Quickbit interim report for the first quarter of 2021/2022
Sales increased 80% year-on-year, primarily through more merchants joining but also due to a slight recovery following the impact of the preceding year’s revenue restructuring on sales. Merchants numbered 67 at the quarter’s end, up from 29 at the same date last year. Investments in consumer products continued and the Quickbit App launched in the Swedish market in August.
First quarter, July–September 2021 in summary
- Net sales totalled €97.1 million (54.0), up 80% year-on-year.
- Gross profit amounted to €3.6 million (2.3) with a gross margin of 3.7% (4.3).
- Adjusted EBITDA was €0.3 million (1.2).
- EBIT totalled €-0.1 million (0.9).
- Basic earnings per share amounted to €-0.04 (0.11).
Significant events during the quarter
- On 19 July, Quickbit acquired 100% of the shares in the Norwegian firm Balder Solutions AS. The acquisition provides Quickbit with the requisite registrations for a future launch of Quickbit App and Quickbit Card in Norway, which represents the next step in Quickbit’s expansion phase. The purchase price amounted to NOK 2.5 million and was financed in its entirety through the company’s own cash holdings. The acquisition was completed on 23 September.
- On 29 July, Hammad Abuiseifan was appointed as CEO of the company. Since March 2021, Hammad has been a member of Quickbit’s Board of Directors and will retain his place on the Board.
- In August, agreements were entered into with two new acquiring partners, WorldPay and Bank Frick. WorldPay is a leading provider of payment processing solutions with extensive experience and knowledge of cryptocurrencies. Bank Frick is a commercial bank specialising in blockchain banking services. Having more than one acquiring partner lowers Quickbit’s business risk and, over time, lowers the company’s transaction costs.
- On 27 August, the termination of the mentoring agreement with Eminova Fondkomission as of 22 September was announced.
For further information, please contact:
Simon Afeworki, CFO
Tel: +46 76 252 14 75
Quickbit is a Swedish fintech company, founded in 2016 with the goal of making the integration of cryptocurrencies into the everyday lives of people and companies smoother. Today, Quickbit offers safe and easy-to-use products for e-merchants as well as customers. With a transaction volume to date in excess of €900 million, Quickbit has already enabled and empowered individuals around the world, through the use of cryptocurrencies. Quickbit has been listed on NGM Nordic SME since July 2019. For more information, please visit www.quickbit.com
This information is such information that Quickbit eu 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 above contact person, on Wednesday, 10 November 2021 at 8:00 a.m CET.