Huddlestock Fintech (HUDL) Q1 2021 earnings summary

Executive summary

• Client base and commercial pipeline expanded, with new Bedrock and Apex LOIs and contracts signed during Q1.

• BNP Paribas launched stage 1 of Bedrock and Apex on Jan. 20; partnership progress was in line with expectations.

Financial highlights

• Q1 operating revenue was NOK 499,895; operating expenses were NOK 2,333,247, including software customization for contracted-client onboarding.

• Operating loss was NOK 1,830,708, compared with NOK 12,428,000 for full-year 2020.

• Net loss was NOK 1,830,708; financial income totaled NOK 16,036 and net financial items were NOK 2,642.

• Total assets were NOK 70.8m at quarter-end, including NOK 2.18m in cash and cash equivalents.

Outlook and guidance

• Most contracts with BNP Paribas, Baader Bank, MHX, DonauCapital, Pecunia and Tradegate were expected to go live during Q2 2021.

• Q2 began with a strong pipeline of new Bedrock and Apex LOIs and contracts; Pecunia was expected to go live early in Q2.