My Beat (MYBEAT) Q4 23/24 earnings summary

Executive summary

• Net sales for Q4 increased to SEK 2,788k from SEK 2,083k year-over-year, with full-year sales up 54% to SEK 11,348k, driven by the Karma acquisition.

• Gross profit rose 45% quarter-over-quarter, and operating loss improved by SEK 703k, though still negative at SEK -1,149k.

• Extraordinary financial income of SEK 4.32m from debt write-off post-Karma acquisition led to a positive EBIT of SEK 2.7m for the quarter.

• Integration of Karma Mobil AB completed; Jens Pettersson appointed as interim CEO and Erik Vennerlund as new sales manager.

• Capital strengthening and restructuring of sales strategy, pricing, and product portfolio implemented, effective from Q1 2024.

Financial highlights

• Q4 net sales: SEK 2,788k (Q4 22/23: SEK 2,083k); full-year: SEK 11,348k (prior year: SEK 7,524k).

• Q4 operating result: SEK -1,149k (Q4 22/23: SEK -3,675k); full-year: SEK -7,570k (prior year: SEK -11,105k).

• Q4 net result: SEK 2,409k (Q4 22/23: SEK -4,698k); full-year: SEK -5,127k (prior year: SEK -12,350k).

• Cash flow from operations Q4: SEK -1,209k (Q4 22/23: SEK -2,236k); cash at period end: SEK 879k.

Outlook and guidance

• Management expects the restructuring and capital injection to provide a solid foundation for profitable growth and scaling from Q1 2024.

• New sales organization and product/pricing strategy anticipated to drive future performance.