Safello publishes reversed profit warning after significantly increased EBITDA and operating profit
Stockholm, 17 April 2024 | Today, Safello Group AB (“Safello”) publishes a reversed profit warning after a preliminary positive EBITDA for Q1 2024 of SEK 4.7 million, representing an increase of 224 percent compared to Q1 2023 and 4500 percent compared to Q4 2023 respectively, and a preliminary operating profit of SEK 4.7 million, representing an increase of 58 percent compared to Q1 2023 and 103 percent compared to Q4 2023 respectively.
The company chooses to publish this preliminary result due to this strong increase in EBITDA and operating profit during the first quarter of 2024.
The background to the increase in earnings during the first quarter of 2024 is mainly increased income attributable to withdrawal fees (fees for transferring cryptocurrency from the platform) and transaction fees, linked to the strong price development of Bitcoin and other crypto-assets. The first quarter has historically been one of the stronger quarters on an annual basis affected by seasonality. The company's results are also strongly linked to the current market situation for crypto-assets, which will continue to apply and may lead to fluctuations in the company's results between quarters, in addition to seasonal variations. Seasonal variations, as well as the fact that both Q1 2023 and Q1 2024 were characterized by a strong crypto market, are the main reasons why the result for Q1 2024 differs significantly compared to Q4 2023 in particular.
The net turnover during the first quarter of 2024 amounted to approximately SEK 193.1 million, corresponding to an increase of 40 percent compared to Q1 2023 and 12 percent compared to Q4 2023 respectively.
The company’s quarterly report for Q1 will be published on May 17, 2024, as previously communicated.
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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 at 12.40 CEST on 17 April 2024.
For more information, please contact
Viktoria Berglund Blohmé, Head of Finance, ir@safello.com
Certified Adviser
Amudova AB is Safello’s certified adviser.
Safello is the leading cryptocurrency exchange in the Nordics, with over 358,000 users. The company is empowering financial independence by making 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.