Change Q4 2023 quarterly update

February 1, 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:

Key results of Q4 2023

Main results compared to the previous quarter, Q3 2023.

  • Number of employees: 22 (24)
  • Total verified users: 132.0K (129.6K)
  • Trading volume in euros: 44.0M (48.9M)
  • Product revenue in euros: 1,037.5K (639.1K)
  • Funding remaining in euros: 1.8M (1.8M)
  • Runway in months: 14 (19)

Brief comment and outlook

During the second half of the year 2023 Change went through significant restructuring that is still being finalised by the end of Q1 2024 with optimising internal processes to the maximum feasible extent and by reassigning some responsibilities within the team, that has now effectively more than halved to 22 members from close to 60. These were surely not the easiest decisions, but we are proud that we found the necessary confidence in ourselves. As we all witnessed, this path was later followed by many other startups and even established enterprises in the region and globally.

We needed to make redundancy payments in October and this impacted the funding remaining figure. With our fixed costs projections we have become more conservative (or realistic) taking into account some necessary key hires, the effect of increased tax that can’t be deducted, and inflation. Therefore the runway in months decreased while the funding remaining is approximately the same as it was 3 months before.

Change is going strong towards the year 2024 and the current outlook of the markets look to be more of a tailwind than the opposite.

Thank you for your continued support!