Apr 10, 2024

SPARK Technology A/S: Annual Financial Highlights Unaudited

Company Announcement No. 122

Spark Technology A/S (formerly SPENN Technology A/S) reports a year of financial progress and strategic growth, as detailed in our unaudited financial highlights for 2023.

2023 Financial Highlights:

  • Gross Revenue: DKK 182,311,000, an increase of 8.05% from DKK 168,729,000 in 2022.
  • Net Revenue: DKK 47,277,000, a significant increase of 54.34% from the previous year.
  • Gross Profit: DKK 36,804,000, marking a 49.54% growth from DKK 24,612,000 in 2022.
  • EBITDA: DKK -29,929,000, a decrease of 10.51% from the previous year, reflecting strategic investments for long-term growth.
  • Net Income: DKK -24,721,000, an improvement of 66.44%, indicative of improved cost management strategies.

These figures reflect our expansion in services, notably with Kazang in Zambia, and our enhancements in operational efficiency and interoperability across markets. Our transition to Spark Technology A/S and our upcoming strategic alignment with Tyrill AB set the stage for a promising 2024.

CEO Statement:

“Our transformation into Spark Technology A/S represents a new era of innovation” says CEO Jens Glaso. “The strategic shift to Spark Technology A/S, alongside our alignment with Tyrill AB, underscores our commitment to identifying new fintech opportunities and creating synergies that will drive our journey toward sustainable growth and profitability.”

Outlook for 2024:

Building on our successes, Spark Technology A/S anticipates a year of exciting opportunities as we deepen our investments in fintech and broaden our impact on financial accessibility. With a clear road to profitability and our proximity to the Swedish fintech environment, we are poised to capitalize on favorable market conditions and leverage our strategic partnerships to achieve our ambitious goals.

The Executive Management and Board of Directors have approved the 2023 financial statements on the 10th of April 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 0000

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




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