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Interim Report Q1, 2023: Increased number of stores and a new proposed dividend
Speqta AB (publ) Interim Report for the period January 1–March 31, 2023 is published and available on:
https://speqta.com/en/investors/financial-reports
During the fourth quarter of 2021, Eone Oy (Rahalaitos) was divested and during the second quarter of 2022, Mytaste Food & Beverage AB (Vinklubben) and the business in Speqta Affilijet AB together with Leads on Top AB (Affilijet) were also divested. This means that the income statements for 2022, in the report, have been recalculated in accordance with current Accounting Principles and therefore exclude divested operations and which are thus reported separately below. Financial information and comments about the operations in this report focus on continuing operations, unless otherwise stated.
First quarter results in brief
- Revenues for the first quarter amounted to KSEK 2 286 (3 901). The decrease is explained by the transition from Shopello to Bidbrain which has a higher margin and long-term potential.
- EBITDA amounted to KSEK -6 771 (-6 001).
- Earnings per share (including divested operations) amounted to SEK -1.17 (0.28).
- Cash flow from operating activities (including divested operations) amounted to KSEK -8 460 (-13 911).
- Cash and cash equivalents at the end of the period amounted to KSEK 100 135 (296 851).
- Paying Bidbrain stores amounted to 33 (12), an increase of 175%.
- MRR from Bidbrain amounted to KSEK 155 (88), an increase of 76%.
Events during the quarter
- The board proposes a dividend of SEK 6.83 per share to the Annual General Meeting, corresponding to a total dividend of approximately SEK 45 million.
- AI-based Bidbrain launched new functionality in the form of valuable insights for e-retailers. With the new function, e-retailers can track the return on advertising at the product level. The functionality combines different sources of Google advertising, which means that Bidbrain's customers can also identify the product's characteristics in combination with performance, which is useful for sales optimization and business development.
- Daniel Radu was recruited as Chief Technology Officer for Bidbrain. Daniel has a solid background as tech lead for SaaS and e-commerce companies. He assumed the position on May 8, 2023.
- Number of store registrations increased with 130% in March compared to last quarter's average. It is a result of increased resources within Sales & Marketing, and in April the intake of store registrations continued to grow even more.
CEO Comment
Our goal for 2023 is to accelerate growth, and during the quarter we increased the number of paying stores by 43 %, compared to the previous quarter. The increase is the result of an attractive offer to e-retailers and that we have intensified sales and marketing activities. Bidbrain - our AI tool for e-retailers - is an efficient way to work smarter with Google Shopping. With Bidbrain, the e-retailer gets a transparent and smart AI-based SaaS platform, which helps them maximize their sales or profit for the desired return.
At the end of March, we had 33 paying customer stores, a significant increase, compared to the 23 paying stores, at the end of 2022. In March, the invoiced MRR (Monthly Recurring Revenue) amounted to KSEK 155, distributed among 33 stores, which, during the last month of the quarter, gives an average turnover of KSEK 4.7 per store. Worth noticing is that many of the new customers joined during the latter part of March and have therefore not been invoiced for the full month.
After our transformation in 2022, when we realized and distributed large assets in the company, we decided to focus entirely on Adtech. With approximately MSEK 37 in earnout from the Rahalaitos sale, we have an exceptionally strong financial position. On March 31, 2023, we had a cash balance of approximately MSEK 100 and were completely free of interest-bearing debt. Due to this, the board has proposed to the Annual General Meeting a dividend of SEK 6.83 per share. This corresponds to a total dividend of approximately MSEK 45. After the dividend, we still have a strong financial position, and resources to finance our growth plan.
We see an increasing demand among e-retailers, to be able to use AI-based tools to manage rising marketing costs and improve profitability. With Bidbrain, we offer them a smart, efficient solution and an alternative way of working. In addition, we have a strong, motivated team in place with the skills to handle the challenges of e-retailers. I am therefore confident in our ability to continue delivering growth in 2023.
Fredrik Lindros, CEO Speqta AB (publ)
Financial calendar
AGM 2023: May 16, 2023
Interim report Q2 2023: August 24, 2023
Interim report Q3 2023: November 9, 2023
Year-end report 2023: February 22, 2024
This information is such information that Speqta AB (publ) is obliged to publish in accordance with the EU Market Abuse Regulation. The information was submitted, through the agency of the contact person below, for publication on May 11, 2023 at 07:00 CET.
Contact:
Fredrik Lindros
CEO Speqta AB (publ)
fredrik.lindros@speqta.com
+46 723 10 66 66
www.speqta.com
About Speqta
Speqta is an Adtech company that offers traffic generating services in eCommerce using data and AI. The company has two services: The Affiliate network Shopello and the SaaS service Bidbrain, and is listed on Nasdaq First North Premier Growth Market in Stockholm under the ticker "SPEQT". Redeye AB is the company’s Certified Adviser.
