Financial Overview
Net Sales and Gross Profit
Third quarter, January-March 2026
Net sales amounted to EUR 16.5 million (107.4) during the third quarter. The decrease compared to the same quarter last year is due to the difficulties Valuno faced last year, and the fact that the new revenue model has not yet taken off.
Gross profit amounted to EUR 0.3 million (2.3) during the third quarter, with a gross margin of 1.8% (2.2%). The low margin is a result of Valuno, with the low transaction volume we have handled, having to use suboptimal solutions for banking and redemption services, which have taken a higher price for their services than usual.
The period, July 2025-March 2026
Net sales amounted to EUR 52.0 million (312.1) during the period. The difference compared to the same period last year is explained by the same factors as described above regarding sales.
Gross profit amounted to EUR 0.7 million (8.4) during the period, with a gross margin of 1.3% (2.7%). The reason for the lower margin is the same factors as described above regarding the quarter.
Costs
Third quarter, January-March 2026
Other external expenses amounted to EUR -0.4 million (-1.1) during the third quarter. The decrease is an effect of cost savings during the quarter.
Personnel costs amounted to EUR -0.5 million (-1.1). The decrease is an effect of staff turnover, which has an impact during the quarter. No personnel costs have been capitalized during the quarter.
The period, July 2025-March 2026
Other external expenses amounted to EUR -2.5 million (-3.6) during the period.
Personnel costs amounted to EUR -3.4 million (-3.1).
Result
Third quarter, January-March 2026
Adjusted EBITDA amounted to EUR -0.2 million (0.1), corresponding to an adjusted EBITDA margin of -1.2% (0.1%). An adjustment for exchange rate differences has been made of EUR -0.2 million (0.3).
Depreciation and write-downs of tangible and intangible assets amounted to EUR -0.7 million (-0.4) and relate to planned depreciation of capitalized expenses for product development and other intangible assets.
Operating profit amounted to EUR -0.9 million (-0.6).
Tax amounted to EUR 0.1 million (0.0).
Net profit for the period amounted to EUR -1.2 million (0.6).
The period, July 2025-March 2026
Adjusted EBITDA amounted to EUR -4.2 million (1.7), corresponding to an adjusted EBITDA margin of -8% (0.6%). An adjustment for exchange rate differences has been made of EUR -0.1 million (-0.2).
Depreciation and write-downs of tangible and intangible assets amounted to EUR -2.2 million (-1.1) and relate to planned depreciation of capitalized expenses for product development and other intangible assets.
Operating profit amounted to EUR -6.4 million (0.4).
Tax amounted to EUR 0.2 million (0.0).
Net profit for the period amounted to EUR -6.4 million (0.4).
Financial position
Other intangible assets amount to EUR 1.7 million (1.7) and consist mainly of self-developed products. No write-downs have been charged this quarter.
Other receivables in the Group's balance sheet amounted to EUR 7.7 million (3.8) as of March 31, 2026.
Cash flow
Third quarter, January-March 2026
Cash flow from operating activities amounted to EUR -1.3 million (-5.9) during the second quarter.
Cash flow from investing activities amounted to EUR 0.0 million (-0.7) during the second quarter.
Cash flow from financing activities amounts to EUR -0.1 million (0.2).
The Group's liquid assets amounted to EUR 0.1 million (2.1) as of March 31, 2026.
The period, July 2025-March 2026
Cash flow from operating activities amounted to EUR -3.1 million (-0.6) during the period.
Cash flow from investing activities amounted to EUR 0.0 million (-0.9) during the first quarter.
Cash flow from financing activities amounts to EUR 2.2 million (-0.0).