NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION. FOR FURTHER INFORMATION, PLEASE SEE THE “IMPORTANT INFORMATION” BELOW.
Because extraordinary general meetings of ACQ Bure AB and Yubico AB on 20 June 2023 approved the merger of the two companies, ACQ Bures’s half-year report for the period January – June 2023 is supplemented today with Yubico’s half-year report for the corresponding period. Both reports are summarized in this press release and attached in their entirety.
ACQ Bures’s development January – June 2023
April – June 2023
- The result has been charged with costs attributable to the merger with Yubico AB.
- Operating profit was SEK -42.9M (-2.4).
- Financial income and expenses were SEK 26.7M (0.0).
- Profit after tax was SEK -16.2M (-2.4).
- Earnings per share were SEK -0.46 (-0.07).
January – June 2023
- On April 19, 2023, the merger between ACQ and Yubico was announced.
- Extraordinary general meetings of ACQ Bure AB and Yubico AB on June 20, 2023 decided to approve the merger of the two companies.
- The planned merger is expected to be approved by the Swedish Companies Registration Office in September 2023, after which trading in the merged company’s shares will start on the Nasdaq First Growth Market on or about September 20.
- In conjunction with the merger, ACQ Bure will be renamed Yubico. For further details, please see www.acq.se/investerare/fusion.
- Cash and cash equivalents amounted to SEK 3,424.6M (3,435.6) on 30 June 2023.
- Operating profit was SEK -45.4M (-4.9).
- Financial income and expenses were SEK 38.3M (0.0).
- Profit after tax was SEK -7.0M (-4.9).
- Earnings per share were SEK -0.20 (-0.14).
Henrik Blomquist, CEO of ACQ Bure comments:
Given that ACQ Bure’s and Yubico’s owners have now approved the merger between the companies, today, in addition to the half-year report from ACQ Bure, we are also publishing Yubico’s report for the first half of the year, January – June 2023 below in this press release and attach the half-year report adopted by Yubico’s board. The merger is expected to be completed in September 2023 when ACQ Bure intends to change its listing venue to Nasdaq First North Growth Market and change its name to Yubico.
Yubico’s development January – June 2023
April – June 2023
- Net sales increased by 23.2 percent to SEK 454.6 (369.1) million, corresponding to an increase of 16.2 percent in local currencies.
- Subscription sales accounted for 13.7 (8.9) percent of net sales.
- Gross profit amounted to SEK 390.6 (312.7) million, corresponding to a gross margin of 85.9 (84.7) percent.
- EBIT amounted to SEK 100.8 (61.7) million, corresponding to an EBIT margin of 22.2 (16.7) percent.
- Bookings decreased by 29.0 percent to SEK 406.4 (572.1) million, corresponding to a decrease of 34.9 percent in local currencies, as a result of unusually high bookings last year.
- Subscription bookings accounted for 14.8 (17.9) percent of bookings.
- ARR (annual recurring revenue) amounted to SEK 242.8 (156.2) million, an increase of 55.4 percent.
January – June 2023
- Net sales increased by 24.9 percent to SEK 873.6 (699.3) million, corresponding to an increase of 16.5 percent in local currencies.
- Subscription sales accounted for 13.1 (7.4) percent of net sales.
- Gross profit amounted to SEK 752.4 (590.8) million, corresponding to a gross margin of 86.1 (84.5) percent.
- EBIT amounted to SEK 174.2 (74.3) million, corresponding to an EBIT margin of 19.9 (10.6) percent.
- Bookings decreased by 13.7 percent to SEK 756.2 (876.7) million, corresponding to a decrease of 21.0 percent in local currencies, relating to unusually high bookings in the second quarter last year.
- Subscription bookings accounted for 11.5 (13.3) percent of bookings.
Mattias Danielsson, CEO of Yubico, comments on Yubico’s development:
Q2 marks another strong quarter for Yubico. Our business is developing well, and fully in line with our earlier guidance in May. Net sales in Q2 2023 increased by 23 percent year-over-year to SEK 455 million, corresponding to an increase of 16 percent in local currencies. Gross margin remained at a healthy 86 percent level, and EBIT improved considerably compared to last year, amounting to SEK 101 million compared to SEK 62 million in Q2 2022. This corresponds to an EBIT margin of 22 percent.
As communicated earlier, bookings in Q2 2022 were unusually high, due to a very large order from one customer. Q2 2023 did not include any extraordinary orders, which explains why orders were lower than last year. Normally, the second half of the year is the strongest in terms of bookings.
Yubico added SEK 24 million in net new Annual Recurring Revenue (ARR) during Q2 2023. Total Annual Recurring Revenue stood at SEK 243 million at the end of Q2 2023.
During H1 2023, Yubico grew its inventory by SEK 185 million. This is part of a strategy to reduce lead times and secure sufficient stock levels of critical components which was initiated in late 2022. We expect this build-up to be completed during 2023.
ACQ and Yubico will hold a webcast/conference call today, August 11, 2023, at 10:00 CEST. Henrik Blomquist, CEO of ACQ, Mattias Danielsson, CEO of Yubico, Camilla Öberg, CFO of Yubico and Stina Ehrensvärd, Chief Evangelist & Co-Founder of Yubico, will present and answer questions.
To participate in the conference, click on the following link https://ir.financialhearings.com/acq-yubico-q2-2023. Via the webcast, you can ask written questions. If you wish to ask questions verbally, please register on the following link: https://conference.financialhearings.com/teleconference/?id=5007411.
The complete interim report for ACQ Bure for the period January to June 2023 is available at https://www.acq.se/investerare/finansiella-rapporter. The complete interim report for Yubico for the period January to June 2023 is available at www.acq.se/investerare/fusion.