SPARK Technology A/S: Financial Results 2023
Company Announcement No. 133
SPARK Technology A/S reports financial development as detailed in the Annual Financial Report 2023.
SPARK Technology A/S reports financial development as detailed in the Annual Financial Report 2023.
2023 Financial Highlights – SPARK Group:
Gross Revenue: DKK 180,344,000 compared to DKK 168,729,000 in 2022
Net Revenue: DKK 25,473,000 compared to DKK 30,631,000 in 2022
Gross Profit: DKK 24,240,000 compared to DKK 24,612,000 in 2022
EBITDA: DKK -26,500,000 compared to DKK -33,444,000 in 2022
Net Income: DKK -138,071,000 compared to -73,660,000 in 2022
Basic earnings per share: DKK -5,26 (In 2022 DKK -0.03)
Fully diluted shares outstanding: 26.249.562 (In 2022 2.520.000.000)
Total assets at year-end: DKK 157.518.000 (In 2022 277.900.000)
Total shareholder equity at year-end: DKK 61.766.000 (in 2022 186.400.000)
The SPARK Group continues to build on its target of break even with revenue for the year increasing to DKK 180,3 million, up from DKK 168.7 million in 2022 and from DKK 18.2 million in 2021. Kazang leads the growth in revenue, contributing with DKK 169.8 million to the group’s gross revenue for the period. DKK 10,5 million is represented by the group’s other subsidiaries.
Net revenue for the period was DKK 25.5m resulting in a DKK 5.2m decrease from revenue for 2022 which was DKK 30.6m but high increase compared to 2021 which was DKK 3.3 million. For 2023, EBITDA ended with DKK –26.5m, an improvement from 2022 with its DKK -33.4m as well as from 2021 with DKK -63.4m. Driven by increased in other income and a decrease in employee expenses. The SPARK Group reported a net loss of DKK 138 million in 2023 compared to a loss of DKK 73.6m in 2022 and DKK 1.8m – driven by the impairment expense of JengaX.
Kazang Zambia has continued its growth in 2023, with gross profit for the year increasing 33% compared to 2022. This growth has been fuelled by continued POS machine deployment in the market, combined with a strong organic growth of transaction volume. EBITDA for 2023 was DKK 13.5m, an increase of 38% compared to 2022.
Outlook for 2024
With the onset of 2024, SPARK Technology A/S stood at a crucial crossroads. Over the past year, we have implemented significant strategic changes that have reshaped the direction of the company. The most notable was the divestment of our subsidiaries, a move reflecting our adaptability to changing market conditions and our commitment to maximizing shareholder value.
Following this divestment, the company has undergone rebranding and now operates under the name SPARK Technology A/S. This new identity signals a renewed commitment to innovation within financial technology and inclusion, reflecting our ambition to be a catalyst for change in the sector.
Looking ahead to 2024, SPARK Technology A/S will look for investments and transactions in the fintech sector. Our goal is to identify and capitalize on new opportunities that can leverage on the knowhow and experience from many years in the fintech industry and within financial inclusion, especially in markets traditionally underserved by financial services. We are confident that the company’s expertise and our commitment will lead to new solutions and developments.
In 2024, we will seek to build on the strong foundations we have established and explore strategic partnerships and collaborations that can accelerate our growth and extend our reach and to navigate the dynamic landscape of global finance.
We look forward to a year filled with opportunities and are thankful for the ongoing trust and support from our shareholders and partners as we embark on this new journey with SPARK Technology A/S.
The Executive Management and Board of Directors have approved the 2023 financial statements on the 16th of August 2024.
Please find the full report attached to this company announcement.
Certified Adviser
Company’s Certified Adviser is Baker Tilly Corporate Finance P/S (CVR-nr. 40073310), Poul Bundgaards Vej 1, 1., DK-2500 Valby, tlf. +45 3345 1000
For further Information, please contact:
Jens B. Glaso, CEO SPARK Technology A/S. Phone +47 40 40 47 50, e-mail: [email protected]
SPARK Technology A/S
CVR nr.: 26518199
Njalsgade 76, 4.
2300 København S
Tel: +45 8830 000
About SPARK Technology A/S
In a world where 1.7 billion people are still unbanked, SPARK Technology has democratized access to financial markets by bridging the crypto sphere with traditional finance. By utilizing blockchain technology the company has created a robust real-time payment system in which everyone can manage their savings, payments, investments and loans in an honest, transparent and secure way through the SPENN App platform. Although SPARK Technology A/S is a purpose-driven company with our vision to empower people, we are also a commercial player that always strives to develop new services for our customers.
The SPENN app is an innovative and unique digital banking platform for the unbanked as well as the banked to be able to send and receive money completely cost-free, in markets where the cost of financial services is the highest in the world. SPENN is disrupting the existing mobile payment distribution channels. SPENN has launched new integrated services in the platform and expects to launch more crypto services going forward.
SPARK Technology is a technology provider to banks and governments based on a Software as a Service (SaaS) solution and has grown to become a key partner for their bank partners to drive deposits and to stay in front of innovation. SPARK Technology is helping governments regulate the unregulated utilizing new technology and visionary ideas which have ultimately solved the biggest issue within financial inclusion.
SPARK Technology A/S (under the name SPENN Technology) is listed on the Nasdaq First North Growth Market Denmark and on OTCQX in USA.
Ticker codes:
Europe – Nasdaq First North: SPENN
USA – OTCQX: SPNNF
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