Quickbit publishes Q1 interim report ‘24/25

First quarter, July - September 2024 in summary

• Net sales totalled € 75.7 million (4.1). 
• Gross profit amounted to € 2.4 million (0.2) with a gross margin of 3.1% (4.3%).
• Adjusted EBITDA was € 0.4 million (-1.3). 
• EBIT totalled € 0.0 million (-1.9). 
• Basic earnings per share amounted to 0,00 EUR (-0,02).

Events during the quarter

• Quickbit announced that the last quarter and half-year have brought many new and exciting e-retailers to Quickbit’s payment solutions. Most of these are expected to launch at the beginning of the fiscal year ’24/25.
• Quickbit called an extraordinary general meeting after board members Elena Kontou and Scott Wilson chose to resign. The extraordinary general meeting re-elected Peter Liljeroos as Chairman of the Board and Henrik Vilselius as Board Member, while Nickolaj Johansson and Mikael Fallström were newly elected as Board Members.
• Quickbit signed the technology company Inet, which sells products for computers and technology, as a new e-commerce customer,
• Quickbit announced the nomination committee consisting of Wael Mrad, Thomas Jonsson (appointed by Furuhem Holding AB), Oscar Amilon Storsteinnes, and Peter Liljeroos (Chairman of the Board).
• Quickbit commented on an article in Affärsvärlden that, among other things, discredited Quickbit.

 
Events after the quarter

• Quickbit commented on an article in Dagens Nyheter that contained inaccuracies about Quickbit.
• Quickbit announced a financial update, reporting that revenue for the first quarter of ‘24/25 is expected to increase by approximately 45% compared to the fourth quarter of ‘23/24.
• Quickbit launched its new product, the Quickbit Corporate Wallet, aimed at businesses, thus expanding its B2B offering.
• Quickbit promoted its Head of Compliance, Elvira Vänerfors, to Head of Legal & Compliance.
• Quickbit published its annual report for the financial year ‘23/24 and announced an invitation to its Annual General Meeting for 2024.
• Quickbit reported strong revenue for October, reaching an all-time high on an annual basis. 

Comments by the CEO – A step closer to the future’s opportunities

It is with great joy and pride that I reflect on our strong first quarter of the fiscal year. We continue our impressive growth journey, reaching a milestone by achieving breakeven at net income level, which marks a new phase in Quickbit’s development. With growth of 46 percent compared to the previous quarter and a whopping 1737 percent from the same quarter last year, we reached a net turnover of € 75.7 million. October also became a record month with revenues of € 36.4 million, indicating that profitability is within close reach. 

Our growth is not just numbers; it reflects a dynamic market and our ability to deliver innovative solutions. During the quarter, we continued to welcome new customers and strengthen partnerships, while interest in our products and services significantly increased. Crypto-related services are becoming increasingly in demand, not least in a time of changing macro-economic conditions. Our participation at Money20/20 in the USA further confirmed this, where we had the opportunity to meet several of the largest players in the crypto industry. The American market offers enormous potential, and we look forward to exploring these opportunities in the future.

One of the quarter’s most exciting initiatives is the launch of Corporate Wallet, a key product that strengthens our B2B offering. This solution makes it easy for companies to manage cryptocurrency, a capability that becomes increasingly relevant as the importance of cryptocurrency in the global financial system grows. Corporate Wallet has clear synergy with our existing product portfolio and creates opportunities to both deepen our relationships with existing customers and attract a broader customer base.

We have also, with great interest, noticed Stripe’s acquisition of Bridge, a platform focused on stablecoins, for $1.1 billion USD. It is a clear indication of the growing interest from global players for innovative crypto infra-structures. Our own Corporate Wallet stands as a competitive solution in this rapidly growing segment, and we see great opportunities to capitalize on this trend.

Looking forward, we see continued strong demand for our products and services, giving us high hopes for a powerful end to the year.

Finally, I want to express my gratitude to our owners, board, management, and staff for their trust and hard work. Together, we are building a company that not only meets today’s needs but also shapes the future’s opportunities.

The future is bright, and we are ready to meet it.

Kind regards,

Daniel Sonesson
CEO Quickbit 


For further information, please contact:
Daniel Sonesson, VD
+ 46 73 530 30 25
ir@quickbit.com 

This release is published in Swedish and English. In the event of any differences between the English version and the Swedish original, the Swedish version takes precedence. 

------------------------------------

Quickbit is a Swedish fintech company, founded in 2016 with the goal of making the integration of cryptocurrencies into the everyday lives of people and companies smoother. Today, Quickbit offers safe and easy-to-use products for e-merchants as well as customers. With a transaction volume to date in excess of €1 billion, Quickbit has already enabled and empowered individuals around the world, through the use of cryptocurrencies. Quickbit has been listed on NGM Nordic SME since July 2019. For more information, please visit www.quickbit.com