58 111
Assets
Tangible Fixed Assets
Equipment, tools, and 431 662 544
installations
Total Tangible Fixed 431 662 544
Assets
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 1 763 814 921
accrued income
Total Short-term 4 523 3 491 4 097
Receivables
Cash and Cash 5 559 16 914 7 365
Equivalents
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 Share Reserves Other Retained Total
-30 Capital Contributed Earnings Equity
Capital incl.
periods
Group (KSEK) Result
Amount at the beginning of the 33 524 64 030 269 793 -303 271 64 076
period
Decrease in share capital -27 842 27 842 -
Share issue -
Issue costs -8 -8
Period's currency difference -5 -5
Allocation to development -1 455 1 455 -
expenditure reserve
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 Share Reserves Other Retained Total
-30 Capital Contributed Earnings Equity
Capital incl.
periods
Group (KSEK) Result
Amount at the beginning of the 33 524 65 036 269 461 -289 437 78 584
period
Share issue 0
Issue costs 0
Period's currency difference 113 113
Allocation to development 41 -41 -
expenditure reserve
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 Share Reserves Other Retained Total
-30 Capital Contributed Earnings Equity
Capital incl.
periods
Group (KSEK) Result
Amount at the beginning of the 33 524 64 812 269 793 -302 328 65 801
period
Decrease in share capital -27 842 27 842 -
Share issue -
Issue costs -8 -8
Period's currency difference 7 7
Allocation to development -2 249 2 249 -
expenditure reserve
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 Share Reserves Other Retained Total
-30 Capital Contributed Earnings Equity
Capital incl.
periods
Group (KSEK) Result
Amount at the beginning of the 23 950 64 889 271 318 -297 483 62 674
period
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 174 -174 -
expenditure reserve
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 Share Reserves Other Retained Total
-31 Capital Contributed Earnings Equity
Capital incl.
periods
Group (KSEK) Result
Amount at the beginning of the 23 950 64 889 271 318 -297 483 62 674
period
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 -31 31 -
expenditure reserve
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 2023 2024-01-01 2023-01-01 2023-01-01
-04 -04
-01 -01
(KSEK) 2024 2023 2024-06-30 2023-06-30 2023-12-31
-06 -06
-30 -30
Operating Activities
Operating Profit -3 -5 -4 773 -9 467 -17 649
036 044
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 800 -1 736 -3 374 -3 790
Capital 700
Cash Flow from Changes in
Working Capital
Increase (-) / Decrease (+) -83 937 -89 1 270 465
in Receivables
Increase (+) / Decrease (-) 3 149 -394 2 179 -387 -1 890
in Payables
Cash Flow from Operating 3 866 -1 2 826 -2 491 -5 215
Activities 158
Investing Activities
Acquisition of Capitalized -2 -3 -5 229 -6 303 -12 882
Development Costs 317 130
Acquisition of Tangible -9 - -9 - -
Fixed Assets
Acquisition of Subsidiaries 551 - 551 - -
Disposal/Liquidation of 0 - 37 626 626
Subsidiaries
Cash Flow from Investing -1 -3 -4 649 -5 677 -12 256
Activities 774 130
Financing Activities
Share Issue before Issue - - - 21 900 21 900
Costs
Issue Costs -8 - -8 -1 538 -1 734
Cash Flow from Financing -8 0 -8 20 362 20 166
Activities
Period's Cash Flow 2 083 -4 -1 831 12 193 2 696
288
Cash and Cash Equivalents at 3 468 21 7 365 4 688 4 688
the Beginning of the Period 175
Currancy Difference in Cash 8 27 25 32 -18
and Cash Equivalents
Cash and Cash Equivalents at 5 559 16 5 559 16 914 7 365
the End of the Period 914
Income Statement
Parent Company 2024 2023-04-01 2024-01-01 2023-01-01 2023-01-01
-04
-01
(KSEK) 2024 2023-06-30 2024-06-30 2023-06-30 2023-12-31
-06
-30
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 5 296 3 843 9 628 7 551 16 119
Revenues
Operating Costs
Raw materials and -861 -1 492 -1 608 -2 910 -5 172
supplies
Other external costs -2 -2 203 -4 499 -4 368 -8 124
347
Personnel costs -1 -1 786 -2 943 -3 540 -6 832
647
Other operating costs -19 -9 -132 -9 0
Total Operating Costs -4 -5 490 -9 182 -10 827 -20 129
before Depreciation 873
Operating Profit before 423 -1 647 446 -3 276 -4 009
Depreciation (EBITDA)
Depreciation
Depreciation of -3 -3 342 -7 647 -6 712 -14 195
tangible and intangible 823
assets
Total Depreciation -3 -3 342 -7 647 -6 712 -14 195
823
Operating Profit (EBIT) -3 -4 989 -7 201 -9 987 -18 204
400
Results from Financial
Items
Impairment of shares in - - - - -4 288
group companies
Result of sold shares - - 675 626 626
in group companies
Dividend from shares in - - 1 385 - -
group companies
Interest income and 0 -1 0 0 274
similar items
Interest expenses and -2 -2 -2 -2 -2
similar items
Total Results from -2 -3 2 059 624 -3 390
Financial Items
Profit After Financial -3 -4 992 -5 142 -9 364 -21 594
Items 402
Tax on the period's - - - - -
result
RESULT FOR THE PERIOD -3 -4 992 -5 142 -9 364 -21 594
402
Balance Sheet
Parent Company
(KSEK) 2024-06-30 2023-06-30 2023-12-31
ASSETS
Intangible Fixed
Assets
Capitalized 62 394 64 847 64 643
expenditures for
development work
Total Intangible Fixed 62 394 64 847 64 643
Assets
Tangible Fixed Assets
Equipment, Tools, and 431 632 525
Installations
Total Tangible Fixed 431 632 525
Assets
Financial Fixed Assets
Shares in Group 379 4 734 445
Companies
Other Long-term - 0 -
Receivables
Total Financial Fixed 379 4 734 445
Assets
Total Fixed Assets 63 204 70 213 65 613
Current Assets
Kortfristiga
fordringar
Accounts Receivable 2 632 1 379 2 757
Receivables from Group 12 -
Companies
Other Receivables 124 384 386
Prepaid Expenses and 1 460 812 837
Accrued Income
Total Short-term 4 228 2 575 3 980
Receivables
Cash and Cash 4 768 16 248 6 395
Equivalents
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 Share Development Share Retained Periods Total
-30 Capital Expenditure Premium Earnings Result Equity
Reserve Reserve
Parent Company (KSEK)
Amount at the beginning of the 33 524 63 849 269 793 -296 963 -1 740 68 463
period
Decrease in share capital -27 842 27 842 -
Share issue -
Issue costs -8 -8
Transfer of previous period's -1 740 1 740 -
result
Allocation to development -1 455 1 455 -
expenditure
reserve
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 Share Development Share Retained Periods Total
-30 Capital Expenditure Premium Earnings Result Equity
Parent Company (KSEK) Reserve Reserve
Amount at the beginning of the 33 524 64 807 269 461 -276 327 -4 371 87 094
period
Share issue -
Issue costs -
Transfer of previous period's -4 371 4 371 -
result
Allocation to development 41 -41 -
expenditure
reserve
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 Share Development Share Retained Periods Total
-30 Capital Expenditure Premium Earnings Result Equity
Reserve Reserve
Moderbolaget (KSEK)
Amount at the beginning of the 33 524 64 643 269 793 -276 163 -21 594 70 203
period
Decrease in share capital -27 842 27 842 -
Share issue -
Issue costs -8 -8
Transfer of previous period's -21 594 21 594 -
result
Allocation to development -2 249 2 249 -
expenditure
reserve
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 Share Development Share Retained Periods Total
-30 Capital Expenditure Premium Earnings Result Equity
Reserve Reserve
Moderbolaget (KSEK)
Amount at the beginning of the 23 950 64 674 271 318 -267 072 -21 768 71 102
period
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 -21 768 21 768 -
result
Allocation to development 174 -174 -
expenditure
reserve
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 Share Development Share Retained Periods Total
-31 Capital Expenditure Premium Earnings Result Equity
Reserve Reserve
Moderbolaget (KSEK)
Amount at the beginning of the 23 950 64 674 271 318 -267 072 -21 768 71 103
period
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 -21 768 21 768 -
result
Allocation to development -31 31 -
expenditure
reserve
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 2023 2024-01-01 2023-01-01 2023-01-01
-04 -04
-01 -01
(KSEK) 2024 2023 2024-06-30 2023-06-30 2023-12-31
-06 -06
-30 -30
Operating Activities
Operating Profit -3 -4 -7 201 -9 987 -18 204
400 989
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 421 -1 445 -3 278 -3 737
Capital 650
Cash Flow from Changes in
Working Capital
Increase (-) / Decrease (+) -54 793 -247 1 113 -292
in Receivables
Increase (+) / Decrease (-) 3 402 -285 3 513 -48 -1 120
in Payables
Cash Flow from Operating 3 769 -1 3 710 -2 212 -5 149
Activities 143
Investing Activities
Acquisition of Capitalized -2 -3 -5 295 -6 711 -13 433
Development Costs 317 309
Acquisition of Tangible -9 - -9 - -
Fixed Assets
Change in Financial Assets - - -25 - -
Acquisition of Subsidiaries 0 - 0 - -
Disposal/Liquidation of - - - 626 626
Subsidiaries
Cash Flow from Investing -2 -3 -5 329 -6 085 -12 807
Activities 326 309
Financing Activities
New Share Issue before Issue - - - 21 900 21 900
Costs
Issue Costs -8 - -8 -1 538 -1 734
Cash Flow from Financing -8 0 -8 20 362 20 166
Activities
Period's Cash Flow 1 435 -4 -1 627 12 065 2 211
452
Cash and Cash Equivalents at 3 333 20 6 395 4 183 4 183
the Beginning of the Period 700
Cash and Cash Equivalents at 4 768 16 4 768 16 248 6 395
the End of the Period 248
KPI
(SEK) 2024 2023 2024-01-01 2023-01-01 2023-01-01
-04 -04
-01 -01
2024 2023 2024-06-30 2023-06-30 2023-12-31
-06 -06
-30 -30
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 73 61 023 73 604 65 801
023 604
Total Assets (KSEK) 68 79 68 899 79 525 70 118
899 525
Capital Employed 61 73 61 129 73 604 65 801
(KSEK) 129 604
Net Interest-bearing -5 -16 -5 453 -16 914 -7 365
Debt (KSEK) 453 914
Capital Turnover Ratio 0,08 0,05 0,14 0,09 0,21
(times)
Equity Ratio (%) 89% 93% 89% 93% 94%
Debt Ratio (%) 0% 0% 0% 0% 0%
Interest Coverage Neg Neg Neg Neg Neg
Ratio (times)
CASH FLOW AND
LIQUIDITY
Cash Flow before 3 866 -1 2 826 -2 491 -5 215
Investments (KSEK) 158
Cash Flow after 2 092 -4 -1 823 -8 168 -17 471
Investments (KSEK) 288
Cash and Cash 5 559 16 5 559 16 914 7 365
Equivalents (KSEK) 914
INVESTMENTS
Acquisition of 9 - 9 - -
Tangible Fixed Assets
(KSEK)
Acquisition of 2 317 3 130 5 229 6 303 12 882
Intangible Fixed
Assets (KSEK)
Acquisition of 0 - 0 - -
Subsidiaries (KSEK)
EMPLOYEES
Average Number of 3 5 3 5 5
Employees
Revenue per Employee 1 841 694 3 168 1 357 2 915
(KSEK)
Number of Employees 3 5 3 5 5
DATA PER SHARE
Number of Shares 28 28 28 410 125 28 410 125 28 410 125
410 410
125 125
Sales per Share 0,19 0,12 0,33 0,24 0,51
Earnings per Share -0,11 -0,18 -0,17 -0,34 -0,62
(SEK)
Equity per Share (SEK) 2,15 2,59 2,15 2,59 2,32
Average Number of 28 28 28 410 125 493 212 358 493 212 358
Shares during the 410 410
Period 125 125
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 The sum of assets or the sum of liabilities and equity.
(KSEK)
Capital Employed Total assets minus non-interest-bearing liabilities,
(KSEK) including deferred tax.
Net Interest The net of interest-bearing provisions and liabilities
-bearing Debt minus financial assets, including cash and cash
(KSEK) equivalents.
Capital Turnover Annual revenue divided by average total assets.
Ratio (times)
Equity Ratio (%) Equity as a percentage of total assets.
Debt Ratio (%) Interest-bearing liabilities divided by equity.
Interest Coverage Earnings before interest and taxes plus financial expenses
Ratio (times) divided by financial expenses.
CASH FLOW AND
LIQUIDITY
Cash Flow before Profit after financial items plus items not affecting cash
Investments flow minus changes in working capital.
(KSEK)
Cash Flow after Profit after financial items plus items not affecting cash
Investments flow minus changes in working capital and investments.
(KSEK)
Cash and Cash Bank balances and cash.
Equivalents
(KSEK)
EMPLOYEES
Average Number of The average number of employees during the period.
Employees
Revenue per Revenue divided by the average number of employees.
Employee (KSEK)
Number of The number of employees at the end of the period.
Employees
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 Period's net profit divided by the number of shares.
Share (SEK)
Equity per Share Equity divided by the number of shares.
(SEK)