Hubbster (HUBS) Q2 2024 earnings summary

Executive summary

• Net sales for Q2 2024 were 7.8 MSEK, slightly down from 8 MSEK in Q2 2023, with a net loss after tax of -2.8 MSEK, an improvement from -3 MSEK last year.

• Annual Recurring Revenue (ARR) increased to 17 MSEK from 15.6 MSEK year-over-year.

• The group is undergoing a strategic shift to focus on data-driven insights and recurring survey services, aiming for profitable growth.

• A major international delivery was postponed to Q4, impacting Q2 revenue.

Financial highlights

• Net sales for H1 2024 reached 15.7 MSEK, up 23% from H1 2023 and 92% from H1 2022.

• Operating result for H1 2024 was -4.8 MSEK, a 30% improvement from H1 2023.

• Cash flow after financing in Q2 was -0.2 MSEK, with cash at period end at 0.2 MSEK.

• Number of employees and consultants remained stable at 26.

Outlook and guidance

• The company expects to strengthen its balance sheet and invest in platform development, marketing, and AI, supported by a planned rights issue in autumn 2024.

• Aggressive but realistic growth and profitability targets are set for subsidiaries.