Third quarter
- Net sales amounted to SEK 1.9 (3.9*) million
- EBITDA amounted to SEK -1.8 (-2.2) million
- EBIT amounted to SEK -8.5 (-18.0) million
- EBT amounted to SEK -10.3 (-18.8) million
- Change of Certified Adviser (CA) to Bergs Securities
*including revenues from the now divested company BizWell Sweden AB
Dear Valued Shareholders,
I hope this message finds you well. As we reflect on the third quarter, it's important to acknowledge that our financial results fell short of expectations, especially compared to the same period last year. Despite these challenges, we remain fully committed to our growth strategy and are more determined than ever as we move forward together.
This quarter, we strengthened relationships with our two key partners, laying a solid foundation for future growth. These partnerships are essential to our strategy, fostering resilient, mutually beneficial relationships that enhance innovation, market reach, and income growth.
In QBIM, we saw a reduction in income this quarter due to fewer consulting hours as we shifted focus toward developing our SaaS offerings. This transition aims to reduce our reliance on consulting revenue, building a scalable, growth-oriented income stream through SaaS solutions. Early results from pilot projects and new clients are promising, validating our approach as we head into Q4 2024.
For Cloud Explorers Solutions, short-term revenue adjustments were primarily due to a few clients opting for alternative data sources after their PRISM contracts expired. While cyclical, this trend hasn't dampened our confidence in D&B's long-term value, as they're already securing new contracts expected to impact Q4 positively. Additionally, we're seeing growth with TietoEvry, including increased revenue from internal users, product fees, and new client engagements, which I'll detail further below.
Our partnership with TietoEvry has led to successful product development, leveraging national data registers. This has led to multiple Kommunes moving from trials to commercial agreements, and we aim to expand PRISM's reach to more Kommunes. TietoEvry's sales team is also discussing our data solutions with major banking clients.
Significantly, a government client has shown strong interest in PRISM for population insights in Norway, requesting a pilot for one district with potential for national expansion. An offer has been submitted, and we're optimistic about the outcome. D&B is also working to expand our presence in Norway and Sweden, where we've submitted proposals and await feedback on legal and hosting options.
As I shared when I became CEO, my commitment is to keep you informed with transparency and only share updates when we have solid results or clear indications of success. Compliance with regulatory protocols for partner-related announcements is essential, and I appreciate your understanding.
In closing, while this past quarter brought challenges, we've made meaningful strides and are well-positioned for a strong year-end. I am grateful for the dedication of our teams in QBim and Cloud Explorers and for your trust and support. Together, we are building a future with strong potential, resilience, and sustainable growth. I look forward to what we can achieve in the coming months and years.
Sincerely,
Stephen Karl Ranson
CEO
For further information contact:
Stephen Ranson CEO
+47 99288 221,
stephen@spectrumone.com
Certified Adviser:
Bergs Securities AB (559071-6675)
Jungfrugatan 35
SE-114 44 Stockholm, Sweden
Phone: +46 8 408 933 50
www.bergssecurities.se
SpectrumOne AB (publ) is obligated to publish this information under the EU Market Abuse Regulation. The information was provided by the above contact person's auspices, for publication on November 11, 2024 at 8.30 a.m. CET.
This report is to be found on our webpage (https://spectrumone.com/investor/reports-and-presentations/)
About SpectrumOne AB
SpectrumOne is a leading technology company delivering an advanced Data Management, Analytics & Communications platform suite. Offered in a SaaS online service shipping with rich market data from various professional providers, SpectrumOne provides a unique solution to many leading actors across industry segments in various countries. Enabling clients with fast and easy access to data insight and visualization coupled with powerful search, segmentation, and mapping features. SpectrumOne allows data to be quickly enabled and operationalized, driving activities from customer communication to data science supporting business analysis, strategy, and growth. All of which can be enabled the same day with immediate results. SpectrumOne's headquarter is based in Stockholm, Sweden, responsible for Nordic sales and strategy, with additional sales and business development located in Norway, Finland and Belgium. SpectrumOne is listed on Nasdaq First North Growth Market in Stockholm.
