Board commentary
The gross merchandise value (GMV) of the Punktid platform for the period 01.07-31.12.2024 was 589 thousand euros. Compared to the period 01.07-31.12.2023, the volume of goods sold on the platform increased by 41 thousand euros and by 7%.
The increase in sales revenue was contributed by the stabilization of local sales and our active activities to find more retail customers outside the Baltic market. In the second half of 2024, services were sold to retail customers of the Punktid platform for 589,450 euros, from which the company received a commission of 75,184 euros, which is 50.8% less than in the second half of 2023 (the commission received in the second half of 2023 was 147,870 euros). The decrease in commission is mainly due to the decision to organize more frequent campaigns in order to offer customers the most affordable products.
In collaboration with the CTO, or development manager, the technical optimizations of the platform and the re-creation of several functions that were excluded from the original development continued. These were mainly functions related to marketing and payment security. The changes made have shown the stabilization of the platform in terms of customers, sales, and the technical side. In addition, a German-language page created to ensure better sales was completed and we added thousands of new products to the selection.
In accordance with the decision made in the second half of 2023, the Punktid Group has consciously reduced wholesale activities in order to focus on the development and expansion of the platform. This was also driven by the change of the main supplier, where the long-term delay in confirming the contract had prevented the continuation of substantive business activities in wholesale. However, in the first half of 2025, wholesale has been slightly restored in accordance with demand.
The mediation service business of the Punktid platform has remained profitable since the second half of 2023. The overall loss of the Punktid Group results from the current bureaucratic expenses of the listed Punktid Technologies AS holding company and the amortization expense of the intangible assets of HVK Business OÜ. The Supervisory Board together with the Management Board have decided to find a solution for the listed company to exit the stock exchange, which was announced through a stock exchange announcement on February 2, 2025 (2).
1 https://view.news.eu.nasdaq.com/view?id=1284304〈=en
2 https://view.news.eu.nasdaq.com/view?id=1341725〈=en
Key financial ratios
| 31.12.2024 | 31.12.2023 | |
| Sales revenue (wholesale + commission) | 75 183€ | 402 810€ |
| Gross profit (sales revenud - freight cost) | 75 005€ | 190 746€ |
| Operating profit before depreciation (EBITDA) (operating profit+depreciation) | 6 003€ | 93 860€ |
| Consumption | -25 485€ | -23 742€ |
| Operating profit (EBIT) | -19 482€ | 70 118€ |
| Net profit (loss) | -24 742€ | 66 144€ |
| Gross profit margin (gross profit / sales revenue) | 99.8% | 47% |
| EBITDA margin (EBITDA / sales revenud) | 7.98% | 23% |
| Operating profit margin (operating profit / sales revenue) | -25.91% | 17% |
| Net profit margin (net profit / sales revenud) | -32.91% | 16% |
| Short-term debt coverage ratio (current assets / short-term liabilities) | 1.71 | 3.01 |
| Assets to equity ratio (assets / equity) | 1.92 | 1.44 |
| Return on equitly (ROE) | -4.68% | 12% |
| Return on Assets (ROA) | -2.43% | 8% |
Consolidated statement of financial position
(in Euros)
| 31.12.2024 | 31.12.2023 | Note nr | |
| Assets | |||
| Current assets | |||
| Cash and cash equivalents | 21 111 | 18 360 | |
| Receivables and prepayments | 10 253 | 37 560 | 2 |
| Inventories | 611 856 | 377 184 | 3 |
| Total current assets | 643 220 | 424 920 | |
| Non-current assets | |||
| Property, plant and equipment | 31 598 | 43 145 | 6 |
| Intangible assets | 336 899 | 369 777 | 7 |
| Total non-current assets | 368 497 | 403 922 | |
| Total assets | 1 017 717 | 828 842 | |
| Liabilities and equity | |||
| Liabilities | |||
| Current liabilities | |||
| Loan liablities | 47 845 | 21 445 | 8 |
| Payables and prepayments | 328 714 | 119 553 | 9 |
| Total current liabilities | 376 559 | 140 998 | |
| Non-current liabilities | |||
| Loan liablities | 110 186 | 113 812 | 8 |
| Total non-current liabilities | 110 186 | 113 812 | |
| Total liabilities | 489 615 | 254 810 | |
| Equity | |||
| Equity held by shareholders and partners in parent company | |||
| Share capital | 214 982 | 214 982 | 10 |
| Share premium | 1 057 861 | 1 019 437 | |
| Own shares | 0 | -1 | |
| Retained earnings (loss) | -723 128 | -726 530 | |
| Annual period profit (loss) | -24 742 | 66 144 | |
| Total equity held by shareholders and partners in parent company | 529 102 | 574 032 | |
| Total equity | 529 102 | 574 032 | |
| Total liabilities and equity | 1 017 717 | 828 842 |
Consolidated income statement
(in Euros)
| 01.07.2024 31.12.2024 | 01.07.2023 31.12.2023 | Note nr | |
| Revenue | 75 184 | 402 810 | 11 |
| Other income | 30 | 198 | |
| Capitalized self-constructed assets | 0 | 16 551 | |
| Goods, raw materials and service | -179 | -228 813 | 12 |
| Other operating expenses | -58 667 | -52 796 | 13 |
| Labor expense | -6 212 | -43 805 | 14 |
| Depreciation and impairment loss | -25 485 | -23 742 | 6,7 |
| Other expenses | -4 153 | -285 | |
| Operating profit (loss) | -19 482 | 70 118 | |
| Interest expenses | 2 | 0 | |
| Interest expenses | -5 174 | -3 675 | |
| Other financial income and expenses | -88 | 0 | |
| Profit (loss) before tax | -24 742 | 66 144 | |
| Annual period profit (loss) | -24 742 | 66 144 |
Consolidated statement of cash flows
(in Euros)
| 01.07.2024 31.12.2024 | 01.07.2023 31.12.2023 | |
| Cash flows from operating activities | ||
| Operating profit (loss) | -19 482 | 70 118 |
| Adjustments | ||
| Depreciation and impairment loss (reversal) | 25 490 | 23 743 |
| Profit (loss) on sale of fixed assets | 500 | -157 |
| Other adjustments | -8 | 0 |
| Total adjustments | 25 982 | 23 585 |
| Changes in receivables and prepayments related to operating activities | -3 425 | 8 185 |
| Changes in inventories | -39 090 | -157 963 |
| Changes in payables and prepayments related to operating activities | 26 857 | 26 769 |
| Total cash flows from operating activities | -9 158 | -29 306 |
| Cash flows from investing activities | ||
| Purchase of property, plant and equipment and intangible assets | -18 975 | -41 289 |
| Disposal of fixed assets | 4 583 | 750 |
| Total cash flows from investing activities | 1 | |
| Cash flows from financing activities | -14 392 | -40 538 |
| Loans received | ||
| Repayments of loans received | 63 000 | 44 144 |
| Change in overdraft balance | -40 226 | -9 360 |
| Repayments of finance lease liabilities | -1 407 | 0 |
| Interest paid | -2 166 | -1 834 |
| Received from the sales of own shares | 0 | -1 775 |
| Other financial payments | -3 711 | 36 177 |
| Total cash flows from financing activities | 0 | -300 |
| Total cash flows | 15 490 | 67 052 |
| Cash and cash equivalents at beginning of period | -8 060 | -2 792 |
| Change in cash and cash equivalents | 29 171 | 21 152 |
| Cash and cash equivalents at end of period | -8 060 | -2 792 |
Consolidated statement of changes in equity
(in Euros)
| Equity held by shareholders in parent company | |||||
| Share capital | Share premium | Own shares | Retained earnings(loss) | Total | |
| Restated balance 31.12.2023 | 214 982 | 1 019 437 | -1 | -660 386 | 574 032 |
| Annual period profit (loss) | 0 | 0 | 0 | -62 743 | -62 743 |
| Sales of own shares | 0 | 38 424 | 1 | 0 | 38 425 |
| Registred balance 01.07.2024 | 214 982 | 1 057 861 | 0 | -723 129 | 549 714 |
| Annual period profit (loss) | 0 | 0 | 0 | -24 742 | -24 742 |
| 31.12.2024 | 214 982 | 1 057 861 | 0 | -747 870 | 524 972 |
Contacts for additional information
Hannes Niid
Management Board Member of Punktid Technologies AS
E-mail: invest@punktid.com https://www.punktid.com