Financial highlights during third quarter 2023
-
Revenue amounted to
EUR 9 868 (6 683) thousand, corresponding to a growth of 48% and an organic revenue growth of -16.5%. -
Adjusted EBITDA (before items affecting comparability) was
EUR 1 175 (1 496) thousand decreasing by 21% year-on-year. EBITDA amounted toEUR 945 (1 496) thousand, decreasing by 37% year-on-year. -
Profit after tax was
EUR -1 874 (-589) thousand. Adjusted profit after tax (before items affecting comparability and currency effects) wasEUR -753 (-188) thousand. -
Earnings per share after dilution amounted to
EUR -0.012 (-0.005). Adjusted earnings per share (before items affecting comparability and currency effects) wasEUR -0.005 (-0.001). - New Depositing Customers (NDC) amounted to 72 270 (33 792) increasing by 114%.
-
Cash flow from operating activities amounted to
EUR 875 (1 082) thousand.
Financial highlights during first nine months 2023
- Revenue amounted to an all-time high of
EUR 29 449 (20 886) thousand, corresponding to a growth of 41% and an organic revenue growth of -21.7%. -
Adjusted EBITDA (before items affecting comparability) was
EUR 4 930 (5 080) thousand, decreasing by 3% year-on-year. EBITDA amounted toEUR 3 647 (5 547) thousand, decreasing by 34% year-on-year. -
Profit after tax was
EUR -23 199 (1 843) thousand. Adjusted profit after tax (before items affecting comparability and currency effects) wasEUR -1 865 (951) thousand. Items affecting comparability include an impairment charge ofEUR 20 million . -
Earnings per share after dilution amounted to
EUR -0.161 (0.014). Adjusted earnings per share (before items affecting comparability and currency effects) wasEUR -0.013 (0.007). - New Depositing Customers (NDC) amounted to an all-time high of 282 294 (102 464) increasing by 176%.
-
Cash flow from operating activities amounted to
EUR 3 550 (4 057) thousand.
Important events during the quarter
- On
13 July 2023 ,Acroud AB agreed to sell and transfer toRIAE Media Ltd , 9 shares corresponding to 9% of all the issued and outstanding shares inAcroud Media Ltd. The purchase price for the shares isEUR 1.1 million which will be paid in cash no later than30 November 2023 .
The shares were transferred fromAcroud AB toRIAE Media Ltd on1st August 2023 . On the same date,Acroud AB has entered into an amendment of the shareholders agreement so that the Put Option of the original shareholders agreement was removed with effect from1st August 2023 . -
On
3rd August 2023 ,Acroud AB (Acroud ) entered into an agreement with PMG Group A/S,SMD Group Ltd andDouble Down Media Ltd as sellers regardingAcroud's previous purchase ofVoonix ApS ,Matching Visions Ltd andTraffic Grid Ltd in order to settleEUR 4 million of the total earn-out payment ofEUR 9 million by way of cash payment ofEUR 2.25 million and a debt-to-equity swap ofEUR 1.75 million paid by way of a directed set-off issue of shares inAcroud .
On the same date,Acroud has issued promissory notes to the sellers in respect to the remaining debt ofEUR 5 million .Acroud is granting the sellers a right to purchase, and the sellers is grantingAcroud a right to sell, 40% of the total number of shares ofVoonix ApS ,Matching Visions Ltd andTraffic Grid Ltd with payment by way of set-off against the promissory notes. The sellers may exercise the right to purchase andAcroud may exercise the right to sell only afterAcroud has redeemed its outstanding bond loan 2022/2025 in full. -
On
3rd August 2023 , the board of directors ofAcroud has in accordance with the Written Procedure resolved to carry out a directed new issue of 36,241,424 shares for a total consideration amount of approx.SEK 71.6 million .
The subscription of shares in the directed new share issue is made against payment in cash, in-kind or through set-off as further detailed below:
- 11,139,240 shares issued to
Trottholmen AB and Strategic Investment A/S against payment in cash of in totalSEK 22 million .
-
10,284,594 shares issued to PMG Group A/S,
SMD Group Ltd andDouble Down Media LTD against payment by way of set-off against earn-out claims amounting to in totalEUR 1,750,000 under a share purchase agreement entered into withAcroud and the subscribers.
-
2,159,363 shares issued to
Trottholmen AB against payment by way of set-off against a shareholder loan of approx.SEK 4.3 million .
-
12,658,227 shares issued to
Trottholmen AB and Strategic Investment A/S against in-kind consisting of Bonds amounting to in totalSEK 25 million .
-
On
28 September 2023 ,Acroud announced the resignation ofTricia Vella from Chief Financial Officer.
Financial highlights after the quarter
- On
24 October 2023 ,Andrzej Mieszkowicz was appointed as CFO forAcroud with effect from1 November 2023 , and will form part of group management. He has a strong experience in leading finance of technology and high-growth companies. In his recent 6 years he worked for iGaming industry companies such asCherry AB Group , The Mill Adventure and recently as a CFO of stock-listed Lady Luck Games. Andrzej has a Master's degree in International Business from theUniversity of Economics inPrague , is a qualifiedACCA member and warranted CPA.
CEO comments: Stronger balance sheet, reduced debt and improved cash-flows
Quarter 3 has been a challenging quarter with a lot of changes within the organisation that have taken their toll. During the quarter our group has delivered:
EUR 9.9 million in revenue, representing year-on-year growth of 48%,EUR 1.2 million in EBITDA (excluding one-off items), representing year-on-year decline of 21%, and- 72,270 New Depositing Customers (NDCs) to our partners, representing year-on-year growth of 114%.
The results in quarter 3 are disappointing but it was, however, expected for us. Our results are also affected by sports results which had a major negative impact in September where many favourites won. Having said this, the underlying Key Performance Indicators continue to show strength.
The major changes we have made in the company have now settled in quarter 3. Contradictory to the seasons,
Thanks to the hard, preparatory work during quarter 2, we have now been able to conclude these transactions during this quarter, which has led to
We have also taken further cost savings this time at the group level, where we now focused on streamlining our finance function to improve cost control within the various business operations.
After the end of the quarter, Tricia, our CFO, decided to move on in her career. And I thank her for her efforts, but I am very pleased to welcome Andrzej to
We now consist of a group of companies, where all staff have both the passion and clear incentives to drive their respective companies successfully and contribute to
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