Nexcom A/S: Financial Report Q3 2024 - Continued Customer Trust
FINANCIAL REPORT Q1-Q3 2024 [January 1[st ]- September 30[st], 2024]
The report has not been audited.
Copenhagen October 29[th], 2024
Nexcom continues delivery on strategy for 2024.
Q3 2024 HIGHLIGHTS- Revenue YTD of DKK 5.7m, (vs. DKK 5.8m in 2023), is in line with expectations for the period.
- EBITDA YTD was DKK -5.4m, (improved from DKK -5.6m in 2023), and mainly reflects the cost structure as laid out in the strategy for 2024.
- Nuuday A/S renewed their contract period again, extended until EO 2026.
- In the US, Citizens Memorial Hospital and Paradigm, an IT solutions provider to the healthcare sector, both extended annual contracts.
- Nexcom successfully launched the generative AI platform CX-G, that answers webchat and email for a large Nordic media company.
- The capital increase in September 2024 has been successfully completed and resulted in new shares issued at a share price of DKK 4.41 of an amount of DKK 4.0m based on conversion of debt, increasing the amount of shares from 18.8m to 19.7m.
- The company's equity as of September 30th, 2024, is DKK -6.7m. The company has today informed its lenders that it will exercise its right to convert short term debt equivalent to DKK 11.5m to equity, resulting in an equity at approx. DKK 4.8m. following the conversion. A separate announcement detailing the conversion will be issued upon execution of the conversion.
EVENTS AFTER THE REPORTING PERIOD AND ADJUSTED PROJECTIONS
A delay in a contract implementation will postpone implementation of a customer solution from Q4 into Q1 2025. This will influence the amount of revenue that can be recognised for 2024, and as a result Nexcom will adjust its financial outlook for the financial year of 2024.
The new financial outlook for revenue is projected to end between MDKK 11 and MDKK 14, and the projected EBIDTA outlook is projected to end between MDKK - 4.0 and MDKK -1.0. The former financial revenue outlook was MDKK 16 to MDKK 21 and EBIDTA outlook was MDKK 2 to MDKK 5.
These changes will therefore result in carrying the revenue over into the financial year of 2025.
The company does not expect these changes to effect the company's operations towards the EO 2024.
DISCLAIMER
This report contains forward-looking statements based on management's current expectations. All statements about the future are subject to inherent risks and uncertainties, and many factors can lead to actual results and developments that differ materially from those expressed or implied in such statements.
FURTHER INFORMATION
Rolf Adamson | CEO
Phone: +45 4576 4820
E-mail: press@nexcomglobal.com
COMPANY CERTIFIED ADVISOR
Nexcom A/S Kapital Partner A/S
Toldbodgade 59B, K9 Ewaldsgade 9
1253 København K 2200 København N
Tlf. +45 4576 4820 Tlf. + 45 8988 7846
www.nexcomglobal.com www.kapitalpartner.dk
INCOME STATEMENT Q1-Q3 2024 [January 1[st ]- September 30[st], 2024]
The report has not been audited.
TDKK Q1-Q3 2024 Q1-Q3 2023
Revenue 5,687 5,792
TOTAL REVENUE 5,687 5,792
Personnel 6,329 -6,142
Other external costs 4,779 -5,230
EBITDA -5,421 -5,580
Depreciation 2,846 -2,859
EBIT -8,267 -8,439
Financial expenses -9,101 -341
PROFIT/LOSS BEFORE TAX -17,368 -8,780
Tax 0 -17
PROFIT/LOSS AFTER TAX -17,368 -8,797
Number of employees 13
Outstanding shares 19,720,307
Earnings pr, share (DKK) -0,88
CASHFLOW STATEMENT Q1-Q3 2024 [January 1[st ]- September 30[st], 2024]
The report has not been audited.
TDKK Q1-Q3 2024 Q1-Q3 2023
Profit/loss before financial items and tax (EBIT) -8,267 -8,439
Depreciation and amortization 2,846 2,859
Adjustment for other non-cash items -645 398
CASH FLOW FROM PRIMARY ACTIVITIES -6,067 -5,182
Financial income received -3 0
Financial costs paid -366 -257
Income taxes paid/received 0 -17
CASH FLOW FROM OPERATION ACTIVITIES -6,435 -5,456
Payments for intangible assets -699 -626
CASH FLOW FROM INVESTING ACTIVITIES -699 -626
Proceeds from capital increase 2,300 13,738
Proceeds from short term borrowing 6,028 -7,340
Repayment of loans -915 -635
CASH FLOW FROM FINANCING ACTIVITIES 7,412 5,763
NET CASH FLOW FOR THE PERIOD 278 -319
TDKK Q1-Q3 2024 Q1-Q3 2023
Cash and cash equivalents at the beginning of the year -105 453
Net cash flow for the year 278 -319
Exchange rate adjustments on cash/cash equivalents 0 0
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 173 134
BALANCE SHEET SUMMARY Q3 2024 [September 30[st], 2024]
The report has not been audited.
TDKK Q3-2024 Q3-2023
ASSETS
Intangible assets 12,762 15,652
Material assets 24 40
Deposits 50 48
TOTAL NON-CURRENT ASSETS 12,836 15,740
TOTAL CURRENT ASSETS 5,878 1,174
TOTAL ASSETS 18,714 16,914
TDKK Q3-2024 Q3-2023
EQUITY AND LIABILITIES
Share capital 9,860 9,403
Capital increase 3,578 11,369
Foreign currency translation reserve 693 -609
Retained earnings -20,791 -13,877
EQUITY -6,660 6,286
Long-term liabilities 3,222 5,664
Short-term liabilities 16,886 3,921
Other debt 5,266 1,043
LIABILITIES 25,374 10,628
TOTAL EQUITY AND LIABILITIES 18,714 16,914
- The company's total assets amount to DKK 18,714k as per September 30st, 2024.
The report has not been audited.
TDKK Share Share Foreign currency Retained Equity
Capital premium translation earnings
reserve
Equity 9,402 - -57 -2,956 6,389
January
1,2024
Capital 458 3,578 - - 4,036
increase
Exchange rate - - 750 - 750
adjustment
Profit/loss - - - -17,835 -17,835
for the
period
EQUITY 9,860 3,578 693 -20,791 -6,660
SEPTEMBER 30,
2024
- The company's equity totals DKK -6,660k as per September 30[st], 2024.
The Board of Directors and Management have today considered and approved this interim financial report of Nexcom A/S. The interim financial report has not been audited or reviewed by the company's independent auditors.
The interim financial report for the first three quarters of 2024 has been prepared in accordance with the provision of the Danish Financial Statements Act for Accounting Class B with the option of certain principles for Accounting Class C and additional disclosure requirements for companies admitted to trading on Nasdaq First North Growth Market. The accounting policies adopted are consistent with those applied in the annual report 2024.
In our opinion the accounting policies applied are appropriate to the effect that the interim financial report gives a true and fair view of the company's assets, liabilities, cashflow and financial position on September 30[th], 2024. Furthermore, in our opinion, the Management review gives a true and fair view of the development in the activities and the financial situation, the financial result for the period and the financial position of the company, Nexcom.
Risks and uncertainties have not changed in relation to the conditions mentioned in the company description prepared in connection with Nexcom share listing on Nasdaq First North Growth Market, Copenhagen.
Copenhagen October 24[th], 2024
MANAGEMENT
Rolf Adamson
CEO
BOARD OF DIRECTORS
Torben Haase Charlotte Enlund Peter Ott Thomas Krogh Skou
Chairman