Huddlestock - Q3 2024: Commercial traction with existing customers

21 Nov 2024 07:00 CET

21.11.2024 07:00:01 CET | Huddlestock Fintech AS | Additional regulated
information required to be disclosed under the laws of a member state

Huddlestock Fintech AS ("Huddlestock") reports total operating income of NOK 16
million for the third quarter, compared to NOK 17 million [1] in the second
quarter 2024. Investment-as-a-Service saw a one percent increase compared to Q2
2024 [1] while seasonal effects from summer holidays in July negatively affected
income from Consultancy. Personnel costs of NOK 15 million and other operating
expenses of NOK 8 million both saw a slight decrease compared to Q2 2024
resulting in an EBITDA of negative NOK 7 million for the third quarter 2024.
This compares to an EBITDA of negative NOK 6 million in the second quarter 2024.

During the third quarter, Huddlestock successfully signed contracts expanding
its IaaS-offerings with three existing customers. The new contracts reflect the
growing demand for scalable, flexible solutions that provide our clients with
enhanced value, better resource optimization, and more seamless integrations
across their operations. The expansion contracts are expected to have a positive
impact on financial performance from the fourth quarter of 2024.

"By expanding the range of services we offer to our existing customer base, we
are confident that our solutions continue to deliver significant value. However,
to sustain this momentum and achieve our goal of becoming EBITDA positive, it is
crucial that we accelerate our sales efforts," says Leif Arnold Thomas, CEO of
Huddlestock.

Beyond its existing markets, the company sees major opportunities in Europe and
particularly Germany where it continues to pursue opportunities which can enable
an accelerated market entry. In the third quarter, Huddlestock signed
cooperation agreements with the German fintech Tradevest. The partnership aims
to offer a combined investment solution in Germany, allowing joint customers to
purchase both digital and traditional assets, with Tradevest providing brokerage
and custody software solutions.

At the end of the third quarter Huddlestock had a cash position of NOK 10
million and the company continues its ongoing work to identify potential
financing partners to support its strategy including non-organic growth.


[1] Restatement of Q2 2024 financials

Q2 2024 Operating income and Other operating expenses have been restated with no
effect on the reported EBITDA, Cash flow and Balance sheet. In Q2 2024 the
reported total operating income was NOK 18 million and the reported Other
operating expenses were NOK 9 million. The restated figures for Q2 2024,
presented in the Q3 2024 reporting, are NOK 17 million and NOK 8 million
respectively. The Q2 2024 EBITDA remains unchanged at negative NOK 6 million
after the restatements in Operating income and Other operating expenses
described above.


Presentation and Q&A

Huddlestock's Chairman of the Board, Øyvind Hovland, and the CEO Leif Arnold
Thomas, will host webcast presentations of the results in Norwegian and English
today, followed by Q&A sessions (10:00 CET in Norwegian / 12.00 CET in English).

To participate, please register your interest with
investorrelations@huddlestock.com

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

CONTACTS

* Leif Arnold Thomas, Chief Executive Officer, Huddlestock Fintech AS, +47 982
15 520, leif.thomas@huddlestock.com

ABOUT HUDDLESTOCK FINTECH AS

Huddlestock is an innovative technology software provider through its
Investment-as-a-service offering, with full operational service support and a
leading financial Consultancy services business. We deliver innovative and
sustainable technology and operational solutions to companies offering financial
products and services.

Find out more at huddlestock.com - https://www.huddlestock.com/

ATTACHMENTS

Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17848032/18330418/5322/Download%20announce
ment%20as%20PDF.pdf

Huddlestock - Q3 2024 Presentation FINAL.pdf -
https://kommunikasjon.ntb.no/ir-files/17848032/18330418/5320/Huddlestock%20-%20Q
3%202024%20Presentation%20FINAL.pdf

More information:
Access the news on Oslo Bors NewsWeb site

632788_Download announcement as PDF.pdf
632788_Huddlestock - Q3 2024 Presentation FINAL.pdf