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Published 2021-08-11 05:30
Checkin.com Group (STO:CHECK) reports continued strong growth during the second quarter of 2021.
The report in brief (Q2 2021 vs Q2 2020):
Investors, analysts and journalists are invited to a webcast 2021-08-11 08:30 CEST where the company’s CEO and CFO will present the report, followed by a Q&A session. The presentation is available through this link: https://www.finwire.tv/webcast/checkin-com/q2/
CEO Letter from Quarterly Report
When I take a minute to reflect on the past quarter, I am ascertained that the period has been a good start of our journey as a listed company. In addition to our core business, the company has had an eventful period where our listing on Nasdaq First North stands out the most. With a positive turnover growth, strong core business and several strategically important initiatives, the second quarter was a great continuation of the year for us.
After the period ended we also acquired the prominent tech company GetID. That deal is also the start of our strategy to add technology and strong teams by acquisitions, within areas that strengthens the Group’s technical advantage. Including the announced acquisition, we have now on an annual basis passed SEK 40 million in recurring revenue, and also laid out a strong foundation for continued growth.
The increase of new customers has been strong during the first half of the year even though H1 historically has shown slower growth compared to the second half of the year. During the quarter the quantity of new customers has not only continued at a good pace, but we have also entered into partnerships with truly global players within our most important verticals.
The issue proceeds that the company obtained when it was listed has enabled us to invest heavily in the long-term growth drivers of the company, beyond what the organic cash flow had allowed. As previously communicated our focus has been on building an international sales organization, increasing investments in marketing and continuing to invest in our product development. Thanks to the key recruitments we have made, not least our deputy CEO, our commercial focus has been strengthened and our sales organization has been both restructured and expanded. Our historical growth has been achieved with one salesperson and now when we nearly fivefold that figure we expect that the new sales organization will have a significant contribution to our growth.
SaaS businesses are often internationally referred to as flywheels, where it takes a lot of effort to get things turning, but where the momentum is also maintained long-term. Thanks to our effective business model with recurring revenue and good cash flows, we believe that the initiatives we see through now in a similar way will increase the tempo of our business for many quarters to come. We are convinced that investing in growth is the right way to go. Looking short-term, the expanded sales organization and increased marketing efforts will lead to a lower EBITDA margin, at the same time as the growth should create a solid foundation for economies of scale and thereby strengthen the results long-term.
Our ability to innovate is the absolute core of our software and a lot of what we are building is more forward-looking than what is visible during each quarter. The US patent we secured after the second quarter is a great sign of that work and is also an important milestone in our efforts to protect our innovations. During the last quarter we have continued building unique software with a high commercial value that enables our high organic growth and builds strength for the years to come.
Since the start, we have had a clear ambition to recruit the best talents, no matter where in the world they are located. Now when we complement our recruitments with the announced acquisition our team consists of more than 60 coworkers in 15 countries. Our future success depends on our ability to attract world-class talents and I am proud of the strength in the team we have put together so far.
CEO and founder, Checkin.com Group
For further information, please contact:
Jonas Köpniwsky, Head of Communications Checkin.com Group, [email protected]
This information is information that Checkin.com Group is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out above, at 07.30 CEST on 11 August 2021.
Checkin.com Group’s Certified Adviser on Nasdaq First North Growth Market is Erik Penser Bank AB, +46 8463 83 00, [email protected].
About Checkin.com Group
The first line of code for the Checkin.com software was written back in 2017. The company's goal since then has been clear: to establish a new internet standard for checkins. Checkin.com Group's SaaS software combines multiple UX-systems, data sources, and identity solutions to instantly configure the best possible experience for each end-user at the point of checkin. Checkin.com Group is headquartered in Stockholm, Sweden, but has since its inception been operating fully remote to attract world-leading talent across the globe.
Checkin.com Group’s share is since 2021 listed on Nasdaq First North Growth Market under the trading symbol "CHECK”. Certified Adviser is Erik Penser Bank, available via +46 (0)8 463 83 00 or by e-mail: [email protected]
For more information about the company visit: https://group.checkin.com/investors/