Stockwik (STWK) Q4 2023 earnings summary

Executive summary

• FY23 revenue grew 7.0% to 818.3 MSEK, while adjusted EBITA increased 6.5% to 59.0 MSEK; reported net loss was 37.2 MSEK.

• Q4 adjusted EBITA rose 38.8% to 29.3 MSEK and operating cash flow increased to 41.1 MSEK from 30.2 MSEK YoY.

Financial highlights

• Q4 revenue was 242.6 MSEK, up 1.8% YoY; organic growth was -1.8% and acquired growth was 3.6%.

• FY revenue was 818.3 MSEK, up 7.0%; organic growth was -2.5% and acquired growth was 9.6%.

• FY EBITDA rose 8.1% to 89.5 MSEK; EBITA was 49.8 MSEK vs 55.4 MSEK, while adjusted EBITA was 59.0 MSEK vs 55.4 MSEK.

• FY EBIT was 37.5 MSEK vs 39.2 MSEK; net loss was 37.2 MSEK vs net income of 3.8 MSEK, and EPS was -5.89 SEK vs 0.61 SEK.

• FY operating cash flow improved to 40.6 MSEK from 26.0 MSEK; Q4 adjusted EBITA margin was 12.1% vs 8.9%.

Outlook and guidance

• Management was cautiously optimistic for 2024, citing good utilization and further improvement potential, while maintaining close focus on profitability, capacity utilization and capital tied up.

• MittX is pursuing European markets, starting with France and DACH, after a positive reception in Norway during 2023.

• Acquisition screening remained selective; candidates were advanced only if they had positive development in both 2022 and 2023.