Mar 18, 2022

Financial Results 2021: Delivering on growth, net loss 21% better than forecast

SPENN Technology reached its targets for 2021, delivering on revenue growth and operating result.

Company Announcement No. 83

SPENN performed significantly better than forecasted. Operating expenses supporting the company’s growth increased according to plan, but the budgeted loss came in 21% better than previously guided.

Net income for the SPENN Group in the year was better than forecasted due to the sale of subsidiary CPH Crypto A/S and investments in JengaX AS.

The SPENN Group’s revenue amounted to DKK 18.2 million in 2021, up from DKK 0.5 million in 2020. Increase in revenue was driven by Kazang Zambia Ltd, which contributed with DKK 17.2 million to group revenue in 2021. Other subsidiaries contributed with revenues of DKK 1 million.

The SPENN Group reported a loss of DKK 48.4 million in 2021 compared to a loss of DKK 24.9 in 2020, mainly driven by an increase in operating expenses to support the company’s growth.

Employee expenses amounted to DKK 23 million in 2021, up from DKK 10.7 million, as headcount in the SPENN Group increased from 66 to 229 employees.

General and administrative expenses amounted to DKK 42.8 million.

2021 financial result in brief (2020 numbers in parentheses):

  • Revenue: DKK 18.2 million (0.5)
  • EBITDA: DKK -63.6 million (-22.3)
  • Net Income: DKK -48.4 million (-24.9)
  • Basic earnings per share: DKK -0.04
  • Fully diluted shares outstanding: 2.4 billion
  • Total assets at year-end: DKK 116.6 million (25.3)
  • Total shareholder equity at year-end: DKK 75.7 million (22.0)

Executive Management and the Board of Directors have today approved the annual accounts for 2021 and will submit them for final approval from the company’s general meeting 7 April 2022.

Expectations for 2022:
SPENN expects continued strong growth in existing markets and in new markets.

“During the first six weeks of 2022 alone, we have announced entry into two new markets, Uganda and Ghana, and we are continuously exploring new markets. We are keen on introducing SPENN in new countries on the African continent and other continents, to include more people in the financial system, and to offer products and services that are affordable for ordinary people and profitable for SPENN,” says Glaso.


Read the full report here:

For further Information, please contact:
Jens B. Glaso, CEO SPENN Technology A/S. Phone +47 40 40 47 50, e-mail: [email protected]
Certified Adviser: Baker Tilly Corporate Finance P/S, Att.: Gert Mortensen, Partner. Phone: +45 33 45 10 00,

SPENN Technology A/S
CVR nr.: 26518199
Njalsgade 76, 4.
2300 København S
Tel: +45 8830 0000

About SPENN Technology A/S

In a world where 1.7 billion people are still unbanked, SPENN Technology has democratized access to financial markets by bridging the crypto sphere with traditional finance. By utilizing blockchain technology Blockbonds 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 SPENN 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 recently launched new integrated services in the platform and expects to launch more crypto services going forward.

SPENN 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. SPENN is helping governments regulate the unregulated utilizing new technology and visionary ideas which have ultimately solved the biggest issue within financial inclusion.

SPENN Technology A/S is listed on the Nasdaq First North Growth Market Denmark. Ticker code: SPENN


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