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Regulatory press release

Storytel reports strong result for the first quarter 2024

“The first quarter marked another step up in our financial performance as Storytel delivered a strong result with improved profitability and operational cash flow”, says Johannes Larcher, CEO, Storytel.

Highlights

Numbers for the first quarter 2024 are compared to the first quarter 2023

  • Adjusted EBITDA increased by 167% to 104 (39) MSEK, equaling a margin of 11.7% (4.9%)
  • Adjusted Gross profit up 22% to 385 (316) MSEK, equaling a margin of 43.2% (39.6%)
  • Streaming revenue up 13% to 837 (742) MSEK; and 13% at constant exchange rates (CER)
  • Storytel implemented an efficiency optimization initiative including a 13% reduction in workforce, which resulted in related Items Affecting Comparability (IACs) of 45 MSEK
  • Storytel Books and Nextory reached an agreement to distribute Storytel Books’ titles on Nextory’s platform as of 1 February 2024
  • Storytel extended the existing revolving credit facility (RCF) until 2 April 2025 and reduced the facility to 750 MSEK, at otherwise unchanged terms
  • Johannes Larcher to step down as CEO in the fall of 2024

Financial summary

MSEK Q1 2024 Q1 2023 % 2023
Streaming Revenue[1] 837 742 12.8% 3,242
Group Revenue[2] 892 796 12.0% 3,489
Adjusted Gross profit 385 316 22.1% 1,389
Gross profit 378 316 20.0% 1,247
Adjusted Operating profit 31 -43 173.0% -50
Operating profit -24 -48 50.8% -742
Adjusted Gross margin 43.2% 39.6% 3.6p 39.8%
Adjusted EBITDA 104 39 167.2% 283
Adjusted EBITDA margin 11.7% 4.9% 6.8p 8.1%
EBITDA 51 34 50.1% 165
Basic and diluted earnings per share (SEK) -0.32 -0.81 60.5% -10.63
Cash flow from operations before changes in working capital 28 18 54.3% 102
Operational cash flow 73 1 125

[1] Streaming revenue includes all of Storytel Norway’s revenue.
[2] In the consolidated accounts, Storytel Norway is reported in accordance with the equity method. As a result, the Streaming revenue listed in Table 1 is higher than in the consolidated statement of accounts in order to provide a more accurate figure for average revenue per subscriber. Please see Note 5 in the interim report for additional details.