Huddlestock Fintech (HUDL) Q1 2022 earnings summary

Executive summary

• Q1 revenue was NOK 9.055m, stable YoY when including Visigon in the Q1 2021 comparison; pro forma revenue including F5 IT from Jan. 1 was NOK 12.9m.

• Reported EBITDA was -NOK 0.761m; pro forma EBITDA was -NOK 1.17m, while pro forma adjusted EBITDA loss excluding non-recurring items was NOK 0.76m.

• Consulting demand and margins strengthened, while technology onboarding and delivery faced delays linked to Ukraine and the German reorganization.

Financial highlights

• Q1 reported revenue was NOK 9.055m, EBITDA -NOK 0.761m, EBIT -NOK 3.982m and net loss -NOK 4.116m.

• Pro forma revenue including F5 IT from Jan. 1 was NOK 12.9m, with pro forma EBITDA of -NOK 1.17m.

• Operating costs excluding depreciation were NOK 9.8m, including personnel costs of NOK 6.1m and other costs of NOK 3.7m.

• Total equity was NOK 112.642m at quarter-end.

Outlook and guidance

• FY 2022 revenue guidance was NOK 75m, including F5 IT and Tracs; medium-term revenue guidance was NOK 200m, including acquisitions.

• Consultants were fully booked for Q2, with strong visibility and client projects committed well into 2022.

• Priorities included acquisition synergies, strategic M&A, partnership expansion and adding technology talent.

• Promising Wealth Tech SaaS leads supported growth prospects; onboarding of a large European fintech was nearing completion.