HIDDN: Financial results for the second quarter of 2018
(Oslo, 16 August 2018) Hiddn Solutions ASA (“Hiddn”) recorded revenues of NOK 5.4 million in the second quarter of 2018, an increase of NOK 3.1 million (129%) from the corresponding quarter last year. Loss before tax was NOK 10.8 million in the quarter, up from NOK 12.8 million in the same quarter last year. Hiddn’s focus for the second quarter has been to expand the product offering and the distribution capabilities in Europe and North America. The company is preparing for increased production as Hiddn aims to enter into an accelerated growth path and strenghten its position as a leading technology provider in the global encryption market.
“The second quarter of 2018 was an important quarter for Hiddn. We significantly strengthened our distribution capabilities through partnerships with ALSO, Fujitsu, Power and SecureData, expanded our offering with new products and GPDR-proof product guarentees and optimised the set-up for volume production,” says Carl Espen Wollebekk, CEO of Hiddn Solutions.
Hiddn reported revenues of NOK 5.4 million in the second quarter of 2018, up from NOK 2.3 million in the corresponding quarter last year. The company recorded a gross profit of NOK 2.1 million, equalling a gross margin of 39%, up from a gross profit of NOK 0.2 million in the corresponding quarter last year. The loss before tax ended at NOK 10.8 million in the second quarter of 2018 resulting from fixed costs and preparations for increased growth, and up from NOK 12.8 million in the corresponding quarter last year.
“Hiddn is delivering according to our strategy for 2018. All major elements of the growth strategy are now in place. As a response to the anticipated increase in demand for Hiddn’s products and services, we are preparing for a first production order of as much as 10,000 units from Swissbit, as well as another 3,000 units through the SecureData/ClevX partnership. An initial order of our new consumer product, KryptoDisk1, has also been distributed to selected Power outlets in the Nordics,” Wollebekk continues.
These production orders result from the two partnerships entered into during the second quarter. Through a partnership with SecureData/ClevX, Hiddn will offer a new product range that introduces services and software solutions on top of existing hardware products. Hiddn also entered into a letter of intent with Swissbit AG to customise, optimise and test Hiddn’s encryption solutions to secure quality volume production and develop a future product roadmap. This partnership is especially important for Hiddn in order to meet demand from the sales and marketing efforts through Hiddn’s distribution partners, such as Fujitsu and ALSO.
“ALSO is one of Europe’s largest distributors of ICT products that is increasing its focus on data security. Their configuration centre opens for Hiddn’s products to be embedded in PCs, notebooks and tablets from all major brands – providing an important distribution channel for Hiddn. We are proud to be part of the exclusive list of vendors, and we look forward to introducing our products on ALSO’s resellers event, Hunt-IT, in September,” says Wollebekk and concludes:
“Hiddn will also be present at Fujitsu Forum in November, aiming at further strengthening our partnership with Fujitsu Europe and broadening the introduction of our joint GDPR proof solution. Furthermore, Hiddn will continue to expand its product offering, enter into OEM- and distribution agreements and strengthen production and marketing efforts going forward, as we aim to enter into an accelerated growth path and strengthen our position as a leading technology provider in the global encryption market”.
Hiddn will host an open presentation today, Thursday 16 August 2018 at 08.00 (CEST) at Felix Conference Centre. The presentation will be broadcasted live at www.hiddnsolutions.com and on http://webtv.hegnar.no/presentation.php?webcastId=92026707.
For further information, please contact:
Carl Espen Wollebekk (CEO), telephone: + 47 930 55 505 /e-mail: cew@hiddn.no
About Hiddn Solutions ASA
Hiddn Solutions ASA is listed on the Oslo Stock Exchange under the ticker HIDDN. The company is offering impenetrable proprietary hardware-based authentication and encryption products with a superior level of security as well as a wider product suite addressing all market segments looking for solutions to ensure that sensitive information stays confidential and unavailable to unauthorised access. Based on Hiddn’s unrivalled and proven position in the high-end encryption market, Hiddn is implementing a strategy of adapting the proprietary technology to the high-volume markets to take advantage of the growing global security challenges and the arising regulatory requirements. Hiddn has established a product offering that addresses all market segments from the high-end security clients to the retail market, and established partnerships with some of the most important sales and distribution partners in Europe. Hiddn sees significant growth opportunities and rising demand from customers and is well on its way to solidify its leading position in the growing market for secure data storage. For more information, please visit: www.hiddnsolutions.com
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