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Quarterly Report Q3 2022: Group (STO:CHECK) reports strengthened profitability and cash flow

The report in brief:

(Q3 2022 vs Q3 2021):

  • Net revenue increased to KSEK 17,057 (9,560) which corresponds to a growth of 78 (71)%, of which 52 (56)% was organic.
  • Gross profit for the period amounted to KSEK 14,446 (7,526) with a margin of 85 (79)%.
  • EBITDA for the period amounted to KSEK 2,308 (-1,528) with a margin of 14 (-16)%.
  • Cash flow from operating activities amounted to KSEK 3,212 (-2,983).
  • Net Revenue Retention LTM amounted to 132 (138)%.
  • Cash and cash equivalents amounted to KSEK 47,491 (27,883).

The full quarterly report is now published and available on:

Webcast (Swedish)

Investors, analysts and journalists are invited to a webcast 2022-11-16 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:

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

CEO Letter from Quarterly Report

I believe the third quarter shows both the strength of our scalable business model and confirms our thesis about great synergies with the technologies we have acquired for the group. We are able to deliver decent turnover figures and greatly improved profitability whilst experiencing a tough head-wind in Germany. New tough regulations hit our partners in this important market, which in turn causes us to lose volumes. Despite this, total revenue was already in September back to our highest month ever. The strong general tailwind and the fact that our customers are generally expanding their use of the software means that the quarter ends with positive momentum. At the time of writing, our run rate is just above MSEK 75 in revenue on an annual basis.

The combination of a scalable business model, a gross margin of 85% and synergies realized from the acquired technologies we integrated into the software means that the EBITDA margin takes proper steps up and lands at +14%, up from 0% the quarter before, and from -16% the same period last year. On the bottom line, profitability also improves significantly as well as cash flow. The positive operating cash flow closes at MSEK +3.2 for the quarter and we are now close to being able to fully finance growth-driving investments with the operating cash flow. I have previously said that we expect profitability to strengthen step by step, an expectation that remains for the coming quarters as well.

In the previous CEO Letter I wrote that ”With the exception of the regulated German iGaming market, which is increasingly challenging from a regulatory perspective, the quarter [Q2] showed continued strong demand from all our partner segments.” We continue to see strong general demand, but our partners with a majority of their volume from the German iGaming market have during Q3 scaled back their operations even more and in some cases left the market entirely. While the general partner base has grown steadily over time, the Germany-focused partners have decreased by over MSEK 1.4 in revenue in the quarter alone compared to Q2. We usually have tailwind of macro trends and regulation, but in this particular case the harsh German regulation hits our customers, which in turn hits our volumes. At the same time, the rapid shift means that the band-aid is, so to speak, to a large extent removed in terms of revenue, and we are in a good position product-wise and commercially when the market turns. With glimmers of light such as Bet-at-home going live with our software during the quarter and that we continued to receive new forward-looking contracts, even the regulated German iGaming market should be able to turn from a sinker to a motor looking forward.

The remaining key markets have developed all the more positively and we have also taken several steps to seriously add a presence on the long-term important North American market. On the one hand, we have started building a local American sales team with our first local recruitment, and on the other hand, after the end of the quarter, we have gone live with a number of partners. The effort to increase our presence on the North American market will continue step by step and we believe that revenue from this market will contribute in a material way to our growth already next quarter.

Strengthened by the experience from the two acquisitions we carried out and the synergies we have managed to materialize, we are looking at further opportunities, despite a turbulent market. Here we hope for a more stabilized macro situation, as it has continued to be almost impossible to complete a deal when valuations and multiples have moved violently. Further acquisitions should be able to open up more synergies, increase our technological leadership and thereby create clear shareholder values. Acquisitions are also an important leg in reaching our financial target of 86% annual growth including acquisitions, and thus MSEK 500 in net revenue in 2025.

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 2022-11-16 07:30 CET.

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 Q3 2022 Wednesday November 16th 08.30 CET


Exercise of warrants related to employee stock option program