1 MSEKIMPROVEMENT IN ADJUSTED EBITDA, NET RESULT AFFECTED BY GOODWILL IMPAIRMENTS
Profit and loss, in summary, group
Jul-Sep
Jan-Sep
Jan-Dec
SEK thousands
2023
2022
2023
2022
2022
Revenue
1.622
2.901
5.773
5.465
8.445
EBITDA
-2.927
-2.623
-11.721
-6.374
-23.598
Adjusted EBITDA
-1.927
-2.623
-7.347
-6.374
-12.219
Depreciation, amortization and impairment losses
-24.578
-719
-26.399
-1.010
-54.208
Earnings Before Interest and Taxes (EBIT)
-27.504
-3.344
-38.122
-7.401
-77.828
Profit/loss for the period
-27.702
-3.681
-36.094
4.346
-67.680
EPS
-0,171
-0,44
-0,22
0,52
-1,58
GROUP CONSOLIDATED RESULTS
9 MONTHS JAN-SEPT 2023
REVENUES. TheGroup’s net sales amounted to 5 773 KSEK (5 564 KSEK), an increase of 6% overthe equivalent period of last year.
EBITDA. TheGroup’s EBITDA for 9 months to September amounted to –11 721 KSEK (-6 374KSEK).
Adjusted EBITDA excludingone-off items amounted to – 7 347 KSEK (-6 374 KSEK) excluding EBITDA losses oftricked and one-off events.
RESULTS. TheGroup’s net results for the first nine months of 2023 amounted to -36 095KSEK (4 346 KSEK). Earnings per share* amounted to SEK -0.23 (0.52).
THIRD QUARTER 2023
REVENUES. The Group’s net sales for theperiod amounted to 1 622 KSEK (2 901 KSEK), a decrease of 44% over theequivalent quarter of last year.
EBITDA. TheGroup’s EBITDA for the quarter amounted to – 2 927 KSEK (- 2 623 KSEK).
Adjusted EBITDA excludingone-off items amounted to – 1 927 KSEK (-2 623 KSEK)
RESULTS. The Group’s net results for the period amounted to –27 702 KSEK (-3 682KSEK). Earnings per share* amounted to SEK -0.172 (0,44).
The equity/assets ratio** as of 30 September 2023 was 72% (96% )
*Earnings per share: earningsare divided by the average number of shares for the period. The totalnumber of shares in the company as of 30 September 2023 amounts to 162 116 244.The average number of shares for the third quarter 2023 was 161 446 178. Theaverage number of shares for 2022 was 42 936 539.
**Equity ratio: adjustedequity (equity and untaxed reserves less deferred tax) as a percentage of thebalance sheet total.
Significant events during the period
- August 9: Rightbridge's board decided to initiate arbitration due to abroken lock-up agreement
- September 7: Team Singularity Academy wins EU ProLeague Division 2 andqualifies among the top 100 in Europe (ranked #77)
- September 29: Rightbridge calls for an extraordinary general meetingto vote in a new board.
Significant events after the end of the period
- October 10: Rightbridge begins collaboration with Quickbit to leadtheir push towards esports and gaming.
- October 18: Rightbridge elects a new board consisting of: Kin-Wai Lau,Mads Jorgensen, Carl Falkenberg, and Magnus Leppäniemi.
- October 20: The board appoints Claes Kalborg as the new CEO ofRightbridge Ventures group
- October 30: Rightbridge decides to conclude the case at the arbitrationpanel regarding the lock-up agreement
- November 17: Rightbridge appoints Erik Penser Bank as liquidityguarantors for the company's share.
- November 24: Rightbridge disposes of the portfolio company TeamSingularity ApS for 1 DKK and saves 570 thousand SEK in short-term financing
CEO letter
Dear shareholders,
The third quarter and especially the periodthereafter have been a time of significant changes and challenges forRightbridge. With a new management and board in place, we have navigatedthrough a time of restructuring and renewal. As the newly appointed CEO, I amboth humble and enthusiastic about the task of leading the company through thisphase.
Since my appointment, my focus has been onstabilizing the business, evaluating our strategic directions, and identifyingkey areas for improvement. This process has been necessary to ensure ourlong-term success and sustainability. We have taken important steps towardsstrengthening our core business and exploring new growth opportunities towardsprofitable markets.
Despite the challenges that come with change, Iam optimistic about the future, with our new focus on IP rights and lookforward to presenting exciting deals in the future. Our newly formed managementteam and board bring valuable skills and fresh perspectives, which are criticalfor our future development.
My primary focus going forward is to create asolid financial platform to build on and capitalize within gaming, web 3, andinfrastructure surrounding these areas. We will continue to act in areas whereRightbridge has previously been active and operational, while also buildingupon new areas and dimensions where I have spent a significant part of myprofessional career.
I am aware thatchanges can create uncertainty, but I am convinced that the decisions we maketoday will be crucial for Rightbridge's future. We face opportunities to notonly improve our operational efficiency but also to innovatively expand ourbusiness model with new exciting possibilities within IP rights and gaming.
I want to thankyou all for your continued support and commitment. Our journey is far fromover, and I look forward to building a new Rightbridge together.
Claes Kalborg
The full report isavailable on www.rightbridge.se
For more information, please contact:
Claes Kalborg, CEO
Telephone: +46 73 444 55 07
E-post: claes.kalborg@rightbridge.se
Mads Jorgensen, Chairman of the board
Telefon: +45 28 97 15 75
E-post: mvj@bluehorizoninvestment.com
Adress:
Rightbridge Ventures Group AB (publ)
Norrlandsgatan 24
111 43
Stockholm
DISCLOSURE
This information is information that RightBridge Ventures Group AB (publ) isobliged to make public according to the EU's market abuse regulation (MAR). Theinformation was provided, through the above contact person, for publication on28.11.2023.
