Nowonomics (NOWO) Q3 2024 earnings summary

Executive summary

• Achieved first-ever positive quarterly EBITDA of 0.3 MSEK in Q3 2024, an improvement of 5.9 MSEK year-over-year.

• Net result after tax improved by 6.7 MSEK to -1.5 MSEK in Q3 2024 compared to Q3 2023.

• Nowo Global Fund delivered a strong YTD return of +20.64%, outperforming its benchmark by 9.66 percentage points.

• Continued focus on cost control and digital pension product development.

Financial highlights

• Q3 2024 revenue increased to 6.7 MSEK from 2.2 MSEK in Q3 2023; fund management revenue was 5.1 MSEK (1.2 MSEK).

• EBITDA for Q1–Q3 2024 improved to -9.2 MSEK from -20.8 MSEK year-over-year.

• Net result for Q1–Q3 2024 was -15.2 MSEK, an improvement of 12.7 MSEK year-over-year.

• Assets under management (AUM) grew 33% YTD to 574.0 MSEK.

• Cash and bank balances at 17.6 MSEK as of September 30, 2024, up from 7.9 MSEK a year earlier.

Outlook and guidance

• Ongoing cost-saving and efficiency programs are progressing as planned.

• Focus remains on building a robust digital pension ecosystem and expanding digital solutions.

• Synced.io affiliate platform aims to attract more large clients to strengthen loyalty programs.