Spotr Group (SPOTR) Q2 2024 earnings summary

Executive summary

• Annual Recurring Revenue (ARR) decreased by 19.7% year-over-year to 4,778 TSEK as of June 30, 2024.

• Net sales declined 13% to 1,263 TSEK compared to the same quarter last year.

• EBITDA improved to -1,490 TSEK from -4,759 TSEK year-over-year.

• Net result was -1,690 TSEK, a significant improvement from -6,194 TSEK in Q2 2023.

• Strategic discussions and a letter of intent to acquire Adligo AB were initiated, aiming for synergies and expanded offerings.

Financial highlights

• Repetitive contract revenues were 1,213 TSEK, representing 96% of net sales.

• Earnings per share improved to -0.11 SEK from -3.17 SEK year-over-year.

• Cash and cash equivalents at period end were 949 TSEK; equity was -275 TSEK.

• Solidity was -7.0% at the end of the period.

• The company has an unused credit facility of 1 MSEK.

Outlook and guidance

• Management targets break-even in the near future, focusing on cost savings and strategic partnerships.

• Ongoing negotiations for the acquisition of Adligo AB are expected to bring significant synergies and broaden the customer base.