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Bricknode announces measures to accelerate path to profitability
- Reducing fixed and variable costs by approximately 40%
- Exploration of financing related to acting on the previously announced opportunity to register a regulated securities firm
Following years of investment and development in Bricknode's product suite, the company will continue its primary focus on sales and marketing efforts going forward. Bricknode has developed an extensive product platform and completed a core technology upgrade in June 2022, that will sustain growth into the future.
Bricknode will continue with plans to establish a subsidiary with a securities license, as announced in May (https://www.bricknode.com/investors/press-releases/view?releaseIdentifier=398AD18244745DD4), which will drive further efficiencies for the company and incremental sales pipeline.
"To achieve our goal in reaching profitability, we are taking necessary steps to streamline our business in the face of a challenging global investment market," said Stefan Willebrand, Founder and Co-CEO of Bricknode. "These changes are being implemented to support a sustainable growth strategy and ensure the long-term success of our company."
"The cost savings and operational efficiencies being announced reinforce our commitment to reaching profitability by the middle of next year," said Erik Hagelin, Co-CEO and CFO at Bricknode. "We have built up an impressive sales pipeline and these measures will help support us as we continue to develop opportunities with longer sales cycles."