First quarter results in brief
- ARR grew by 46 %, compared to the previous year, to KSEK 65,792 (44,967).
- Net sales in the first quarter amounted to KSEK 17,163 (12,820), a yearly increase of 34 %, mainly consisting of organic growth in BrightBid.
- Recurring revenue amounted to KSEK 13,187 (9,297) during the quarter, a yearly increase of 42%.
- The EBITDA result amounted to KSEK -11,066 (-6,449). Adjusted EBITDA amounted to KSEK -11,066 (-6,449). Already executed cost synergies from the merger have clearly lowered the operating costs, and is expected to be further reduced during the second quarter.
-
Earnings per share amounted to
SEK -0.68 (-0.50). -
Cash flow from operating activities amounted to KSEK -12,474 (-2,341), which is an improvement of KSEK 5,336 compared to the previous quarter of KSEK -17,810. The ongoing effect of the cost synergies in combination with continued growth, means that
Speqta is positive about the development of cash flow going forward. -
Cash and cash equivalents at the end of the period amounted to KSEK 6,979 (7,903). The direct issue executed on
April 10, 2024 increased the cash by MSEK 55. - Number of customers grew to 488 (393), a yearly increase of 24%.
Events during the quarter
- The Board appointed BrightBid's CEO
Gustav Westman as Group CEO ofSpeqta and he took up the position onJanuary 3, 2024 .Speqta's former CEOFredrik Lindros , has been elected as an ordinary member of the Board, at the Extraordinary General Meeting ("EGM") onFebruary 2, 2024 . -
The Extraordinary General Meeting on
February 2 , decided to amend the Articles of Association and adjust the share capital to a minimum of MSEK 120 and a maximum of MSEK 480, and the number of shares shall be a minimum of 24 million and a maximum of 96 million. The EGM also decided to authorize the Board of Directors to decide on the issue of shares, warrants and/or convertibles with a maximum dilution of 30 %. - Board of directors did not propose a dividend, which was decided on the Annual General Meeting
Speqta carried out a directed new share issue of 12,222,222 shares, corresponding to approximatelySEK 55 million at a subscription price ofSEK 4.50 per share. Two major reputable strategic investors FåhraeusStartup and Growth Fund (FSG) andSolberget Invest AB stood for the majority of the directed issue, which was oversubscribed.
Events after the quarter
- The Extraordinary General Meeting
April 10th approved the Board's decision to issue new shares with deviation from the shareholders' preferential rights, and to reduce the share capital without withdrawal of shares. It was also decided to amend the Articles of Association so that the share capital shall amount to a minimum of MSEK 80 and a maximum of MSEK 320. The company's share capital amounted toSEK 83,051,218 divided into 24,213,183 shares (before the decision and registration of the directed share issues, which changed the share's quota value toSEK 3.43 per share. -
The Annual General Meeting
May 17th ("AGM") elected a new board via re-election ofMikael Lindblom ,Anders Gustafsson andChristos Stavropoulos , and new-election ofLinus Wiebe , Henrik Garvner,Johan Dahlqvist andAnders F. Börjesson .Linus Wiebe was elected as chairman of the board of directors. -
The AGM also decided to rename
Speqta AB toBrightBid Group AB . The new name will take effect in July with a new IR page ir.brightbid.com and a new ticker: STO:BRIGHT.
CEO Comment
In the first quarter, we set a new ARR record of 65.8 MSEK and grew by 46% compared to last year. Thanks to Nordic successes and a leaner cost structure, a positive EBITDA future during next year is being built. With FSG and Solbergets investments, we will continue our growth and invest in new advertising platforms, preparing us for a more global rollout. We will adopt a new group identity as BrightBid, representing our unique, AI-powered SaaS and Adtech vision, ready to take on 2024 with full force.
65.8 MSEK in ARR and changing cost structure. As we close the first quarter of 2024, BrightBid continued to grow its ARR (annual recurring revenue) with +46% YoY and reached 65.8 MSEK, marking an important milestone in our journey. Growth was largely driven by the acquisition of new customers, primarily in the Nordics, demonstrating our growing influence and the scalability of our business across markets.
With the post-merger synergies, we have successfully reduced our operating costs. We expect most of the cost reductions to be realized in the first half of the year, and mostly in Q2. During Q1 cash flow from operating activities improved with 5.3 MSEK compared to the previous quarter. Adjusted for the upcoming direct issue-related transaction costs, the company is now on the right path to reach a positive EBITDA and become cash flow positive during the course of next year.
Two new major strategic investors. The recent The recent private placement has strengthened the shareholder list with several strategic investors who improved our financial stability by an additional
New group name for clarification: BrightBid. In line with the strategic changes of recent years, we will change the name of the group from
For me personally, I will focus on maintaining our entrepreneurial spirit that has been the guiding star in BrightBid's growth journey so far. We have a great team and we will, with our new major owners, continue 2024 forward with great energy and high ambitions.
Financial calendar
Year-end report 2024:
Interim report January-September:
Interim report January-June:
This information is such information that
Contact:
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E-mail: info@speqta.com
www.speqta.com
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