Huddlestock Fintech (HUDL) Q2 2021 earnings summary

Executive summary

• Visigon’s June acquisition expanded Nordic consultancy operations; reported H1 revenue was NOK 3.02m, versus NOK 23.85m pro forma including Visigon for January–June.

• Pandemic-related lockdowns delayed client-project delivery, while Visigon brought significant H2 revenue commitments.

• The 2024 revenue ambition was NOK 200m; Apex and Bedrock were complete, with client-specific implementation and commercialization ongoing.

Financial highlights

• Reported H1 operating revenue was NOK 3.02m: NOK 0.61m from Huddlestock Technology and NOK 2.41m from Visigon, consolidated from June 11.

• Pro forma H1 revenue was NOK 23.85m, including Visigon’s NOK 23.23m H1 revenue.

• Reported H1 operating loss was NOK 5.21m, EBITDA loss NOK 3.72m and net loss NOK 4.89m; adjusted EBITDA was NOK -2.2m and adjusted net loss NOK 3.39m, excluding NOK 1.5m in acquisition costs.

• Pro forma H1 operating loss was NOK 2.59m and net loss NOK 2.31m, including Visigon for January–June.

Outlook and guidance

• Revised 2021 targets were revenue of NOK 41m and EBITDA of NOK 1m, down from prior targets of NOK 51m and NOK 5.3m.

• The 2024 revenue target was NOK 200m, with 1–2 Apex and 4–6 Bedrock technology contracts targeted.

• Visigon had significant H2 revenue commitments; consultancy demand was expected to require additional FTEs.

• Apex and Bedrock were complete; near-term work centered on client-specific implementation and accelerating commercialization with Visigon’s consultancy team.