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Linkfire’s (NASDAQ: LINKFI.ST) Q3 2023 interim report

“Reaching EBITDA break-even through earnings focus”

Flash highlights Q3 2023 compared to Q3 2022:

  • EBITDA improved by 103 per cent to DKK 0.2 million (negative DKK 6.2 million)
  • EBITDA ratio of 1 per cent (negative 42 per cent), an improvement of 102 per cent
  • Recognized revenue decreased by 9 per cent to DKK 13.3 million (DKK 14.6 million)
  • Gross profit decreased by 2 per cent to DKK 11.2 million (DKK 11.4 million) at a gross margin of 84 per cent (78 per cent)
  • Revenue Per Mille (RPM) increased by 122 percent to DKK 14.34 (DKK 6.46)
  • Downward adjusted 2023 Financial Guidance on Revenue and EBITDA
  • Secured debt financing to consolidate debt and support operations until cash flow break-even in 2024

Lars Ettrup, CEO and Co-Founder, comments:
In the third quarter of 2023, our company achieved a significant earnings uplift, reaching our EBITDA break-even goal. This progress is due to our strategic commercial and corporate initiatives, marking a crucial step towards becoming a self-sustainable business.

We are incredibly proud of our team’s disciplined execution. Our unwavering commitment to balance growth and profitability continues, and we are confident that our growth strategies, increasingly efficient operating model, and dedicated team will drive our profitable growth moving forward.

Insights for the quarter:

  • The company achieved its first ever positive EBITDA, and met its break-even target in Q3.
  • Compared to Q3 2022:
    • EBITDA improved by 103% (EBITDA margin improved 43%-points)
    • External expenses decreased by 44%
  • Future goal is to operate at the new cost base while maintaining steady revenue growth, improving earnings further.
  • As per the reporting date, the Company has a cash preparedness of DKK 37,600 thousand, including credit lines and cash at hand, whereof approx. DKK 16,900 thousand will repay existing credit line debt in Q4.
  • Q4 is expected to be affected by one-off costs related to structural changes in the organization during the quarter. This is reflected in the updated guidance.
  • Compared to Q3 2022:
    • Consumer connections decreased by 33%
    • RPM increased by 122%
  • Costly partner traffic decreased by 234 million as a consequence of the strategic decision to discontinue this activity for the time being. This led to an overall decrease in consumer connections but an improvement in monetization metrics (RPM).

Financial guidance and results for 2023

For the financial year 2023, Linkfire announced the adjustment of its financial guidance on 22 November 2023 replacing financial guidance released in April 2023, totalizing revenue in the range between DKK 50-55 million (previously DKK 60-70 million), corresponding to a yearly growth of negative 5% to positive 5% (previously 14-33%), and its EBITDA to be in the range of negative DKK 5-10 million (previously negative (DKK 5 million) and positive DKK 5 million).

The current state of operations is significantly more efficient from a bottom-line perspective and delivers higher returns on the revenue generated, which has been the goal for the year. Reference is made to the guidance adjustment announcement from 22 November 2023 for more in-depth explanations.

The Company maintains its mid-term financial target of 20-40% organic revenue growth and a gross margin of approximately 80%.

Webcast and report material

Linkfire hosts an interim report webcast for investors and media on November 23, 2023, at 10.00 AM CET. The report is presented by Lars Ettrup, Co-founder & CEO, and Tobias Demuth, CFO.

The presentation for the webcast can be downloaded 30 minutes before the webcast starts, and a recording of the event will be available after the webcast. The Q&A session is moderated through a chat function, accessed via the webcast link below.

Link to register for webcast:

After registration, you will receive a link to access the webcast via e-mail.

Link to report material:

For further information, please contact:


Lars Ettrup, CEO, Linkfire

Telephone: +45 61 33 99 53


Linkfire’s Certified Adviser

Aktieinvest FK AB

Telephone: +46 739 49 62 50