Huddlestock Fintech (HUDL) Q3 2021 earnings summary

Executive summary

• Q3 prioritized delivery and integration; Baader Bank and Aledius went live on Bedrock, while new mandates expanded the pipeline.

• Visigon’s June acquisition broadened the consulting and wealth-tech offering; reopened markets lifted client inquiries, while consulting demand remained strong.

• The model combines wealth-tech SaaS with professional services, with priorities including recurring revenue growth, integration synergies, and joint technology development.

Financial highlights

• Q3 reported revenue was NOK 6.687m and EBITDA was NOK -3.620m; reported figures included Visigon from 11 June 2021 and NOK 0.5m of integration costs.

• Q3 reported net loss was NOK 8.9m; total equity was NOK 109.1m.

• 9M pro forma revenue was NOK 30.5m versus reported revenue of NOK 9.71m; adjusted pro forma EBITDA was NOK -2.7m, excluding non-recurring items.

• Reported 9M EBITDA was NOK -7.34m.

Outlook and guidance

• FY 2021 pro forma revenue target was reduced to NOK 38–41m from NOK 41m; clean EBITDA guidance shifted from NOK 1m profit to a NOK 3.5–5.5m loss.

• The 2024 revenue target remained NOK 200m; technology targets include 1–2 Apex and 4–6 Bedrock contracts, based on average growth over four years.

• Guidance reflected higher near-term Professional Business Services staffing costs and slower Technology revenue from longer implementation timelines.

• Consulting clients committed to projects into 2022.