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Are you sure this email is correct? Group Quarterly Report Q2 2023 Group (STO:CHECK) reports increased profitability and had revenues in July that on an annual basis exceeded MSEK 100.

The report in brief:

(Q2 2023 vs Q2 2022):

  • Net revenue increased to KSEK 21,010 (17,585) which corresponds to a growth of 19 (111)%, of which 19 (75)% was organic.
  • Gross profit for the period amounted to KSEK 17,043 (14,705) with a margin of 81 (84)%.
  • EBITDA for the period amounted to KSEK 4,317 (-21) with a margin of 21 (0)%.
  • Cash flow from operating activities amounted to KSEK -2,180 (-3,779).
  • Net Revenue Retention LTM amounted to 114 (137)%.
  • Cash and cash equivalents amounted to KSEK 33,204 (47,425).

CEO Letter from Quarterly Report

We once again see strong organic momentum in the business. After a weak start to the year, quarter two is not only our strongest quarter ever in terms of revenue but also a period during which we take several strategically important steps. The capacity investments we have now completed hopefully enable an even stronger autumn. Growth is foremost driven by an increased usage of our software from a few of our largest customers, with one of Europe's largest airlines at the forefront.

The acceleration of growth we have seen has largely occurred late in the quarter, making it significantly stronger than what the figures for the quarter may suggest at first glance. We start the new quarter with continued strong momentum and in July our revenues exceeded MSEK 100 on an annual basis.

During the quarter we have also continued to grow in new segments and markets, and we are gradually reducing our relative dependence on individual sectors. Nowadays, the iGaming segment, which historically has been a strong revenue driver, constitutes a minority of our revenues, and more than two-thirds of our customers are active in other segments. The effort we put into developing new segments should result in a continued trend towards a broader revenue base.

At the same time, we consciously focus on attracting and developing the largest customers within each segment. Here we have seen continued positive development during the second quarter in volumes from the airline we have been cooperating with for some time. The increase is gradual and is not fully reflected in this quarter's figures, but the customer is already by far our largest revenue contributor and continues to further expand their usage at the time of writing. This development is evidence of the leverage we can gain from the absolutely largest customers, and we hope to add more similar customers. If one has a pessimistic view, it could be argued that it's a weakness that this customer now accounts for a relatively large portion of our growth. However, from a more positive perspective, I believe it demonstrates that our growth targets are fully reachable even if we only add a handful of similar customers in the coming years.

We not only hope for continued positive development in the travel segment but also believe we can replicate the success in other sectors. For example, we have high hopes for the cooperation with a well-known Swedish fintech company with over 150 million customers, mainly in Europe and the US. The cooperation concerns global usage of our software for end-user identification. Following a successful trial period that has been concluded during the second quarter we hope to now enter a revenue-generating phase. So far no agreement with fixed commitments or guaranteed revenues has been entered into, but in terms of volume, there is certainly significant long-term potential.

Profitability wise the EBITDA margin is strengthened by 21 percentage points compared to last year, and we expect continued gradual improvements looking forward. However, during quarter two, we tied up an unusually large amount of working capital, which pushed down cash flow. While it is natural to tie up working capital during strong growth phases, we still anticipate a normalization of cash flow as early as next quarter.

Summing things up I think we are in an exciting position and we continue working hard, combined with acquisitions, to achieve MSEK 500 in revenue 2025.

Kristoffer Cassel
CEO and founder, Group

The full quarterly report is now published and available on:

Webcast (Swedish)

Investors, analysts and journalists are invited to a webcast 2023-08-17 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:

An English version of the webcast will be published on the company’s website later today.

For further information, please contact:

Jonas Köpniwsky, Head of Communications Group, [email protected]

This information is information that 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 2023-08-17 07:30 CEST.

Certified Adviser Group’s Certified Adviser is Erik Penser Bank.

About Group Group creates shareholder value through capital efficient growth achieved by strong organic growth and strategic acquisitions. The Group’s advanced technologies and innovations offers a unique end to end solution that reshapes how end users checkin with products and brands online. The comprehensive framework gathers multiple hyper specialized technologies that covers every aspect of an end user’s checkin experience.

The company has its headquarters in Stockholm, Sweden, but operates and recruits globally to attract world-leading talent across the globe. Group’s share is since 2021 listed on Nasdaq First North Growth Market under the trading symbol "CHECK”. 

For more information about the company visit:

regulatory Group: Webcast of Quarterly Report Q2 2023 Thursday August 17th 08.30 CEST


Erik Selin strengthens his ownership in