1 MILLION SEK IMPROVEMENT IN EBITDA DURING THE QUARTER, THE WORK TO COMPLETE THE OV TRANSACTION CONTINUES
| Profit and loss, in summary, group | April-June | Jan-June | Full year | |||
| SEK thousands | 2024 | 2023 | 2024 | 2023 | 2023 | |
| Revenue | 239 | 1.621 | 577 | 4.151 | 6.691 | |
| EBITDA | -2.251 | -3.328 | -4.977 | -8.795 | -14.809 | |
| Depreciation, amortization and impairment losses | -69 | -781 | -138 | -1.822 | -27.352 | |
| Earnings Before Interest and Taxes (EBIT) | -2.321 | -4.108 | -5.116 | -10.618 | -42.176 | |
| Profit/loss for the period | -3.026 | -1.398 | -5.828 | -8.391 | -58.485 | |
| EPS | -0,005 | -0,01 | -0,01 | -0,05 | -0,36 | |
Consolidated Results
Three months April-June 2024
Revenue: The group's net sales amounted to 239 TSEK (1,621). The comparative figures include divested assets. The revenue decline is in line with expectations.
EBITDA: The group's EBITDA for the period amounted to -2,251 TSEK (-3,328 TSEK). A significant improvement of 1,077 TSEK (30%), which is attributable to reduced costs due to divested assets and decreased costs within the group.
Net Profit: The group's net result for the period amounted to -3,026 TSEK (-1,398 TSEK), a deterioration compared to the previous fiscal year. Earnings per share amounted to -0.005 SEK (-0.01 SEK).
Six months January-June 2024
Revenue: The group's net sales amounted to 577 TSEK (4,151). The comparative figures include divested assets. The revenue decline is in line with expectations.
EBITDA: The group's EBITDA for the period amounted to -4,977 TSEK (-8,795 TSEK). A significant improvement of 3,817 TSEK, which is attributable to reduced costs due to divested assets and decreased costs within the group.
Net Profit: The group's net result for the period amounted to -5,828 TSEK (-8,391 TSEK), an improvement of 2,563 TSEK. Earnings per share amounted to -0.01 SEK (-0.05 SEK).
PROFORMA OCEANVIEW Q1-Q2
| Proforma profit and loss, in summary, Oceanview | Q2 | Q1 | H1 | Full year | |||
| SEK thousands | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2023 |
| Revenue | 18.421 | 10.258 | 11.631 | 9.301 | 30.052 | 19.559 | 51.619 |
| Cogs | -10.217 | -4.435 | -11.380 | -2.640 | -21.597 | -7.075 | -21.282 |
| SG&A | -7.980 | -3.921 | -6.264 | -2.191 | -14.244 | -6.112 | -16.734 |
| EBITDA | 223 | 1.902 | (6.013) | 4.470 | -5.790 | 6.372 | 13.602 |
Proforma Oceanview
The information on this page is only intended to illustrate the hypothetical effects that the acquisition of Oceanview and its subsidiaries Kokku and 3ogs would have had on Rightbridge Ventures Group AB if the acquisition had occurred on January 1, 2023. The information is solely for illustrating the effects of the acquisition and is not a guarantee of future results, excluding Rightbridge Ventures Group's consolidated financial statements for the periods.
OCEANVIEW RESULTS
Three months April-June 2024
Revenue: Revenue for the quarter amounted to 18,421 TSEK, mainly attributable to contracts related to game development through Kokku. The revenue is in line with expectations as the majority of the income materializes during Q3-Q4.
EBITDA: The group's EBITDA for the period amounted to 223 TSEK (-3,328 TSEK). The period's EBITDA is as expected since the group has invested heavily in the ongoing projects to ensure delivery.
Six months January-June 2024
Revenue: Oceanview's net sales amounted to 30,052 TSEK (19,559 TSEK). A significant increase in revenue due to more active contracts in game development.
EBITDA: The group's EBITDA for the period amounted to -5,790 TSEK (6,372 TSEK). A decrease as expected to support continued growth forward.
CEO Letter
Dear Shareholders, I am pleased to announce that we have continued to reduce costs within the group, while the work to complete the Oceanview transaction is progressing according to plan. The efforts to secure financing are ongoing, and although the market was quieter over the summer, activity in the capital markets has picked up again, bringing us closer to our intermediate goal of fully completing the transaction and integrating Oceanview into Rightbridge's operations.
Today, we present a proforma illustrating how the quarter would have looked with Oceanview in our portfolio. Q2 ended strongly with a revenue of over 18 million SEK, corresponding to 50% of the total revenue for 2023! On a half-year basis, the group would have achieved a revenue of 30 million SEK, which represents an increase of 10 million SEK from the previous period.
Rightbridge will continue its strategic work to build synergies between game development, manage IPs, and is already actively working to integrate the existing IPs that Rightbridge holds with the companies included in the Oceanview portfolio. We see great opportunities ahead in these areas and have several exciting projects in our pipeline together.
Claes Kalborg
CEO
Rightbridge Ventures Group
For further information contact:
Claes Kalborg, CEO Rightbridge Ventures Group, phone +46 73 - 444 55 07
Email: Claes.Kalborg@rightbridge.se
Mads Jorgensen, Chairman of the board
Phone: +45 28 97 15 75
Mail: mvj@bluehorizoninvestment.com
PUBLIC DISCLOSURE
This information is such information that RightBridge Ventures Group AB (publ) is obliged to disclose according to the EU's Market Abuse Regulation. The information was provided, through the above contact person's agency, for publication on 2024-08-30 07.32.
About Rightbridge
RightBridge Ventures is a compounder and investment company based in Stockholm (Sweden) dedicated to investing in companies that shape the future of esports and gaming as part of the digital media and entertainment industry. For more information visit www.rightbridge.se or get updates by following us on LinkedIn.
RightBridge Ventures Group AB (publ)'s shares are traded on the Nasdaq First North Growth Market and the company's certified adviser is Corpura Fondkommission AB.
