Kurs & Likviditet
Beskrivning
| Land | Norge |
|---|---|
| Lista | Euronext Growth Oslo |
| Sektor | Informationsteknik |
| Industri | Programvara |
21.3.2024 15:00:01 CET | Spotlio AS | Additional regulated information required to be disclosed under the laws of a member state
(Oslo, 21 March 2024) Spotlio AS (Spotlio, Euronext Growth Oslo: SPOT) a leader in destination digital technology, reported revenues of $2.7 million for the third quarter of the fiscal year 2024, ending on 31 January 2024. The reported EBITDA for the quarter was -$0.3 million which represents an improvement of $0.5 million year-over-year. Net cash flow from operating activities was $0.2 million for the quarter with a positive net change in cash during the quarter.
Spotlio is also pleased to announce that it has received binding commitments from certain existing shareholders and key management team members in relation to a new debt facility with a total loan amount of approx. $1.7 million. The new debt facility will be structured as a senior secured loan with 12 months maturity, and will be used towards the financing of working capital needs and general corporate purposes. It can be drawn, at the company’s discretion, in three equal tranches over the next 6 months. The interest on the drawn loan amount will accrue at 12% p.a. There are no warrants or other equity-linked instruments attached to the debt facility, as such representing a non-dilutive financing for the company. Furthermore, other terms and conditions of the debt facility are deemed to be in-line with market practice for loans of this type, including standard pre-payment and change of control provisions. The debt facility will be subject to final board approval (taking into account applicable competence rules) and documentation.
During the third quarter, the relentless focus on cost rationalization measures led to a 24% reduction in personnel and other operating expenses compared to last year. At the end of the quarter, Spotlio undertook a further strategic restructuring, culminating in successfully executing initiatives projected to save an additional approx. $1.2 million annually.
"The recent period has been eventful for us, with the forging of new partnerships and client commitments. As the summer season draws near, we're especially excited about our pipeline of opportunities within the Parks & Attractions sector to kickstart our summer offerings across the United States and Europe," stated Christian Erlandson, CEO of Spotlio.
Erlandson further commented, " Our strategic endeavors in cost management and operational efficiency have significantly reduced our cash burn. By continuously refining our operations and seeking new avenues for growth, all while prioritizing financial stability, we're setting our sights on sustainable, long-term profitability."
Disclosure regulation
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Contacts
- Christian Erlandson, CEO, +44 7795953849, christian.erlandson@spotlio.com
- James Price, CFO, Spotlio AS, +34 972 001 021, james.price@spotlio.com
About Spotlio AS
Spotlio AS is a trailblazing force in destination digital technology, offering tailor-made solutions - from apps to e-commerce, and almost everything in between - that redefine the way consumers interact with resorts, parks, and attractions. With a decade-long legacy of excellence, Spotlio empowers clients with innovative white label digital solutions and pricing services, fostering connections and enhancing experiences on a global scale.