Checkin.com Group (STO:CHECK) reports 10% revenue growth compared to the previous quarter, with continued focus on growth and cost control.
The report in brief:
Q1 2025 (vs Q1 2024):
- Net revenue decreased to KSEK 18,826 (21,285) which corresponds to a growth of -12 (13)% compared to the same period 2024. Compared to the fourth quarter of 2024 Net revenue growth amounted to 10 (-22)%.
- Gross profit for the period amounted to KSEK 13,175 (16,445) with a margin of 70 (77)%.
- EBITDA for the period amounted to KSEK 2,316 (4,803) with a margin of 12 (23)%.
- Cash flow from operating activities amounted to KSEK 4,145 (4,343).
- Net Revenue Retention LTM amounted to 82 (120)%.
- Cash and cash equivalents amounted to KSEK 24,461 (36,711).
CEO Letter from Quarterly Report
It feels good to begin a new chapter in our company's journey and write 2025 in this CEO letter. That 2024 was a disappointment is no secret, and we are continuing our efforts to grow revenue while maintaining strong cost control. As we hinted in the previous report, we saw a slight turnaround in revenue around the turn of the year. The Q1 figures, with revenue of MSEK 18.8, represent a 10% growth increase compared to the previous quarter. Even if the revenue decreases compared to the first quarter of 2024 it is important to remember that we back then still had the cooperation with Ringcentral that brought revenue of about MSEK 3.2. As we have previously communicated the cooperation also resulted in personnel costs of a similar magnitude, and adjusted for that agreement we instead grew by 4% during Q1 compared to Q1 2024. We are now working with determination to ensure that this momentum continues.
While maintaining tight cost control across the board, we have expanded our team within marketing and sales. For us to succeed, it's absolutely essential that we generate long-term, profitable growth in a cost-efficient way, where every krona invested yields more in our numbers. Several projects are now underway aimed at streamlining the path forward in our efforts to reclaim our position as a high-growth company.
To increase revenues, we have also focused on identifying additional revenue streams within different parts of our software. This is partly tied to the product development itself, but also to new regulations across our key verticals, which are accelerating this progress. Our latest biometric login product, FaceCheckin, that is partly based on the technology acquired with Datacorp, is a great example. It is now used for example in Brazil's iGaming market, where regulation requires users to scan their face not only when signing up, but also during deposits, withdrawals, or even just to remain logged in. Although our first partners only went live with FaceCheckin in January this year, the product already accounts for around 9% of our total company revenue in Q1. Naturally, this is encouraging, and coupled with a broader global regulatory push, it bodes well for the future.
For those of you who, like me, follow developments in the aviation industry, it's clear that big changes are coming to the airport experience in the coming years. Existing systems will be replaced by paperless, biometric-based technologies that reduce queues and eliminate time-consuming checks. The question is no longer if, but when, and whether the shift will be driven by a global standard or local implementations. We believe different regions will pursue local systems, which would create strong opportunities for us. Since day one, Checkin.com has built parts of its success on aggregating the best local technologies into a unified global framework. Combined with our current partnerships with major airlines like Ryanair and WestJet, we are well positioned to be part of this transformation.
Finally, I want to thank all our shareholders for being with us on this journey. We remain focused and committed to making the right decisions at every step, to ensure that Checkin.com once again reclaims its position as a strong growth company.
Christian Karlsson
CEO, Checkin.com Group
The full quarterly report is now published and available on: https://group.checkin.com/investors/reports/
Webcast (Swedish)
Investors, analysts and journalists are invited to a webcast 2025-05-08 11:00 CEST where the company's CEO and CFO will present the report, followed by a Q&A session. The presentation is available through this link: https://www.finwire.tv/webcast/checkin-com/q1-2025/
An English version of the webcast will be published on the company's website later today.
For further information, please contact:
Jonas Köpniwsky, Head of Communications Checkin.com Group, press@checkin.com
This information is information that Checkin.com Group is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at the time stated by Checkin.com Group's news distributor Cision at the publication of this press release.
Certified Adviser
Checkin.com Group's Certified Adviser is Carnegie Investment Bank AB (publ).
About Checkin.com Group
Checkin.com Group, founded in 2017, specializes in creating secure digital environments by helping businesses establish who is on the other side of the screen. The company's advanced KYC solutions streamline user registration, identification and login processes while also ensuring that their customers meet strict regulatory standards. This is achieved through a variety of advanced technologies that in real time verify user identities, assess ages, and scan official documents with high accuracy. The software also features biometric technologies to provide an extra layer of fraud prevention while enabling seamless experiences for end-users.
By offering a smooth and secure experience for users and flexibility and customer-focus for partners, the software drives both user trust and business growth. The Group is headquartered in Stockholm, Sweden, but operates and recruits globally to attract world-leading talent.
Checkin.com Group's share is since 2021 listed on Nasdaq First North Growth Market under the trading symbol "CHECK". The company creates shareholder value and growth through organic growth and strategic acquisitions.
For more information about the company visit: https://group.checkin.com/investors/
