ZignSec

Third quarter in summary

  • Net revenue amounted to SEK 21.4 (19.5) million, an increase of 10% compared with the corresponding quarter the year before.
  • EBITDA amounted to SEK -6.7 (-7.4) million.
  • Cash and cash equivalents amounted to SEK 33.9 (34.9) million.
  • Equity amounted to SEK 267.1 (265.0) million.

Significant events during the third quarter

  • ZignSec has signed a partnership agreement with Mastercard's subsidiary Ethoca that enables the company to offer its platform for processing payment claims to failing banks as an official Mastercard Collaboration Service Provider.
  • ZignSec has, through its subsidiary Web Shield, signed a customer agreement with Deutsche Bank regarding the use of solutions to automate the due diligence process for merchant.
  • ZignSec AB has carried out a rights issue that has provided the company with SEK 59.2 million, before issue costs.

Significant events after the end of the quarter

  • ZignSec AB (publ) has hired Glenn Mac Donald as the new Chief Sales Officer to be responsible for coordinating the sales strategy across the ZignSec group, focusing on growth and continuing client development.
  • ZignSec has secured growth financing of SEK 20 million with DBT Capital AB as lender for the purpose of enabling further growth and working towards a positive operational cash-flow in the coming year.

A comment from the CEO Alex Noton: 

During the third quarter we generated a net revenue of SEK 21.4 (19.6) million, an increase of 10% against the corresponding quarter of last year. We continue to secure customers worldwide with new contracts signed with customers across Europe, Asia, the US and I am pleased to report that our partnership with Ethoca is already bearing fruit, with the first two customers signed and awaiting implementation.

With customers starting to be onboarded onto our portal, a new sales organization in place and new products launched, we intend to continue to invest in driving revenue growth to reach a positive operational cashflow during next year.

For more information, please contact:

Alex Noton, CEO

Tel: +44 7775 685 984

alex.noton@zignsec.com

Alexander Albedj, Chairman of the Board

Tel: +46 76 221 30 75

alexander.albedj@zignsec.com

About ZignSec

ZignSec is a technology group in the fast-growing RegTech industry. The company provides SAAS platform with digital real-time solutions for customer due diligence and ID verification with global reach. The solutions are used by companies that in turn can optimize their processes for "onboarding" both corporate customers and consumers and at the same time ensure compliance with ever-changing local and global regulatory requirements for Know Your Customer (KYC) and Anti Money Laundering (AML).

Link to where the report is published on ZignSec’s Website:

https://zignsec.com/investorrelations/

Nasdaq First North (ZIGN)

Certified Adviser: Eminova Fondkommission AB, Phone: +46 8 684 211 00

This information is information that ZignSec is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2022-11-25 08:00 CET.

Attachments

Interim Report Q3 2022

© Modular Finance, source Nordic Press Releases