Nustay A/S: Publication of interim financial report for January - September 2019

Today, Nustay A/S (“Nustay”) publishes financial report for the period of January – September 2019. The report is available as an attached document to this press release and on the Company’s website ( Below is a summary of the report.

Mathias Lundoe Nielsen, CEO of Nustay, comments

“Our Q3 results highlight what has been a challenging summer season for Nustay. A ‘perfect storm’ of difficulties, ranging from industry-wide challenges to technical issues, have impacted our overall performance throughout the period. Despite this however, Nustay has been able to deliver positive results across some of our primary KPIs, such as moving towards a positive marketing contribution vs total daily marketing investment level. What is more, overcoming these challenges have allowed us to work on enhancing our product, fine-tuning our work streams and further developing our business model. For these efforts I must thank the entire Nustay team who have worked tirelessly towards finding creative and innovative solutions.”

Summary of the financial report

Q3 (2019-07-01 – 2019-09-30)

  •  The handled revenue amounted to DKK 27.5 m (3.5 m). (Non IFRS – measure).

This represents an increase of 685% from the same period 2018. Compared to Q2 2019, where the handled revenue amounted to DKK 35.1 m, this is a decrease of 22% (ref. comments below). However net revenue increased by 55% compared to Q2 2019, where the net revenue amounted to DKK 1.9 m, indicating an increase in the average commission earned on bookings from 5.6% to 11.0% in Q3 2019.

  •  The net revenue amounted to DKK 3.0 m (0.6 m).

This represents an increase of 400% from the same period 2018. Compared to Q2 2019, net revenue increased by 55%, where the net revenue amounted to DKK 1.9 m, taking the average commission earned on commission to 11.0% for Q3 2019. 

  •  Result after financial items amounted to DKK -10.5 m (-3.5 m).
  •  Net income amounted to DKK -8.2 m (-2.7 m).
  •  Net income per share* amounted to DKK -0,45 (-5,15).
  •  Cash flow from operating activities amounted to DKK -8.5 m (-1.6 m). ***

Nine months (2019-01-01 – 2019-09-30)

  •  The handled revenue amounted to DKK 87.7 m (10.5 m). (Non IFRS – measure).

An increase of 735% from same period 2018.

  •  The net revenue amounted to DKK 6.6 m (1.1 m).

An increase of 500% from same period 2018.

  •  Result after financial items amounted to DKK -27.8 m (-11.0 m).
  •  Net income amounted to DKK -21.7 m (-8.4 m).
  •  Net income per share amounted to -1,48 (-17,48) DKK.
  •  Cash flow from operating activities amounted to DKK -21.5 m (-4.9 m) ***.
  •  Equity ratio** amounted to 31 % (46 %).
  •  Cash and cash equivalents amounted to DKK 0.5 m (0.8 m).

Numbers in parenthesis are the numbers from the same period in 2018.

* The group’s net income per share: the net income for the period divided by 18 220 665 (527 331), the average number of shares for the period. The total number of shares in Nustay A/S was 18 220 665 shares per 2019-09-30.

** Equity ratio: Shareholder’s equity divided by total capital.

*** Loans from shareholders and management in the cash flow statement have been re-classified from operating activities to financing activities. The numbers for comparable periods have been updated accordingly. 

Significant events during the third quarter of 2019 

  •  On July 2, Nustay announced that the Company had entered a partnership agreement with Innstant Travel which would see the inclusion of their full inventory of approx. 750,000 hotels and other accommodation.
  •  On August 13, Nustay announced the Board’s decision to initiate the process of raising additional capital, with the aim of rebuilding the cash-buffer and financing further growth – seeking a minimum of DKK 10m. The Board’s decision stemmed from the decline in cash flow and the resulting consumption of the cash buffer which had followed from challenges with the Company’s primary marketing integration.
  •  On August 16, Nustay published a notice to an Extraordinary General Meeting for its shareholders. The full notice is available on the Company’s website.
  •  On September 6, Nustay announced that the Company had secured debt financing from 3 private and public financiers, totalling DKK 10 million.
  •  On September 23, Nustay announced that the Company entered into a partnership agreement with HRS GmbH (“HRS”), and secured access to their portfolio of approx. 300,000 hotels.  

Significant events after the end of the period

  •  On October 10, Nustay announced that Søren Morbitzer Christoffersen had been appointed as the Company’s new CFO.
  •  On October 11, Nustay confirmed plans to raise further capital to cover the Company’s short and long-term capital needs. Further to the DKK 10 million raised through debt financing communicated September 6, 2019, the Company decided to initiate a process to raise additional capital in Q4 2019. The capital would be used to repay outstanding debt, rebuild the Company’s cash-buffer and finance further growth.
  •  On October 21, Nustay announced that the Company’s Chairman, Lone Fønss Schrøder, had resigned from Nustay’s Board of Directors.
  •  On October 29, Nustay communicated that the Company’s board member and co-founder, Simon Skouboe, had accepted to take the role as interim Chairman of the Board. It was decided that Simon Skouboe would act as Chairman for Nustay until a permanent replacement for the position was found.
  •  On November 11, Nustay issued a comprehensive market update on the Company’s progress against its key performance indicators (KPIs) since its IPO early 2019. The update sought to provide the market with a deeper understanding of the Company’s operations and most recent actions, and through this, highlight the potential for further growth.

For further information about Nustay, please contact                   

Mathias Lundoe Nielsen, Founder & CEO, Nustay A/S

Telephone: +45 22 91 94 99



About Nustay

Nustay is a Danish online hotel booking company established in 2014. The company has developed an innovative booking platform offering the lowest possible hotel prices while also enhancing customer’s booking experience. Nustay has set out an ambitious vision to become the global leader within the online hotel booking industry, and is confident its large hotel room inventory, novel pricing strategy, and transparent booking process, will achieve that goal.




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