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Safello Publishes Year-End Report for 2022

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Stockholm, 24 February 2023 | Today, Safello Group AB (“Safello”) publishes the company’s Year End report for the fourth quarter and the financial year 2022. The report can be found on safello.com/ir. In the fourth quarter, Safello saw a strong trading volume relative to the crypto market globally. Cash flow improved significantly during the quarter and amounted to -0.4 MSEK compared to -9.7 MSEK in the corresponding period in the previous year. In 2022, Safello adjusted the cost base to an almost cash flow neutral level, and the company sees opportunities for further improvements in 2023.

Summary of the fourth quarter (Oct-Dec 2022)

  • Net turnover decreased by -32% and amounted to SEK 145.2 million (215.0).
  • Gross profit declined by -10% and amounted to SEK 8.0 million (8.9). Withdrawal fees contributed SEK 2.2 million (0.0).
  • Operating profit before depreciation and amortization (EBITDA) amounted to SEK -2.0 million (-6.2).
  • Operating profit amounted to SEK -3.0 million (-7.2).
  • Net profit/loss in the period amounted to SEK -2.9 million (-7.2).
  • Earnings per share based on the average number of shares (20,449,600 shares) amounted to SEK -0.14 (-0.35).
  • Earnings per share based on the average number of shares after potential dilution (21,440,668 shares) amounted to SEK -0.14 (-0.34).
  • The number of executed orders decreased by -17% to 56,884 orders (68,303).

Summary of 2022 (Jan-Dec 2022)

  • Net turnover decreased by -16% and amounted to SEK 634.9 million (757.9).
  • Gross profit decreased by -12% and amounted to SEK 32.4 million (36.9).
  • Operating profit before depreciation and amortization (EBITDA) amounted to SEK -12.4 million (-11.2).
  • Operating profit amounted to SEK -21.5 million (-14.7).
  • Net profit/loss in the period amounted to SEK -21.5 million (-14.8).
  • Earnings per share based on the average number of shares (20,449,600 shares) amounted to SEK -1.05 (-0.76).
  • Earnings per share based on the average number of shares after potential dilution (21,440,668 shares) amounted to SEK -1.00 (-0.72).
  • The number of executed orders in the period decreased by -3% to 232,802 orders (239,191).
  • The Group had a cash balance of SEK 21.3 million at the end of the fourth quarter (compared to SEK 31.9 million at year end 2021) and an additional 18 BTC (18) and 110 ETH (110) in liquid crypto assets. 

Significant events during the quarter

  • On November 24, Safello was announced as Sweden’s 11th fastest-growing technology company when Deloitte announced its Sweden Technology Fast 50 top list.
  • On 5 December Safello launched its Institutional Custody Services and onboarded the first financial institution, Quantum Leben AG, to the platform. In connection with the launch of the Institutional Custody Service, Safello introduced a custody fee applicable to the service. The onboarding of Quantum Leben is a first strategic step to cater for a new type of clients and enable new revenue streams from custody of crypto assets.
  • On 6 December, Safello entered into a marketing agreement with the insurance distributor Hubins. The agreement will cover marketing activities in relation to Hubins insurance distribution providing investments in crypto assets available within a unit-linked insurance.
  • On 21 December, based on Safello’s Institutional Custody Service product, insurance distributor Hubins opened the possibility to store real crypto within a unit-linked insurance. The new investment opportunity utilizes Safello’s platform for custody and management. The possibility to invest in real crypto assets within a unit-linked insurance is a unique product that competes with equity traded products tracking Bitcoin and Ethereum. Compared to e.g. certificates, real crypto within a unit-linked insurance decreases the counterparty risk and provides transparency over the storage of funds.

Significant events after the end of the quarter

  • On 12 January 2023 Safello added 3 new coins to its cryptocurrency offering; USDC, Uniswap and Algorand. Safello is the first Swedish broker to offer the stablecoin USDC to its customers. In conjunction with the launch, Safello also enables withdrawals and deposits of current cryptocurrencies Polygon and Chainlink.
  • On 22 February 2023, Safello appointed Viktoria Berglund Blohmé as Head of Finance as CFO Johan Edin will leave the company. The change will take place in August 2023.

“​​Given the current market sentiment, Safello has produced a strong fourth quarter. At the same time, we have both delivered innovative solutions, such as the Institutional Custody Service, and taken great steps towards cash flow neutrality”, says Frank Schuil, CEO and co-founder of Safello.  

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

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 at 08:00 on 24 February 2023.

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

Certified Adviser
Amudova AB is Safello’s certified adviser. Phone +46 8 546 017 58. E-mail: info@amudova.se

Safello is Sweden’s largest cryptocurrency brokerage with over 300,000 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.

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