Greenmerc (GMERC) Q4 2024 earnings summary

Executive summary

• Achieved record revenue and profitability in 2024, with a 410% increase in Q4 revenue year-over-year and 259% growth for the full year.

• Completed acquisitions of Northcrypto Oy and Finture AB, expanding Nordic market presence.

• Listed on NGM and proposed a dividend of 0.10 SEK per share and a share buyback program totaling 1.90 MSEK.

• Customer base grew to 60,904, with 13,102 new customers added during the year.

Financial highlights

• Q4 net revenue: 388.97 MSEK (up 410% YoY); full-year net revenue: 686.69 MSEK (up 259% YoY).

• Q4 EBITDA: 7.42 MSEK (up 450% YoY); full-year EBITDA: 12.04 MSEK (vs. 0.24 MSEK prior year).

• Q4 net income: 7.19 MSEK (vs. -1.46 MSEK YoY); full-year net income: 11.78 MSEK (vs. -3.24 MSEK YoY).

• Q4 operating cash flow: 4.53 MSEK; full-year operating cash flow: 13.54 MSEK.

• Q4 period cash flow: -4.93 MSEK (impacted by acquisitions); full-year period cash flow: 10.46 MSEK.

Outlook and guidance

• Anticipates further growth with MiCA regulation in 2025, aiming for broader European expansion.

• Will change revenue recognition from Q1 2025 to report net margin as net revenue for improved transparency.