ZignSec (ZIGN) Q3 2024 earnings summary

Executive summary

• Net revenue for Q3 2024 was SEK 21.7 million, unchanged year-over-year, with EBITDA improving to SEK -1.0 million from SEK -5.4 million due to lower personnel and consulting costs.

• G2 Acquisition Inc. made a public cash offer for all shares and warrants, later controlling over 94% of votes and capital, with plans to delist and acquire remaining shares.

• Agreements signed with Vivino and Ninja Casino to provide KYC and customer verification services, expanding reach and validating product offerings.

• Achieved a milestone of 400 monthly invoiced customers, the highest to date, despite challenges in the South American KYC segment.

Financial highlights

• Net revenue for Q3 2024 was SEK 21.7 million, flat year-over-year; EBITDA improved to SEK -1.0 million from SEK -5.4 million.

• Operating loss (EBIT) for Q3 was SEK -17.4 million, compared to SEK -24.8 million last year.

• Cash and cash equivalents at quarter-end were SEK 20.6 million, up from SEK 9.4 million a year ago.

• Operating cash flow for Q3 was SEK -1.5 million, an improvement from SEK -7.7 million in Q3 2023.

• Earnings per share for Q3 was SEK -0.087, compared to SEK -0.370 in Q3 2023.

Outlook and guidance

• Focus remains on growth and achieving positive operating cash flow, with continued investment in platform development and advanced features.

• Strategic diversification across sectors and geographies is expected to support operational stability amid market fluctuations.