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Quarterly Report Q2 2022: Group (STO:CHECK) reports a growth in revenue of 111%

The report in brief:

(Q2 2022 vs Q2 2021):

  • Net revenue increased to KSEK 17,585 (8,323) which corresponds to a growth of 111 (72)%, of which 75 (72)% was organic
  • Gross profit for the period amounted to KSEK 14,705 (7,215) with a margin of 84 (87)%
  • EBITDA for the period amounted to KSEK -21 (-10) with a margin of 0 (0)%
  • Cash flow from operating activities amounted to KSEK -3,779 (901)
  • Net Revenue Retention LTM amounted to 137 (151)%
  • Cash and cash equivalents amounted to KSEK 50,066 (61,066)

The full quarterly report is now published and available on:

Webcast (Swedish)

Investors, analysts and journalists are invited to a webcast 2022-08-25 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.

CEO Letter from Quarterly Report

The first year as a listed company is now in the books and it feels good that we have stacked strong quarters on top of each other since being listed. Also in this quarter we deliver high and increasing growth. During the second quarter we increased net revenues by 111% compared to the same period last year and the pace during the quarter equals a yearly turnover of about MSEK 70. 

The tailwind we have from long-term macro trends puts us in a very fortunate position. With the exception of the regulated German iGaming market, which is increasingly challenging from a regulatory perspective, the quarter showed continued strong demand from all our partner segments. The worsening situation in the world has not yet been reflected among our partners and the nice development we have seen in the beginning of 2022 actually puts us slightly above the level needed to reach our long-term target of half a billion in net revenues for the full year 2025.

Looking long-term it is our unique and high-quality software that determines our growth and enables a continued high gross margin. We have therefore continued our investments in research & development during the quarter. Our heavy investments should not only be regarded from a technical point of view, but also build the foundation for a profitable and scalable business. The technology investments made in this quarter will foremost be noticed during the coming years, but our strong scalability also adds to the results short-term. The gross margin of around 85% enables our capital efficient growth and we should see a positive and gradually strengthened EBITDA-margin already during the second half of this year.

This August we passed the anniversary of the acquisition of GetID and during the first half of 2022 we have worked hard to fully finalize the integration of the technology and the fantastic co-workers we added through our acquisitions. The strength in combining the acquired technologies with our own is significant and the hybrid software we now are developing together should reach full commercialization by the end of 2022 and beginning of next year. 

Strengthened by the experience from the two acquisitions we carried out during 2021 we look for additional opportunities, despite a turbulent market. If we can increase our technological lead by adding cutting-edge technology within specific areas in a similar way we will be able to create clear shareholder value by acquisitions also going forward. Here we hope for a somewhat more stable macro situation, since it is almost impossible to carry out an acquisition when values and multiples move significantly. We are however lucky enough to have an organic growth of 75% during the quarter, which provides us the confidence to wait for the right moment. 

We have during the previous quarters invested aggressively to drive growth but lifted a bit on the throttle during this quarter. We continue investing heavily in absolute numbers, but the costs are somewhat leveling out compared to the net revenues. The momentum we feel gives us confidence in continuing to build the sales organization methodically, and over time it is reasonable to assume that the costs of sales and marketing will stabilize around 25% of net revenues. 

We have also started preparing for a more visible local presence on the North American market, an effort that will continue during the autumn. Already before the end of the year we believe that revenue from the North American market will contribute materially to our growth, something we see early signs off at the time of writing. 

Summing things up, we are grateful to come back from vacations to this starting position and we are looking forward to continuing our journey on the chosen path for the rest of the year.

Kristoffer Cassel
CEO and founder, Group

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 2022-08-25 07:30 CEST.

Certified Adviser Group’s Certified Adviser on Nasdaq First North Growth Market is Erik Penser Bank AB, +46 8463 83 00, [email protected].

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”. 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:

regulatory Group: Webcast of Quarterly Report Q2 2022 Thursday August 25th 08.30 CEST


Exercise of warrants related to employee stock option program