Huddlestock Fintech (HUDL) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue grew 16% sequentially to NOK 18.0 million, driven by 8% laaS/IaaS and 23% Consulting growth.

• EBITDA loss improved to NOK -5.8 million from NOK -6.9 million in Q3 2024 and NOK -8.0 million in Q4 2023.

• Net result was negative NOK 17.3 million, a significant improvement from negative NOK 41.1 million in Q4 2023.

• Full-year 2024 operating income was NOK 71.5 million, nearly flat year-over-year after adjusting for divestments.

• Revived growth in both consulting and laaS/IaaS businesses, with a revised three-pillar strategy for 2025.

Financial highlights

• Revenue: NOK 18.0 million in Q4 2024, up 16% from Q3 2024 and down 20% from Q4 2023 (which included divested F5IT).

• EBITDA: NOK -5.8 million, improved both sequentially and year-over-year.

• Net result: NOK -17.3 million, a marked improvement from NOK -41.1 million in Q4 2023.

• Operating expenses increased 6% to NOK 23.8 million, mainly due to year-end account settlements.

• Cash position at period-end: NOK 10.9 million.

Outlook and guidance

• Short-term ambition to achieve EBITDA-positivity.

• Entering 2025 with optimism and a revised strategy focused on three business verticals and partnerships.

• Accelerated market entry into Germany with local partners AVL and Tradevest to meet demand for digital financial solutions.