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QuickBit eu AB (publ) publishes interim report for the second quarter - turns to profit with a sharp increase in revenues

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QuickBit eu AB (publ) turned to profit during the second quarter, with a continued strong increase in revenues. The company's turnover amounted to more than half a billion SEK in the first half of the accounting year, with a profit of SEK 3 million.

Summary October to December 2018

- Consolidated net sales during the period: MSEK 477 (MSEK 4)

- Profit after financial items: MSEK 3 (MSEK -3)

- Earnings per share: SEK 0.05 (SEK -0.05)

Comment from the Managing Director:

”QuickBit eu AB has a broken fiscal year and our second quarter is the period from October to December 2018. This quarter has been a breakthrough for the company, as we have now proven that our solutions and our business model are in demand, scalable and profitable. The choices the company made during our launch to the market - to provide retail sales of crypto currency via introductory networks - have worked very well. Working with e-commerce through an intermediary means that QuickBit gets lower margins than if we worked directly with individual e-retailers, but this is compensated by revenue from the affiliate networks' access to a very large number of customers and thus very rapidly increasing sales.”

Significant events from October to December, second quarter

- During the quarter, QuickBit continued to roll out the company's services through affiliate networks, which has resulted in a very rapid increase in sales.

- The company's margins have also improved thanks to more efficient systems for AI algorithms, which in turn are based on a continuously expanding transaction database.

Significant events after the end of the second quarter

- The company held the Annual General Meeting 2019-01-03, where the Board was re-elected and the Meeting approved the income statement and balance sheet for the financial year 2017-07-01 - 2018-06-31.

- 2019-02-27, an extraordinary general meeting was held, which resolved on a set-off issue of SEK 3.3 million, where loans to the company from FTCS Intressenter AB were converted from debt to equity.

For more information, please contact:

Jörgen Eriksson, Managing Director, QuickBit, jorgen.eriksson@quickbit.eu, +46 70 681 277

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