FGRRF - Fingerprint Cards AB (publ) (FGRRF) Q1 2024 Earnings Call Transcript
2024-05-11 14:51:02 ET
Fingerprint Cards AB (publ) (FGRRF)
Q1 2024 Earnings Conference Call
May 07, 2024, 03:00 AM ET
Company Participants
Stefan Pettersson - Head of IR
Adam Philpott - CEO
Fredrik Hedlund - CFO
Conference Call Participants
Markus Almerud - Carnegie
Presentation
Stefan Pettersson
Good morning, everyone, and welcome to Fingerprint Cards' earnings call following the release of our first quarter report this morning. And with me here, I have our CEO, Adam Philpott; and our CFO, Fredrik Hedlund, who will be presenting today. And if you're following the call on the web, you can post questions throughout the call.
And with that, let me now hand over to our CEO, Adam Philpott.
Adam Philpott
Thank you, Stefan, and good morning, everybody. As Stefan said, I'm going to be walking you through our Q1 interim earnings results. I will also be joined by Fredrik Hedlund, our CFO. Fredrik has just recently joined us, so I'm pleased to be here with him today. What I'm going to do is I'm not just going to focus on the Q1 results, but you would have seen that we made some announcements after Q1 as well.
I'm going to talk a little bit about those on the call today in the context of Q1 because it's a really important phase that we are now going through in our company's turnaround. So let's come to the agenda, please, Stefan. I'll start with the executive summary, giving you some of the headlines from Q1. And then we'll spend a bit of time talking about those strategic initiatives that relate to the post Q1 announcements. We'll talk about the transformation plan that we're going through. The transformation plan that I actually announced back in October on my first earnings call when I joined the company.
So we're going to talk about the transformation plan to remind you the process that we're going through, what we're doing on the transformation. We're going to talk about why we're winding down the Mobile business. I know that's a big topic, so we'll spend a little bit of time on that.
We'll also talk about the core business we have outside of Mobile. And while that's a really strong business that warrants extra focus given the margins that we yield from that business and the growth that we see, and we'll talk about the overall portfolio refresh that results from those two things. We'll then, spend some time on the Q1 financials. I'll ask Fredrik to step in and help me there as we talk about our revenue and clients and some of the key figures, and then we'll talk about some of the other financial and operational changes we're going through before we pause, and I'm sure there'll be lots of questions today that we'll pause for Q&A for the back half of the call. So let's keep moving.
Let's go to the executive summary, please, Stefan. First of all, top headline you can see is that we have great top line revenue increase, 25% year-on-year increase in our revenue, very, very strong performance. Also, what's most notable and what's most exciting for us is that we saw an 80% growth in our PC product group. And that's a much higher margin, that's really good revenue that we want to yield. There is a phrase, revenue is vanity, profit is sanity....
Fingerprint Cards AB (publ) (FGRRF) Q1 2024 Earnings Call Transcript