Checkin.com Group (STO:CHECK) reports continued strong growth during the third quarter of 2021, and has during the month of October passed the milestone of MSEK 50 in annual recurring revenue.

The report in brief:

(Q3 2021 vs Q3 2020):

• Net revenue increased to KSEK 9,560 (5,595), which corresponds to a growth of 71 (71)% 
• Gross profit for the period amounted to KSEK 7,526 (4,626) with a margin of 79 (83)%
• EBITDA for the period amounted to KSEK -1,329 (1,313) with a margin of -14 (23)%
• Cash flow from operating activities amounted to KSEK -3,081 (119)
• Net cash amounted to KSEK 24,866 (6,040)
• The group tripled their sales and marketing costs, which amounted to KSEK 3 777 (1 150)

(YTD Sep 2021 vs YTD Sep 2020):

• Net revenue increased to KSEK 25,503 (15,036), which corresponds to a growth of 70 (75)% 
• Gross profit for the period amounted to KSEK 21,490 (12,350) with a margin of 84 (82)%
• EBITDA for the period amounted to KSEK 71 (2,034) with a margin of 0 (14)%
• Cash flow from operating activities amounted to KSEK 2,452 (2,441)

The full quarterly report is now published and available on https://group.checkin.com/investors/reports/

Webcast (Swedish)

Investors, analysts and journalists are invited to a webcast 2021-11-03 08:30 CET 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/q3-2021/

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

CEO Letter from Quarterly Report

Summarizing the 19th quarter since the company was founded, it feels great to acknowledge that the company has grown into a group thanks to the acquisition of GetID. We continue delivering strong organic growth at the same time as we have gotten off to a flying start in the cooperation with our new colleagues. With the GetID technology, our offering is even stronger than previous quarters and the demand for our software remains strong. We have also opened the fourth quarter strongly and at the time of writing we have passed the milestone of SEK 50M in annual recurring revenue. 

At the same time as we are growing rapidly in terms of turnover, we are continuously and methodically building a global SaaS solution from the ground up. We must dare to think long term. Hence we have tripled our Sales and Marketing investments during the quarter compared to the previous year, this initiative has moved forward in a good way but still needs to be assessed over several quarters. Short term EBITDA will be pushed down and is around zero for this year so far.

Even though the new sales organization needs additional time to reach full capacity I note that customer acquisition during Q3 has been positive and that several important agreements have been signed. Here I must especially highlight the agreement with Ryanair, but we have also seen nice development in general. 

The most significant event during the quarter is of course the acquisition of GetID. I think the acquisition is very representative of what we are looking for and we will continuously work hard identifying additional acquisition candidates among technology leading companies with the same business logic. If we succeed in identifying similar acquisitions going forward, we will continue to expand our technical lead while also creating additional shareholder value.

As important as the acquisition itself is the effort of building an efficient group that makes use of the opportunities that our acquisition strategy creates. On that note, the integration of GetID has gone much faster than expected, both technically as from an organizational point of view. It is incredibly gratifying to work with teams that are both ahead technically and used to moving quickly and the collaboration has, as earlier stated, gotten off to a flying start. Thanks to the speed in the organization we already have joint volumes and see a strong demand for innovative hybrid solutions that takes advantage of Checkin.com’s full product offering.

A specific example of this is our offering on the newly regulated Dutch iGaming market. At the end of the quarter Betcity went live as our first partner on this market, and we also have deals with additional partners. Our solution offers them good business opportunities and the revenue from the Netherlands alone should be able to significantly contribute to growth during the coming quarter. Adding to that, Betcity was by far the groups largest partner during October.

As we put another quarter behind us I can state that our financial position is good, with a strong core business with high margins. This enables continued investments. We try to build a company that moves both quickly and long term, thereby creating sustainable shareholder value. I think Q3 is a great example of this.

Kristoffer Cassel
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 CET on 03 November 2021.

Certified Adviser

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

Checkin.com 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 consumers checkin with products and brands online. The comprehensive framework gathers multiple hyper specialized technologies that covers every aspect of a consumers checkin experience.

The company has its headquarters in Stockholm, Sweden, but operates and recruits globally 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/