Checkin.com (CHECK) Q4 2024 earnings summary

Executive summary

• Net revenue for 2024 declined 20% year-over-year to 77,477 KSEK, with Q4 revenue down 37% compared to Q4 2023, mainly due to negative trends among existing customers, especially in the travel vertical.

• EBITDA for 2024 was 13,600 KSEK (18% margin), down from 27,204 KSEK (28% margin) in 2023; Q4 EBITDA margin dropped to 11%.

• The company reported a net loss of -18,815 KSEK for 2024, compared to a profit of 3,464 KSEK in 2023.

• Management highlighted a disappointing year but noted signs of stabilization and new contracts, including a major agreement with WestJet Group.

Financial highlights

• Gross profit for 2024 was 56,995 KSEK (74% margin), down from 79,690 KSEK (82% margin) in 2023.

• Net revenue retention (LTM) fell sharply to 58% from 141% the previous year.

• Cash flow from operations was 13,748 KSEK for 2024, down from 24,627 KSEK in 2023.

• Cash and cash equivalents at year-end were 28,966 KSEK, compared to 37,656 KSEK at the end of 2023.

• Solid equity ratio of 88% at year-end.

Outlook and guidance

• Management maintains the long-term goal of maximizing revenue growth per share plus EBITDA margin to exceed 80% annually, but acknowledges this will be challenging for 2025 without accelerated growth.

• Signs of improvement in late Q4 and new contracts, including with WestJet, are expected to support future growth, though immediate financial impact is limited.