Quickbit reports sales of € 81.6 million during Q2 ‘22/23. The increased sales volumes at the end of Q1 ‘22/23 were maintained during the quarter. Gross margin amounted to 4.2 %. After launching Quickbit Checkout in December, focus during the coming months is to complete the development of Quickbit Pay and to gradually increase the visibility for the Merchant products.
Second quarter, October – December 2022 in summary
- Net sales totalled € 81.6 million (88.2).
- Gross profit amounted to € 3.4 million (3.4) with a gross margin of 4.2% (3.9%).
- Adjusted EBITDA was € 0.8 million (0.2).
- EBIT totalled € -1,1 million (-0,6).
- Basic earnings per share amounted to -0,01 EUR (-0,01).
Summary six months July – December 2022
- Net sales totalled € 149.7 million (185.2).
- Gross profit amounted to € 6.3 million (7.0) with a gross margin of 4,2% (3,8%).
- Adjusted EBITDA was € 1.9 million (0.6).
- EBIT totalled € -1.1 million (-0.7).
- Basic earnings per share amounted to -0,02 EUR (-0,02).
Events during the quarter
- Quickbit’s Nomination Committee proposed the election of four new board members; Henrik Vilselius, Daniel Sonesson, Scott Wilson and Elena Kontou. The committee also proposed a re-election of Mikael Karlsson as Chairman of the Board. Jan Frykhammar and Hammad Abuiseifan declined to be re-elected.
- Quickbit launched its consumer offering in the Netherlands as part of its strategic geographical expansion.
- Quickbit announced changes to the Group Management team led by Anders Jonson, Interim CEO and Group President, with Martin Samuelsson as Head of Product, Sneha Patel as Head of Finance and Thomas Engdahl as Head of Tech.
- Quickbit launched Quickbit Checkout, the first product within Quickbit’s B2B-offering Quickbit Merchant.
Events after the quarter
- Jesper Sundström is appointed Head of Growth.
- Johan Björklund, Chief Legal & Compliance Officer leaves Quickbit.
Comments by the CEO
The entire organisation has been focused on the development of the company’s new products during the past few months, to enable a broad launch in the near future. I am proud of the engagement and efforts that have been made to launch Quickbit Checkout, which was done before year-end as promised. We are now dedicated to launching a product of high quality in Quickbit Pay and as a next step gradually increasing the visibility for our pioneering products.
Net sales amounted to almost € 82 million during the quarter. We are pleased to see the 20 % growth in sales compared to Q1 ‘22/23, driven by an increased activity amongst merchants. ADV amounted to € 0.9 million and gross margin to 4.2 % during the quarter. We have a resilient business model led by our Affiliate product, despite macroeconomic uncertainties affecting crypto companies globally.
We are strongly motivated to continue the development of our user-friendly crypto products that will fulfil the day-to-day requirements for our B2B- and B2C customers. The launch of Quickbit Checkout in December was an important milestone for us, enabling us to be competitive with our B2B products. Quickbit Checkout is a universal crypto payment solution that allows merchants to get paid in a range of crypto currencies. We have signed the first contracts and we will increase the visibility for the product gradually.
During the testing phase of Quickbit Pay that has been going on during the Autumn, we have decided to integrate an additional feature that will enable customers with external crypto wallets to initiate smooth transactions through Quickbit Pay. We believe that Quickbit Pay and Quickbit Checkout together will play an important role in the society’s payment infrastructure going forward.
During the quarter we have also launched our consumer offering consisting of Quickbit App, Quickbit Card and Earn Wallet in the Netherlands. This is an important step in our geographical expansion.
We welcome the forthcoming EU-regulation MiCA (Markets in Crypto Assets) which should take effect in late 2023 or early 2024 and bring one regulatory framework across all of Europe for companies involved in Crypto. We believe it will bring opportunities for further expansion of our products and services.
I have had the honour of appointing the following new members to the Quickbit management team: Martin Samuelsson, Head of Product, Sneha Patel, Head of Finance, Thomas Engdahl, Head of Tech and Jesper Sundström, Head of Growth.
With the launch of Quickbit Checkout and the upcoming launch of Quickbit Pay we are closer than ever to finalising our ecosystem. We are convinced that crypto currency will play a fundamental part in the future of financial services.
Interim CEO and Group President
For further information, please contact:
Anders Jonson, Interim CEO and Group President
+ 46 73 316 80 28
This release is published in Swedish and English. In the event of any differences between the English version and the Swedish original, the Swedish version takes precedence.
This information is such information that Quickbit eu AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the above contact person, on Wednesday, 8 February 2023 at 8:00 a.m CET.
Quickbit is a Swedish fintech company, founded in 2016 with the goal of making the integration of cryptocurrencies into the everyday lives of people and companies smoother. Today, Quickbit offers safe and easy-to-use products for e-merchants as well as customers. With a transaction volume to date in excess of €1 billion, Quickbit has already enabled and empowered individuals around the world, through the use of cryptocurrencies. Quickbit has been listed on NGM Nordic SME since July 2019. For more information, please visit www.quickbit.com