Bambuser Interim report, January – July 2017
Bambuser AB (publ) ("Bambuser" or "The Company") releases its Interim report.
Net sales for the company during the period of January – June 2017 amounted to 3,468 (3,236) KSEK. Other revenue for the same period amounted to 844 (368) KSEK and the increase is due to the Google DNI funds for the development of the Lumi weather app. The company’s profit and loss for the period January 2017 – June 2017 was -7,849 (-1,403) KSEK and EBIT was -9,741 (-1,775) KSEK. Cash at the end of the period amounted to 36,461 (1,478) KSEK.
A comment from Bambuser’s CEO:
The first six months of the year have been exciting for Bambuser with our IPO in May as a major highlight. Although our revenue increase is minor compared to the same period in 2016, we have continued to build momentum in many areas.
In June, we announced a major contract with Schibsted enabling all their publications to utilize the Iris platform for internal use as well as for gathering content from readers. This proves our products’ viability in the news media industry, and we are working hard to strengthen our position within that sector.
For the developer community, we have strengthened our offering by being able to lower their costs dramatically due to successful negotiations around our variable cost for delivering video.
After the period, we signed our first US Field Service contract and have also announced a contract with event engagement company, Double Dutch. We are having positive and meaningful conversations with many companies outside of the news and media sector and we are confident that we will see further results shortly.
We have a very competitive product suite, but still need to invest in our product development in order to meet future market requirements. While we haven’t experienced significantly increased competition during H1, we still need to constantly develop our technology and feature set to sustain long term leadership.
I remain enthusiastic about our future prospects. Bambuser’s financials are strong with a solid cash position. Our sales pipeline is strong and I look forward to giving you continued updates about our progress in the coming period.
CEO of Bambuser
The Interim report is available at bambuser.com/ir
This information is information that Bambuser AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was sent for publication, through the agency of the contact persons set out below, on August 23 2017, 08:30 CET.
Västra Hamnen Corporate Finance is Certified Advisor (CA) to Bambuser AB (publ).
Hans Eriksson, CEO
Mobile: +46 (0)768-822 502
Bambuser is a Swedish software company that offers B2B solutions for live video. Since 2007, the company has developed a platform for interactive live video broadcasts, enabling live video streaming from mobile phones and webcams to the internet. The breakthrough occurred in 2010, when the company's service was used to report the unrest in Egypt during the parliamentary elections. The following year, videos were produced via Bambuser and used in several television broadcasts throughout the world during the Arab Spring. Today, Bambuser’s service is installed on more than 50 million phones and has over the years reached 100s of millions of news consumers through companies like CNN, BBC, Al Jazeera, SkyNews, etc. Since 2014, Bambuser has chosen to focus on B2B, Business-to-Business, to increase the spread of the company's products and strengthen its long-term revenue potential. Among the customers are companies such as Associated Press, Aftonbladet, NRK and Deutsche Welle.