Huddlestock Fintech AS (HUDL) - Huddlestock Fintech AS Q3 and nine months 2021 Financial Report

PRESS RELEASE

Huddlestock Fintech AS (HUDL) - Huddlestock Fintech AS Q3 and nine months 2021
Financial Report

Stavanger, Norway, 18 November 2021 - Huddlestock Fintech AS today released its
Unaudited Financial Report for the Third Quarter and First Nine Months 2021. In
June, in a transformational deal, Huddlestock acquired the leading Nordic expert
consultancy for financial institutions, Visigon Nordic AB, supplementing
Huddlestock's existing portfolio of wealth tech software. 

Huddlestock CEO, John Skajem commented:   "The first half was impacted by
lengthy periods of lock-down due to the global health pandemic in our key
markets resulting in delays in the indicative project delivery timeline for a
number of client contracts.  Since the beginning of September, and the
re-opening of key geographies, we have seen a significant pick-up in inbound
client inquiries.  While this has led to an uptick in costs, as we add headcount
to meet the increased client demand within professional business services, and
implementation times to existing client deliverables within technology are
slightly longer than expected, our teams are making good progress, and we expect
increased pace of delivery going forward." 

Huddlestock Fintech delivers innovative technology solutions to the capital
markets, treasury and wealth management industries. During Q3, the company
continued to sign up new clients; including the delivery and hosting of a full
suite of treasury management services to the Danish Export Credit Agency, EKF,
and Danish impact investment manager MakeImpact! for the company's wealth tech
SaaS.  The German quantitative investment manager Aledius went live with
Huddlestock's Bedrock solution and our ecosystem partners Baader Bank are now up
and running.  Through Huddlestock's ecosystem, our clients have access to more
than 30,000 exchange traded financial instruments.  

Huddlestock's professional business services segment delivered another strong
quarter despite normal seasonal weakness.  Revenues of NOK 6,6 million in the
third quarter confirms the strength of the franchise.  During the quarter, a
larger Nordic financial institution was onboarded.  After the close, two new
contracts were signed with a leading Danish neo-bank and a Danish cooperative,
and an existing client has widened our remit. All our consultants are fully
booked for Q4 2021 and clients are committing to projects well into 2022.

"We see strong client demand for our capital markets experts within our
professional business services division.  During the previous quarter we added 2
new employees to our team of expert consultants, and one new team member to our
commercial team.  The acquisition of Visigon has further improved our service
offering to the finance industry, our market reach and ability to execute.  We
are well on the way to build our organisation for growth, and our long-term
target to reach revenues of NOK 200 million in 2024 stands firm" John Skajem
said.

During the nine months of 2021, Huddlestock had pro-forma revenues, including
full contribution from Visigon as if it was acquired 1 January, of NOK 30,5
million and, adjusted for non-recurring items linked to the acquisition, a
proforma adjusted EBITDA loss of NOK 2,7 million.  Reported revenues for the
third quarter, in which Visigon was fully consolidated, was NOK 6,68 million and
the EBITDA loss was NOK 3,62 million. The numbers include NOK 0.5 millions of
integration costs relating to the acquisition of Visigon.  

As a result of the delayed pipeline reported in the first half 2021, postponing
revenue from Huddlestock Technology, additional headcount due to strong demand
within the consulting business and increased technology investments in the third
quarter, the company's full year 2021 proforma revenues are likely to be in the
range of NOK 38-41 million.  The expected proforma clean EBITDA is consequently
lowered from NOK 1 million to a loss of between NOK 3.5-5.5 million. 

A presentation will be held at 10.00 CET in Norwegian and at 11.30 in English. 
To access the webcast in Norwegian, please connect via this link powered by
Xtrainvestor
https://inqrate.com/xtravideos/huddlestock-hudl-q3-21-presentation/.  To access
the English presentation, please contact Investor Relations.

Please find enclosed the Q3 2021 presentation material.


This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act. The stock exchange
announcement was published by the contact person, at the date and time as set
out above.

For questions, please contact investor relations.

To see all press and investor releases please have a look in the investor
relations section of our corporate website
www.huddlestock.com/investor-relations 


CONTACTS:

John E. Skajem, CEO, [phone], [e-mail] 
Cecilia Luras, Director of Strategy & IR, [phone], [e-mail] 


About Huddlestock Fintech:
Huddlestock Fintech delivers innovative technology solutions to the capital
markets, treasury and wealth management industries. 

Through its technology offering, Huddlestock offers an innovative, compliant and
data-centric Wealth Tech SaaS, accelerating the digital transformation, and
trends of hyper-personalization and on-demand banking within the wealth
management industry.  Huddlestock's SaaS empowers the embedding of low-cost,
efficient white-label trading and investment services, underpinning
Huddlestock's mission of delivering financial inclusion by democratizing access
to capital markets.

Through its world-class expert professional services business, Huddlestock
delivers strategic technology solutions and process automation for the financial
services industry. This range of services has propelled Huddlestock into
becoming the  preferred supplier of financial consultancy services and
technology providers in the Nordic region.

Huddlestock Fintech AS was listed on Euronext Growth Market 26 November 2020, as
Norway's first fintech company to be publicly traded. In 2021, Visigon became
part of the Huddlestock Fintech family.

Huddlestock Fintech has offices in Oslo, Stavanger, Copenhagen, Stockholm Munich
and Kuala Lumpur.

For more information, please visit www.huddlestock.com and www.visigon.com.

The information included in this announcement is defined as inside information
pursuant to the EU Market Abuse Regulation article 7 and is publicly disclosed
in accordance with MAR article 17.  
 
The announcement is made by the contact persons set out above.

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