Interim report
January-June 2024
Zaplox AB
Overview
01. Quarter in Summary
- Key Figures for the Group
- CEO Comments
- About Zaplox
- A Selection of Zaplox Customers
- Spotlight
- Shareholder Information
- Financial Overview
- Other Information
- Consolidated Income Statement
- Consolidated Balance Sheet
- Consolidated Cash Flow Statement
- Consolidated Statement of Changes in Equity
- Parent Company Income Statement
- Parent Company Balance Sheet
- Parent Company Cash Flow Statement
- Parent Company Statement of Change in Equity
QUARTER IN SUMMARY
Continued stable growth - improvement of all KPIs
Second quarter for the Group (01/04/2024 to 30/06/2024)
- Net sales amounted to KSEK 5,083 (4,320)
- The gross margin amounted to 91 (89)%
- ARR amounted to KSEK 16,335 (11,449) at the end of the period
- Profit after financial items amounted to KSEK -4,626(-6,447)
- Earnings per share amounted to SEK -0.16(-0.50)
- Cash flow from operating activities amounted KSEK -3,954(-7,676)
- Cash and cash equivalents amounted to KSEK 11,928 (15,740) at the end of the period
- The solidity amounted to 52 (58)%
First half year for the Group (01/01/2024 to 30/06/2024)
- Net sales amounted to KSEK 9,231 (7,526)
- Profit after financial items amounted to KSEK -9,599(-11,282)
- Earnings per share amounted to SEK -0.36(-1.22)
Significant events during the second quarter of 2024
22/04/2024 Zaplox published notice of the Annual General Meeting on 23 May 2024
23/05/2024 Zaplox published communiqué from the Annual General Meeting
Significant events after the end of the period
No significant events have occurred after the end of the period.
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KEY FIGURES FOR THE GROUP
Key Figures for the Group | Q2 | Q2 | H1 | H1 | 2023 |
2024 | 2023 | 2024 | 2023 | Full Year | |
Net sales, KSEK | 5,083 | 4,320 | 9,231 | 7,526 | 15,272 |
Gross margin, % | 91 | 89 | 91 | 87 | 88 |
ARR, KSEK* | 16,335 | 11,449 | 16,335 | 11,449 | 14,285 |
Operating profit before depreciation (EBITDA), KSEK | -4,148 | -5,809 | -8,621 | -10,089 | -18,030 |
Operating profit (EBIT), KSEK | -4,629 | -6,331 | -9,602 | -11,136 | -20,089 |
Profit for the period, KSEK | -4,626 | -6,447 | -9,599 | -11,282 | -20,524 |
Earnings per share, before full dilution, SEK** | -0.16 | -0.50 | -0.36 | -1.22 | -1.60 |
Earnings per share. after full dilution. SEK** | -0.16 | -0.50 | -0.36 | -1.22 | -1.60 |
Equity, KSEK | 10,523 | 15,902 | 10,523 | 15,902 | 6,497 |
Balance sheet total, KSEK | 20,047 | 27,342 | 20,047 | 27,342 | 17,428 |
Cash and cash equivalents, KSEK | 11,928 | 15,740 | 11,928 | 15,740 | 6,780 |
Solidity, % | 52 | 58 | 52 | 58 | 37 |
Cash flow from operating activities for the period, | |||||
KSEK | -3,954 | -7,676 | -8,476 | -13,448 | -22,213 |
Number of shares before full dilution | 29,610,786 | 16,388,886 | 29,610,786 | 16,388,886 | 29,610,786 |
Number of shares after full dilution | 39,972,386 | 20,656,910 | 39,972,386 | 19,841,048 | 30,426,648 |
Average number of shares before full dilution | 29,610,786 | 12,832,999 | 26,305,311 | 9,278,178 | 12,833,532 |
Average number of shares after full dilution | 39,241,248 | 16,285,161 | 35,935,773 | 12,730,340 | 13,649,394 |
When calculating earnings per share, the profit for the period is divided by the average number of shares before full dilution when it is a negative result.
*Since the comparison period, the definition of ARR has been updated, which has meant that ARR at the end of Q2 2023 has been adjusted from KSEK 12,912 to 11,449. **Since the comparison period, a share consolidation (1:100) has been carried out.
Definitions
Net sales
One-time and subscription revenue for the company's products and services.
Gross margin
Gross profit divided by net sales. Gross profit is sales revenue less direct costs for services and goods sold.
ARR (annual recurring revenue)
Annual recurring subscription revenue. ARR is calculated by summarising the annual value of all subscription revenues attributable to the current reporting period, at the end of the period.
Operating profit before depreciation (EBITDA)
Operating profit before depreciation and impairment of tangible and intangible assets.
Operating profit (EBIT)
Profit before financial items and tax.
Earnings per share
Profit for the period divided by the average number of shares.
Cash and cash equivalents
Cash and bank balances.
Solidity
Equity as a share of total assets.
Cash flow from operating activities
Cash flow before cash flow from investment and financing activities.
Earnings per share, before and after dilution
The earnings divided by the weighted average number of shares during the period before and after dilution. If the result is negative, the number of shares before dilution is also used for the calculation after dilution.
ZAPLOX AB (PUBL) - INTERIM REPORT JANUARY-JUNE 2024 2
CEO COMMENTS
A quarter of stable growth
- increased market demand and improvement across all KPI's
Tess Mattisson, President & CEO, Zaplox
As we find ourselves in a period when our customers are fully focused on delivering exceptional experiences to their guests, Zaplox is taking the opportunity to analyze the past six months and to refine plans for the upcoming months.
The second quarter demonstrated a period of stable growth where we strengthened our position as a leading partner in mobile access, and improved across all our KPI's. We increased our net revenues while maintaining stable operating costs, leading to an improvement of 27%, 1.7 MSEK, in EBITDA compared to the corresponding period last year. During the same period, subscription revenues increased by 53%, contributing to an ARR growth of approximately 5 MSEK.
Advancing Our Position
In early June we reached an important milestone in our collaboration with Radisson Hotel Group when we successfully delivered on our previously communicated plan, rolling out our services at the first property. The launch of mobile keys at Radisson RED Brussels Hotel marks an important step towards digitizing the guest journey and we see significant long-term potential in our continued collaboration with the agreement covering approximately 600 hotels and 125 000 doors.
Shortly thereafter we attended HITEC in Charlotte, USA, and alongside Strawberry and ASSA ABLOY Global Solution, we announced the launch of mobile keys in Google Wallet at Clarion Hotel Post - enabling them to become the first, and only, hotel in the world to offer mobile keys in both Apple Wallet and Google Wallet to their guests. This demonstrates our commitment to building long-term strategic partnerships, and we are continuing to work with additional lock partners on introducing this technology.
Our achievements during this quarter has sparked great interest within the industry, positioning us well in the competition for being awarded contracts with hotel chains and groups.
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Expanding our Pipeline
During the quarter, we launched a targeted, data-driven prospecting initiative to identify new customers and business partners, and to expand our pipeline. Demonstrating successful rollouts with our key customers, and launching new features in the market are significant achievements that position us well for future conversation with partners and new customers.
As hoteliers increasingly shift from building, to buying the most complex aspects of digital self-services, they seek partners with a proven track record of successful launches. With the introduction of mobile keys in Google Wallet and Apple Wallet, further complexity is added, leading to an increased need and demand for our services.
Conversations that were initiated several years ago are progressing, and as we continue to develop the next generation of digital self- services, our focus remains on staying relevant and staying ahead.
Prepared for Future Growth
We have had two successful quarters, establishing a stable foundation for future growth in performance, partnerships, and technical development. Our achievements this quarter reaffirm our maturity as a SaaS company and highlight our impact on advancing next-generation digital self-services. Witnessing our customers' success, knowing that we are the enabler, makes me immensely proud of the team, their hard work, and their dedication.
Lastly I would like to take this opportunity to welcome our new board member, Jonas Härdner to Zaplox, and to thank all of you for your continued support. I look forward to continuing to share our journey with all of you.
Tip!
At www.zaplox.com/news and on the Zaplox Linkedin page, we continuously update about our progress. Follow us there to not miss the latest news.
ZAPLOX AB (PUBL) - INTERIM REPORT JANUARY-JUNE 2024 4
Making the complex easy. Supporting hoteliers worldwide.
Zaplox enables hotels, casinos, and resorts to welcome their guests in a new way. We provide our customers with the tools they need to master what is most critical to their business - the guest experience. The technology is complex, but with solid experience and expertise, we make it easy for our customers to create memorable experiences.
When Zaplox was founded in 2010, we were ahead of our time. As the industry evolved, our position strengthened, and 2023 went down in history as Zaplox's commercial breakthrough year, a clear testament to how our technology and expertise complement the industry.
2010 | 2017 | 2023 |
Zaplox is founded at Ideon | Zaplox is listed on Nasdaq | Zaplox's commercial |
Science Park in Lund. | First Growth Market. | breakthrough year. |
Zaplox product portfolio
Zaplox Apps
Zaplox Kiosk | Zaplox Middleware |
Zaplox Mobile Key App
A mobile key app with integration to the hotel's lock system, includes mobile key and hotel information.
Zaplox Guest App
A mobile guest app with check-in and check-out, mobile keys, payment and PMS and lock integration.
Zaplox kiosk offers digital check-in and check-out, where the guest prints their own key card and make payments.
Branded, hardware-agnostic web application.
The Zaplox Mobile Key Solution and RESTervations API enable developers to add check-in and check-out with mobile keys to their existing guest
or casino applications. Zaplox Middleware includes integrations with leading PMS and lock systems and can be used individually or combined depending on the customer's business needs and technical requirements.
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Our business
Together with customers and partners, we are at the forefront of the technological development of digital guest solutions in the hospitality industry. We offer a SaaS solution that enables seamless digital guest experiences for hotels, casinos, and resorts worldwide.
A SELECTION OF ZAPLOX CUSTOMERS AND BUSINESS PARTNERS
SPOTLIGHT
First in the world with mobile
keys in Apple Wallet and Google Wallet
In December 2022 Strawberry selected Zaplox as a partner for mobile keys to strengthen their digital guest journey. Since then, Zaplox mobile keys have been introduced at approximately 100 Strawberry hotels across the Nordics, and in June Zaplox enabled Strawberry to become the first hotel in the world to offer mobile keys in both Apple Wallet and Google Wallet.
Follow along as Christian Lundén, VP of Strategic Growth at Strawberry, shares his insights and the strategic decisions behind transitioning from building in-house to partnering with Zaplox.
How did Strawberry manage mobile keys before entering this collaboration?
Our app utilized mobile keys long before we started the collaboration with Zaplox. However, we were limited to only having one key vendor and one SDK which restricted our ability to deploy our digital guest journey across all hotels. Back then managing upgrades and integrations
Christian Lundén, Strawberry
& Tess Mattisson, Zaplox.
was a challenge due to our limited internal expertise. This resulted in maintenance issues and an inability to utilize the latest features.
With the Zaplox integration, we now have a unified interface for all our key vendors. This eliminates the need for internal experts, allowing us to concentrate on what we do best - give service to our guests. Zaplox ensures that we are always up-to-date with the latest upgrades, security patches, and new functionalities for our guests. Additionally, we benefit from having a single point of contact, rather than coordinating with multiple vendors.
Why are technical partnerships crucial for your hotel operations?
Our partners bring 100 procent focus and expertise in their areas, something we can't replicate internally. This collaboration ensures we stay up-to-date with the latest technologies and features, keeping us at the forefront of innovation.
Partners who understand our business well can contribute with new ideas and suggestions that help us move forward in the digital guest experience. It's equally important that we support our partners' growth, fostering a long-lasting and mutually beneficial collaboration for the future.
Read the full article at www.zaplox.com.
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In June 2024, Clarion Hotel Post became the first hotel in the world to offer mobile keys in both Apple Wallet and Google Wallet.
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