Change Q1 2024 quarterly update: Positive cashflow

May 10, 2024

Transparency is our core value and since 2020 we have been publishing our quarterly results to our investors and community. You can always find the results on our Investor Page together with audited annual reports of previous financial years and an investor calendar of important upcoming events:

A small summary from our Interim CEO Marek Pajussaar:

Positive cashflow with close to record quarterly revenue

On behalf of the whole Change team, I am happy to announce that in Q1 Change had positive cash flow on consolidated basis, i.e. cash inflows were higher than outflows and this does not consider flows of customer funds that need to be segregated. This means that Change has achieved one of the big goals we set for ourselves for the year 2024.

Although these results come with the markets’ tailwind we expected in our near-term outlook, I would still like to emphasise the challenges we have faced with limited budget, team restructuring and increasing competition as an external factor.

Please find below the latest report on our progress evidenced by the following key metrics.

Key results of Q1 2024

In Q1 Change made revenue of EUR 1,023k which is in the same record range as Q4 result of EUR 1,038k since Q2 2021. This came with almost doubled trading volume. The relationship between revenue and trading volume is not straightforward and this is mostly because of the fluctuating distribution between volumes of trading with leveraged instruments and spot cryptoassets.

Funding remaining increased from EUR 1.8m to 1.9m and this extra buffer we expect to add to the marketing budget, because acquiring new customers with current budget is a challenge yet to be solved. And as we also expect to make a couple of new hires to expand our business and maintain high standard of operations and customer care with increasing volumes, then all this results in our runway being the same as it was by the end of Q4.

If you are yourself or know a great marketing and/or business development person with a financial industry background then please contact us via our career page.

Quarterly community call

We continue with our traditional community calls to discuss the results and answer your questions. Next one is scheduled to take place on 15 May 2024. Please check our investor page close to that date for more details.

Thank you for your continued support!