Technology company Checkin.com releases preliminary figures for the third quarter in connection with a market update in which they announce that they do not expect to reach their financial goals for 2024.

"Given the performance of the business in the third quarter of the year, Checkin.com Group considers it highly unlikely to achieve the financial ambition of exceeding 80 percent annualized revenue per share growth combined with ebitda margin for 2024," the company writes in the market update.

"The company continues to see the ambition of surpassing 80 percent on an annualized basis to remain for the full year 2025," Checkin.com continues.

The company flagged in its Q2 report that it required a "relatively near-term increase in volume" from its largest customer to meet its 2024 targets.

Preliminary figures for the third quarter show net sales of SEK 18.6 million, ebitda of SEK 4.3 million, corresponding to an ebitda margin of 23 percent.

In the third quarter of 2023, net sales amounted to SEK 29.9 million and ebitda earnings to SEK 10.9 million with a margin of 36.5 percent.

Checkin.com writes that they are mainly experiencing low volumes in the Travel & Leisure vertical.

Challenges are also seen in the Financial Services vertical, where there is "uncertainty around the roll-out with the large Swedish Fintech customer, which has previously been communicated was expected to have a strong financial impact towards the end of 2024".