Qbrick (QBRICK) Q4 2021 earnings summary

Executive summary

• Interactive video platform serving 100+ enterprise customers across the Nordics; customer base grew 49% in 2021.

• Strategy shifted toward higher-margin SaaS and interactive video, while phasing out a large, low-profit customer agreement.

• The year’s investments in product development, staffing and market expansion supported growth ambitions but contributed to a larger operating loss.

Financial highlights

• FY2021 revenue was SEK 26.335m, down 7.2% YoY; comparison was affected by exited customer contracts and currency movements in Finland and Denmark.

• Operating loss was SEK 12.742m vs operating profit of SEK 1.751m in 2020; adjusted for listing-related one-time costs, operating loss was SEK 9.1m.

• Net loss was SEK 14.188m vs SEK 0.180m in 2020; Q4 revenue rose 13% QoQ but was below Q4 2020.

• Group operating cash flow was negative SEK 9.733m; year-end cash was SEK 35.213m vs SEK 6.278m.

Outlook and guidance

• Product plans for 2022 included expanding interactive-video creation and call-to-action features, enhancing video shopping, and launching interactive corporate communications.

• Continued investment in product development and organizational capability was intended to support growth and, over time, profitability.

• A Norway government video-services contract won in February 2022 covers live and recorded video for up to four years.