Edison Investment Research - Wifog Holding AB (FORE) Arcane Crypto - Crypto trading volumes picked up in Q421

Report

Edison Investment Research

Richard Williamson

Arcane Crypto - Crypto trading volumes picked up in Q421

In Q421 Arcane Crypto reduced its EBITDA loss to SEK3.4m from SEK10.4m in Q420, on the back of higher trading volumes and the gross margin of its crypto broker Kaupang Krypto, as well as the launch of bitcoin (BTC) mining in October 2021. The latter is now fully ramped up after deployment of the second batch of miners in Q122. These operations generated a robust average gross margin of 65% in Q421. However, the subsequent BTC price decline from its all-time high in November 2021, coupled with high electricity prices in Norway, means Arcane Crypto now expects to be close to cash flow neutral in the near term (compared to previous expectations of being cash flow positive from Q122 onwards).

16/03/2022 1 EN

Underlying

Wifog Holding AB

Wifog Holding AB (publ), formerly Forestlight Entertainment AB, is a Sweden-based company active within the mobile technology industry. The Company operates as a provider of platform for earning points by watching commercials, get rebates when shop online, participate in surveys and solicit friends. The points can then be used to reduce mobile service expenses, buy movie tickets, gift cards and donate for charity. Users can install the Company's application Wifog Photosmart to their Internet browser and redeem the points while shop online. The Company operates through subsidiary Wifog AB. The Company cooperates with various online shops, such as Baby shop, Gastrofy, Nelly, Dustin Home, among others.

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SE0007614722 Nasdaq Nordic Stockholm Sweden

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Richard Williamson

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Arcane Crypto - Crypto trading volumes picked up in Q421

Arcane Crypto - Termination of coverage

Arcane Crypto - Building a trusted gateway to digital assets

HgT - Steady earnings growth, stable market multiples

Singapore Post - Results boosted by M&A and reduced losses

Information Services Corporation - Continued momentum in earnings growth

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