Bricknode interim report January - June 2022
Bricknode has today published its interim report for the period January – June 2022. The report is attached to this press release and is available on the company’s website.
Q2 2022 in brief
- Net revenue increased by 25% to 4,473 (3,589) TSEK
- Net revenue retention rate 101% (110%)
- Earnings per share amounted to -0,53 (-0,26) SEK
- EBIT result amounted to -5,154 (-2,001 TSEK) and the margin amounted to -115% (-56%)
Comments from the CEOs, Stefan Willebrand & Erik Hagelin
“The financial markets have been very challenging during the first part of 2022 and the investment landscape has changed from primarily valuing revenues and growth to focusing on profitability.
In general, this aligns very well with the values and the philosophy that we have at Bricknode. We are all about making long term decisions and being enduring in everything that we do. Going into 2022 we embarked on an aggressive investment journey to raise our growth levels considerably during 2023 and onward while sacrificing short term profitability.
Our assumption was that the investment market would support and appreciate these efforts but after the first half of this year passed, we must adapt to our environment and return to our roots.
On the first of August we announced our savings program that is presently being implemented to radically and quickly lower our cash burn in order to create self-sustainability fast.
This of course means that we will have to focus our efforts and prioritize our time ferociously. Unfortunately, the plan also includes reducing team members. We are incredibly fortunate to have so many great people in our organization where everyone is helping to make this transition as smooth as possible.
The investments that we made during the first half of 2022 are all valuable additions to Bricknode as a company and we are still going to be able to realize a lot of value from this during the coming years.
The main efforts have been centered around building up a powerful international sales and marketing organization which will remain mostly untouched because it is within this area that we need to focus going forward. In addition to this we have made a significant technical upgrade of our core technology which will help us to cut costs and be even more scalable going forward.
The new Bricknode will still have a remaining body of team members that are larger than we had going into 2021 and we are very much looking forward to leading this group into a very successful future.”
Stefan Willebrand and Erik Hagelin will host the second quarter 2022 earnings call & webcast on 18 August at 09:30 CEST. Interested parties should register in advance: Webcast registration link.
Contacts
Bricknode
Stefan Willebrand, Founder & CEO
+46 8 122 086 87
Certified Adviser
Amudova AB
+46 8 546 017 58
About Bricknode
Bricknode is a B2B-focused SaaS company that provides scalable, cloud-based software enabling financial companies to launch digital banking products at speed. The platform makes it easy for customers to build or transform almost any financial product with complete software for investment management, funds, lending, deposits and savings. The company also offers outsourcing solutions for back-office administration. Bricknode was founded in 2010 and supports financial companies globally. Find out more at bricknode.com or follow Bricknode on LinkedIn & Twitter.
This is information that Bricknode Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CEST on 18 August 2022.