Safello

Stockholm, 15 November, 2024 | Today, Safello Group AB (“Safello”) publishes the company’s interim report for the third quarter (1 July–30 September) 2024. The report is attached hereto and can be found on https://safello.com/investors/reports.

Summary of the third quarter (Jul-Sep 2024)

• Net turnover increased by 25 % and amounted to SEK 143.2 million (115.0).
• Gross profit increased by 27 % and amounted to SEK 9.3 million (7.3)
• Operating profit/loss before depreciation and amortization (EBITDA) amounted to SEK -0.4 million (-1.5).
• Operating profit/loss amounted to SEK -0.9 million (-3.4).
• Net profit/loss in the period amounted to SEK -0.9 million (-3.5).
• Earnings per share based on the average number of shares (20,449,600 shares) amounted to SEK -0.05 (-0.17).
• Earnings per share based on the average number of shares after potential dilution (21,572,847 shares) amounted to SEK -0.04 (-0.16).
• The number of orders decreased by -9 % to 41,159 orders (45,128). 
• Average buy order value amounted to SEK 2,205 (2,023) and increased by 9 %, and average sell order value amounted to SEK 10,753 (7,177) and increased by 50 %, hence the increased turnover despite fewer orders.
• The number of total active users amounted to 22,926 (25,703) and new active users amounted to 5,141 (7,568). 

Summary of the first nine months (Jan-Sep 2024)

• Net turnover increased by 35 % and amounted to SEK 525.7 million (389.2).
• Gross profit increased by 21 % and amounted to SEK 32.0 million (26.4), including a profit from the sale of long-term crypto assets of SEK 1.5 million (0.0). Why gross profit increased less than the net turnover is primarily due to increased costs for transaction fees to payment service providers, which is a result of the efforts to strengthen the financial infrastructure of the platform.
• Operating profit/loss before depreciation and amortization (EBITDA) amounted to SEK 2.4 million (-2.1).
• Operating profit/loss amounted to SEK 1.4 million (-2.7). 
• Net profit/loss in the period amounted to SEK 1.9 million (-2.7).
• Earnings per share based on the average number of shares (20,449,600 shares) amounted to SEK 0.09 (-0.13).
• Earnings per share based on the average number of shares after potential dilution (21,848,199 shares) amounted to SEK 0.09 (-0.12).
• The number of orders decreased by -13 % to 133,848 orders (153,357).
• Average buy order value amounted to SEK 2,359 (1,944) and increased by 21 % and average sell order value amounted to SEK 12,971 (8,481) and increased by 53 %.
• The number of total active users amounted to 59,147 (68,878) and new active users amounted to 15,108 (23,871). 
• The Group had a cash balance of SEK 16.0 million (SEK 17.3 million December 31, 2023) at the end of the third quarter and in addition 12.8 BTC (17.8) and 111.8 ETH (110.2) in liquid crypto assets. The book value of the crypto assets was SEK 8.2 million (9.7) and the market value was SEK 11.3 million (10.1) as of the end of the third quarter, corresponding to an unrealized profit of SEK 3.1 million (0.4) at the end of the quarter. The change in book value during the period is mainly due to the parent company liquidating 5 BTC, resulting in a profit of SEK 1.5 million (0.0).

Significant events during the third quarter

• No significant events during the quarter.

Other events in the quarter

• In September, Safello entered into an agreement with TRUST, a secure infrastructure designed to meet the requirements as the so-called 'Travel Rule' is extended to include crypto transactions. This step is an important part of Safello’s efforts to ensure regulatory compliance and protect customer data and privacy.
• In September, Safello launched Auto-Save, a new feature that enables automated crypto investments. Auto-Save is a strategic launch aimed at strengthening Safello’s revenue base through recurring crypto purchases, while reducing customers' transaction costs and enhancing long-term customer loyalty.

"For the third quarter of the year, Safello reports steady turnover growth of 25 % and an increase in gross profit of 27 %. Safello has invested resources in regulatory implementation and launched a feature for recurring purchases and monthly savings in cryptocurrencies on the platform. We are ready to meet increased demand for crypto investments and are positioning ourselves for expansion to other markets in 2025," says Emelie Moritz, CEO of Safello.

For environmental and cost reasons, Safello Group AB has decided not to print the report. A printout may be distributed to shareholders upon request.

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This information is such that Safello Group AB is required to disclose in accordance with the EU Market Abuse Regulation. The information was provided by the contact person below, for publication at 08.00 CET on 15 November 2024.

For more information, please contact
Viktoria Berglund Blohmé, Head of Finance, ir@safello.com

Certified Adviser
Amudova AB is Safello’s certified adviser.

Safello is the leading cryptocurrency exchange in the Nordics, with over 384,000 users. The company is empowering financial independence by making crypto accessible to everyone. Safello offers a secure way to buy, sell and store crypto in seamless transactions at industry-leading speeds. Operating in Sweden, Safello has been registered as a financial institution with Finansinspektionen (Swedish Financial Supervisory Authority) since 2013 and is listed at Nasdaq First North Growth Market since 2021. For more information visit www.safello.com.