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Safello Publishes Interim Report for Q1 2022

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Stockholm, 13 May 2022 | Today, Safello Group AB (“Safello”) publishes the company’s interim report for the first quarter of 2022. The report can be found on safello.com/ir. The quarter was characterized by strengthening of the position through the new Crypto-as-a-Service offering, announced in conjunction with the LOI with Avanza. Net turnover increased by +5% compared to the first quarter in the prior year and amounted to SEK 205.2 million (194.7). Gross profit decreased by -19% and amounted to SEK 8.5 million (10.5). 

“With the announcement of Crypto-as-a-Service we are strengthening our long term position. Demand is growing for this offering on the back of our LOI with Avanza, the regulatory efforts of Safello and the upcoming MiCA regulation. Meanwhile we maintain our market leading position in Sweden by rapidly innovating retail products”, says Frank Schuil, CEO and co-founder of Safello.  

Today, at 13:00 PM CEST, Safello will present the interim report and conduct a Q&A session during a livestream on the company’s LinkedIn and YouTube. 

Highlights from the first quarter follows below and can be found in its entirety in the full report.

Summary of the first quarter (January - March 2022)

  • Net turnover increased by +5% compared to the first quarter in prior year and amounted to SEK 205.2 million (194.7)
  • Gross profit decreased by -19% and amounted to SEK 8.5 million (10.5).
  • Operating profit before depreciation and amortization (EBITDA) amounted to SEK -3.1 million (1.3).
  • Operating profit amounted to SEK -4.0 million (0.8).
  • Net profit/loss in the period amounted to SEK -4.0 million (0.8).
  • The Group had a cash balance of SEK 28.2 million (15.0) at the end of the first quarter and an additional SEK 10.1 million (0.0) in liquid crypto assets. Investments in cryptocurrencies are booked and reported at acquisition value in the parent company’s balance sheet.
  • Earnings per share based on the average number of shares (20,449,600 shares) amounted to SEK -0.20.
  • Earnings per share based on the average number of shares after potential dilution (21,440,668 shares) amounted to SEK -0.19.
  • The number of executed orders increased by +13% to 64.841 (57.403).

Significant events during the quarter

  • On January 20, Safello mandated the company ABG Sundal Collier ASA (“ABGSC”) as the liquidity provider of Safello’s share, which is listed on Nasdaq First North Growth Market 
  • As of February 14, Safello has introduced a new level-based fee structure where all purchases and sales are measured over an aggregate rolling 12-months period. The new fee structure provides additional transparency and simplifies the trading process for customers, where customers automatically receive a more favorable fee level depending on trading volume, compared with the previous structure where an application was needed to obtain a premium membership.
  • As of February 21, Safello has shut down Safello Widget and Partner Widget and replaced this with a new affiliate partner program, through the global partnership management platform impact.com.
  • Emelie Moritz took over as COO in March 2022, and Andreas Kennemar (former COO) is now positioned as Chief Business Development Officer.
  • On March 14, Safello announced that a letter of intent (LOI) had been entered into with Avanza Bank (wholly owned subsidiary to Avanza Bank Holding AB) regarding a potential partnership relating to cryptocurrency services. The ambition with entering into the LOI is to evaluate a potential cooperation regarding distribution of Safello’s cryptocurrency services via Avanza’s platform.
  • Safello has also entered into a partnership with the tax service provider Divly, to offer its users a seamless process to calculate taxes and manage tax reports in relation to their cryptocurrency transactions. The integration with Divly simplifies the declaration process because users get access to tools that automatically calculate the outcome and create a K4 report.

Significant events after the end of the quarter

  • Safello held its Annual General Meeting in Stockholm on April 27, 2022. A summary of all decisions is available in a press release from April 27 on the company’s website.
  • The Annual General Meeting resolved, among other things, on the re-election of Frank Schuil, Jacob Jacobsson, Sepehr Alavi, Knut Pedersen and Johan Lorenzen as Board members and the re-election of Jacob Jacobsson as Chairman of the Board. Christina Ploom was not available for re-election and is therefore no longer a member of the Board.

For environmental and cost reasons, Safello Group AB has decided not to print the report. A printout may be distributed to shareholders upon request. 

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This information is such that Safello Group AB is required to disclose in accordance with the EU Market Abuse Regulation. The information was provided by the contact person below, for publication on 13 May 2022.

For more information, please contact
Johan Edin, CFO, ir@safello.com

Certified Adviser
Corpura Fondkommission AB, info@corpura.se, +46 722 52 34 51

Safello is Sweden’s leading online cryptocurrency brokerage with the goal to make crypto accessible to everyone. Safello offers a secure way to buy, sell and store crypto in seamless transactions at industry-leading speeds. Operating in Sweden, Safello has been registered as a financial institution with Finansinspektionen (Swedish Financial Supervisory Authority) since 2013 and is listed at Nasdaq First North Growth Market since 2021. For more information visit www.safello.com.

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