Zaplox Reports First Quarter Results: Strong Financial Performance Amidst Market Uncertainty

Key Financial Highlights for Q1 2025 (January 1, 2025 – March 31, 2025)

Net sales increased to TSEK 5,156 (4,148).
Gross margin reached 91% (90%).
Annual Recurring Revenue (ARR) amounted to TSEK 17,890 (15,371) at the end of the period.
Profit after financial items improved to TSEK -4,045 (-4,973).
Earnings per share rose to SEK -0.11 (-0.22).
Cash flow from operating activities was TSEK -4,603 (-4,522).
Cash and cash equivalents totaled TSEK 5,971 (15,824) at the end of the period.
Equity ratio stood at 42% (61%).

Significant Events During Q1 2025

No significant events occurred during the period.

Significant Events After the End of the Period

April 24, 2025: Zaplox announced the notice to attend the Annual General Meeting on May 27, 2025.
April 28, 2025: Zaplox announced that Tess Mattisson would be stepping down as CEO.
May 6, 2025: Zaplox published the annual report for the fiscal year 2024.
May 21, 2025: The Nomination Committee supplemented its proposal for the Annual General Meeting.

CEO’s Statement:

Increased Turnover and Improved Results – Despite a Volatile Market
Reflecting on the first quarter, it’s clear we’re operating in a time of geopolitical tensions, financial instability, and changing trade conditions. While the direct impact of tariffs on a SaaS company like Zaplox is relatively low, we are indirectly affected by the changing conditions of our customers and partners.
Despite global uncertainty and market volatility, we’ve seen an increase in both net sales and operating profit. Net sales increased by MSEK 1, and our ARR by approximately MSEK 2.5 compared to the same period last year. We continue to optimize our operating costs, resulting in an EBITDA improvement of over TSEK 900 this quarter. We are reviewing the cost structure as part of our goal to achieve positive cash flow by the end of 2025.
As previously communicated, our results are affected by exchange rate fluctuations, as a large portion of our revenue is generated in foreign currencies, primarily USD and EUR. This was particularly evident in the first quarter. For example, with the exchange rates from the same period last year, our ARR would have been approximately MSEK 19, compared to today’s MSEK 17.9. We operate in a world where exchange rate changes can go both ways.
High Installation Rate and Continued Strong Customer Interest
Despite a turbulent business climate, we started the year with a high installation rate, going live with our services at several hotels, corresponding to almost 5,000 doors that are now revenue-generating. Interest in our solutions, especially our wallet solution, remains strong, and the market is becoming increasingly mature for this technology. As a leader in mobile keys in digital wallets, we are pleased to see this increased demand and look forward to continuing to meet it.
Work with multi-hotel customers continues, with one example being a leading hotel chain with whom we have an ongoing Proof of Concept (PoC), which has chosen to expand the collaboration and add our wallet solution to a couple of hotels. While this does not guarantee a full rollout, it is an important step in strengthening the chances of winning the deal.
Increased Visibility and Strengthened Market Position
During the quarter, we also participated in several industry events, which are always rewarding for meeting customers and partners in person. We have both deepened existing relationships and established new contacts. In addition to the physical meetings, we have also received international recognition for our innovation during the quarter.
Earlier this year, we won the award for Best Hospitality Guest Innovation CEO, and at IHTF in Portugal, our wallet solution was nominated for IHTF Awards – Technology Provider of the Year. While these awards do not have an immediate impact on our business, they are an important part of a larger marketing plan – one that cannot be bought with expensive advertising money.
A Personal Thank You
After the end of the period, I informed the board that I have chosen to step down as CEO of Zaplox. It has been three intense, developing, and incredibly meaningful years. We have grown our turnover sixfold, improved our profitability by over 53 percent, strengthened our product portfolio, and built trust with both new and existing customers. Above all, we have built something together that I am very proud of. I will continue in my role during a transition period and look forward to ensuring a safe and structured leadership transition when the time comes.
Thank you to those who follow our journey and contribute to taking Zaplox forward.
Tess Mattisson
CEO, Zaplox

For the complete interim report, please contact Zaplox.

For more information, please contact:

Tess Mattisson, President & CEO, Zaplox
Email: tess.mattisson@zaplox.com
Phone: +46 70 690 78 00
Alternatively: ir@zaplox.com

This information is information that Zaplox AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on May 27, 2025, at 08:30.

Certified Adviser for Zaplox AB is Svensk Kapitalmarknadsgranskning AB.

About Zaplox

Zaplox is a leading provider of digital guest solutions for the hotel industry. The company’s SaaS platform is designed to enhance the guest experience and offers a comprehensive suite of products and services, such as check-in and mobile keys. Zaplox’s platform is a valuable addition to the guest experience and helps hotel chains, resorts, and casinos in EMEA, North America, and APAC deliver a seamless digital experience. Zaplox was founded in 2010 in Lund, Sweden, and has established itself as a leading innovator in the industry, aiming to provide its customers’ guests with the best possible experience from booking to departure. The company is listed on Nasdaq First North Growth Market. For more information, please visit www.zaplox.com.

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