29.8.2024 07:00:00 CEST | Huddlestock Fintech AS | Additional regulated
information required to be disclosed under the laws of a member state

Huddlestock Fintech AS ("Huddlestock") reports total operating income of NOK 18
million for the second quarter, compared to NOK 20 million in the first quarter
2024. Staffing changes resulted in a weaker quarter for Consulting, while
Investment-as-a-Service saw a healthy 7% organic revenue increase. Personnel
costs were reduced 14% compared to the first quarter 2024 while other Operating
expenses saw an increase related to financing and restructuring activities set
to force in the period. This resulted in a negative EBITDA of NOK 6 million for
the second quarter 2024.

In 2023, Huddlestock completed three acquisitions and one divestment resulting
in significant changes to its business model. In the first quarter 2024, a new
CEO and CFO roles were established setting into force initiatives for cost
control and cost reduction which are expected to show visible effects in the
second half of 2024 and into 2025. Coupled with enhanced sales activities and
technology development and integration from acquisitions, the company has a
short-term ambition of turning EBITDA-positive.

"We are taking steps in the right direction" says Leif Arnold Thomas, CEO of
Huddlestock. "As we are confident in our technology and market, we are still in
a transition phase of streamlining and consolidation to unlock Huddlestock's
full potential. Effects of the hard work laid down in the first half of the year
is expected to become visible in the second half 2024 and into 2025."

Huddlestock will continue to defend its unique position with the only end-to-end
Investment-as-a-Service offering. The company operates in a self-reinforced
growth market defined by more investors, evolving preferences, and more
investment platforms. By gradually consolidating technology from its
acquisitions to one platform and making the offering available in existing
geographical markets, the company enables up- and cross-selling to an existing
combined customer base while attracting new customers. Beyond its existing
markets, the company sees a major market opportunity in Europe and particularly
Germany where it continues to pursue opportunities which can enable an
accelerated market entry. 

For the first half year, total operating income amounted to NOK 39 million. This
was a decrease from NOK 46 million in the first half 2023, in large related to
the strategic divestment of Huddlestock solutions in Q4 2023 which contributed
to NOK 9 million of revenue in the first half 2023. EBITDA for the first half of
2024 came in at negative NOK 9 million, compared to negative NOK 4 million in
the same period last year.

At period end, the company had a cash position of NOK 10 million and continues
its work to identify potential financing partners to support its strategy
including non-organic growth.


Presentation and Q&A 
Huddlestock's Chairman of the Board, Øyvind Hovland, and the CEO Leif Arnold
Thomas, will host webcast presentations of the results in Norwegian and English
today, followed by Q&A sessions (10:00 CEST in Norwegian / 12.00 CEST in
English).

To participate, please register your interest with 
investorrelations@huddlestock.com



DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

CONTACTS

 * Leif Arnold Thomas, Chief Executive Officer, Huddlestock Fintech AS, +47 982
   15 520, leif.thomas@huddlestock.com 

ABOUT HUDDLESTOCK FINTECH AS

Huddlestock is an innovative technology software provider through its
Investment-as-a-service offering, with full operational service support and a
leading financial Consultancy services business. We deliver innovative and
sustainable technology and operational solutions to companies offering financial
products and services.

Find out more at huddlestock.com - https://www.huddlestock.com/

ATTACHMENTS

Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17848032/18218092/4907/Download%20announce
ment%20as%20PDF.pdf

Huddlestock - Q2 and H1 2024 Presentation_FINAL.pdf -
https://kommunikasjon.ntb.no/ir-files/17848032/18218092/4905/Huddlestock%20-%20Q
2%20and%20H1%202024%20Presentation_FINAL.pdf

Huddlestock Fintech AS - Second quarter and first half 2024 report_FINAL.pdf -
https://kommunikasjon.ntb.no/ir-files/17848032/18218092/4906/Huddlestock%20Finte
ch%20AS%20-%20Second%20quarter%20and%20first%20half%202024%20report_FINAL.pdf