Checkin.com (CHECK) Q4 2021 earnings summary

Executive summary

• Q4 2021 revenue rose 84% YoY to SEK 13.4m; FY revenue increased 74% to SEK 38.9m, driven by new customers and expansion among existing customers.

• Management cited stronger demand and capacity, high customer retention, and accelerating growth momentum entering 2022.

Financial highlights

• Q4 gross profit was SEK 11.3m, up from SEK 5.8m; FY gross profit reached SEK 32.5m versus SEK 18.1m.

• Q4 EBITDA was -SEK 0.8m versus -SEK 0.4m; FY EBITDA was -SEK 2.7m versus positive SEK 1.7m.

• Q4 net loss was SEK 1.7m versus SEK 1.1m; FY net loss was SEK 6.8m versus SEK 0.8m; FY EPS was -SEK 0.27.

• FY operating cash flow was positive SEK 0.8m versus SEK 0.6m; Q4 operating cash flow was -SEK 1.0m versus -SEK 1.7m.

Outlook and guidance

• Financial target: SEK 500m revenue in 2025, organically and through acquisitions; management described Q4 YoY growth as in line with its 86% growth goal.

• Management expected growth in coming quarters to significantly exceed the prior-year pace, citing stronger momentum and sequential Q3-to-Q4 growth equivalent to tripling revenue on an annualized basis.

• Investment in technology and sales is expected to continue rising in absolute terms as revenue grows; full benefits of prior investment had not yet emerged.