Pixfam (PIXFAM) Q3 2024 earnings summary

Executive summary

• Net revenue increased by 18% year-over-year in Q3 2024, reaching 8.62 MSEK, with cost growth limited to 6.8%.

• The group continues to focus on partner business, including a new collaboration with a major Turkish bank.

• Sosyopix, the Turkish subsidiary, reported a 24% revenue increase in Q3 compared to the same period last year.

Financial highlights

• Q3 2024 net revenue: 8.62 MSEK (Q3 2023: 7.30 MSEK); operating costs: -10.06 MSEK (Q3 2023: -9.42 MSEK).

• Q3 EBITDA: -1.21 MSEK (Q3 2023: -0.67 MSEK); operating result: -4.77 MSEK (Q3 2023: -1.84 MSEK).

• Net result after tax for Q3: -4.34 MSEK (Q3 2023: -2.12 MSEK).

• Nine-month net revenue: 30.00 MSEK (2023: 13.70 MSEK); EBITDA: -1.51 MSEK (2023: -5.95 MSEK).

• Negative operating result mainly due to goodwill and asset depreciation.

Outlook and guidance

• Q4 expected to be the strongest period, driven by Black Week and December sales.

• Continued focus on partner business and acquisition opportunities in the fragmented photo printing market.