Huddlestock Fintech (HUDL) Q4 2021 earnings summary

Executive summary

• FY2021 pro forma revenue was NOK41.5m, above the NOK38–41m guidance range; adjusted EBITDA was -NOK4.98m, within guidance of -NOK3.5m to -NOK5.5m.

• Q4 reported revenue was NOK13.87m and EBITDA was -NOK0.26m; advisory revenue more than doubled sequentially from Q3.

• Consulting was fully booked for Q1 2022 and more than 90% booked for Q2; priorities included profitable growth and scaling Nordic operations.

Financial highlights

• FY2021 pro forma revenue was NOK41.5m; reported revenue was NOK23.6m, including Visigon only from its 11 June 2021 acquisition close.

• Q4 reported revenue was NOK13.87m and EBITDA was -NOK0.26m; reported costs were NOK14.1m, including NOK7.3m personnel costs and NOK6.8m other costs.

• Year-end total equity was NOK113.8m and cash and cash equivalents were NOK17.75m.

Outlook and guidance

• Medium-term revenue guidance was NOK200m; priorities included profitable growth, recurring revenue, a Nordic white-label solution, and scaling Nordic operations.

• Consulting was fully booked for Q1 2022 and more than 90% booked for Q2; additional resources were expected to meet future demand.

• Plans included preparing German operations for growth, extending the German banking license to hold client monies and accounts, and investing in technology and ecosystem partnerships.

• Strong demand for expert advisors and promising leads across the technology solutions portfolio continued into early 2022.