ZignSec

First quarter in summary

• Net revenue amounted to SEK 22.1 (24.3) million, a decrease of 9% compared with the corresponding quarter the year before.
• EBITDA amounted to SEK -5.5 (-3.6) million.
• Cash and cash equivalents amounted to SEK 15.0 (13.1) million.
• Equity amounted to SEK 193.8 (261.5) million.

Significant events during the first quarter

• ZignSec has appointed Daniel Grech as Chief Technology Officer (CTO). In this role, Daniel will lead the technology strategy and development efforts for the group, including subsidiaries Web Shield and Wyzer.

Significant events after the end of the first quarter

• Glenn Mac Donald has been appointed as the new CEO for the group, the change is made to allow an increased focus on sales and growth in the group with the company's best interests in mind.

• ZignSec has decided to implement measures for cost savings and efficiencies which are estimated to reduce the group's costs by SEK 14 million annually.

• ZignSec has been granted a Limited Use Authorization as a FinTech Entity by India's International Financial Services Centers Authority (IFSCA). ZignSec is currently the only company offering KYC services in the IFSCA sandbox program.

A comment from the CEO Glenn Mac Donald: 

During the first quarter, we generated net sales of SEK 22.1m (SEK 24.3m). We see that we are slowly recovering from the revenue loss caused by the conflict in Ukraine, and as part of our commitment to sustainable growth and higher efficiencies, we have implemented a re-organization strategy to improve profitability and cash flow, as well as optimizing our operations.

For more information, please contact:

Glenn Mac Donald, CEO

Tel: + 31 647192622

glenn.macdonald@zignsec.com

Alexander Albedj, Chairman of the Board

Tel: +46 76 221 30 75

alexander.albedj@zignsec.com

ABOUT ZIGNSEC GROUP

ZignSec Group, consisting of ZignSec, Web Shield, and Wyzer, is a leading provider of compliance solutions for the digital economy. The group assists businesses to efficiently comply with Know Your Customer (KYC) and Know Your Business (KYB) regulations at the onboarding stage and beyond, by providing solutions that enhance security and establish trust for both clients and their end-users.

Nasdaq First North (ZIGN)

Certified Adviser: Eminova Fondkommission AB, Phone: +46 8 684 211 00