QuickBit eu AB (publ) publishes interim report for the period 2018-07-01- 2018-09-30
Significant events for the period July to September (first quarter of accounting year)
QuickBit has made a wide launch of its technical platform during the quarter. Through affiliate networks, the Company's system has been linked to a large number of e-commerce sites internationally, which shows a significant increase in the Company's sales. The revenue in Q1 amounted to 74 MSEK, which is more than 11 times the turnover of the entire previous year.
Expected future development as well as significant risks and uncertainties
QuickBit’s profit margin is not yet as good as we would like, but with increasing volumes and expected higher future margins when we launch complementary technology services, we expect overall good profitability during the fiscal year. We have attained a large customer base and during the year we will focus on increased volume growth and increased margins.
The recent decline in prices for crypto currencies has affected the company to a limited extent. Rapid exchange rate fluctuations for Bitcoin Cash represent a risk to the value of the company's trading book. To minimize this risk exposure, the technical platform has been developed so that crypto currencies are purchased and sold automatically by trading bots through established crypto currency exchange sites, in such a way that trading stocks are always kept to the minimum practical level.
The launch of a number of new crypto currencies are a risk that can lead to insufficient liquidity and large fluctuations in currencies that are not well received by the market. QuickBit manages this by trading only with established currencies and by having a dialogue with the Company's auditors and with the legislators in Gibraltar regarding which currencies are accepted.
Comments from the Managing Director
"The significant growth in QuickBit's operations during the quarter shows that there is strong demand for our services. After a long period of testing with pilot customers, it is pleasing that the Company now has high demand from our customer base and a completed setup of operations in Gibraltar, a jurisdiction with regulations and institutions that welcome companies within the crypto and blockchain sector. QuickBit will soon proceed with the process of listing the parent company in a suitable exchange in Sweden. Prior to the listing, we will conduct a new share issue to increase the number of shareholders. "
Performance, July to September 2018
Net sales 74 207 462 529 652
Profit before appropriations and taxes -1 434 418 193 825
Solidity 40,8% 88,8%
Earnings per share -0,02 0,00
The full report is available (in Swedish) at www.quickbit.eu
For more information, please contact:
Jörgen Eriksson, Managing Director, QuickBit, email@example.com, +46 70-681 2777