Financial summary
Profit and loss, in summary, group July-Sept Jan-Sept Full year
SEK thousands 2024 2023 2024 2023 2023
Revenue 224 1 622 801 5 773 6 691
EBITDA -4 030 -2 927 -9 008 -11 721 -14 809
Depreciation, amortization and impairment losses -69 -24 578 -207 -26 399 -27 352
Earnings Before Interest and Taxes (EBIT) -4 101 -27 504 -9 217 -38 122 -42 176
Profit/loss for the period -6 206 -27 702 -12 033 -36 094 -58 485
EPS -0,008 -0,17 -0,02 -0,22 -0,36
Consolidated Results
Three months July-September 2024
Revenue: The group's net sales amounted to 224 TSEK (1 622). The comparative figures include divested assets. The revenue decline is in line with expectations as the group has divested assets.
EBITDA: The group's EBITDA for the period amounted to -4 030 TSEK (-2 927 TSEK). Increases mainly related to transactional costs, advisers in the cancelled transaction with Oceanview.
Net result: The group's net result for the period amounted to -6 206 TSEK (-27 702 TSEK), A significant improvement compared to previous year which mainly was related to impairments of Goodwill.
Nine months January-September 2024
Revenue: The group's net sales amounted to 801 TSEK (5 773 TSEK). The comparative figures include divested assets. The revenue decline is in line with expectations.
EBITDA: The group's EBITDA for the period amounted to -9 217 TSEK (-11 721 TSEK). An improvement of 2,504 TSEK, which is attributable to reduced costs due to divested assets and decreased overall costs within the group.
Net result: The group's net result for the period amounted to -12 033 TSEK (-36,094 TSEK), an improvement of 24,061 TSEK. Earnings per share amounted to -0,03 SEK (-0,23 SEK).
CEO Letter
Dear Shareholders,
This autumn, we have been working intensively to implement the strategy we established when taking over Rightbridge just over a year ago. Our goal has been to build an ecosystem of game developers and related activities centered around strong IP rights.
It is therefore immensely satisfying to announce that we have now signed an agreement with Safe Lane Gaming to acquire the game studio Raketspel, subject to confirmatory due diligence and consent from the sellers' lenders. This acquisition aligns with Rightbridge's strategy to expand its game portfolio and increase its presence in the rapidly growing gaming industry.
Raketspel's partnerships with world-leading mobile game publishers such as Voodoo and Homa further enhance the potential for future game releases and monetization opportunities. By integrating Raketspel’s talent and resources, Rightbridge aims to accelerate its ability to deliver high-quality gaming experiences and capitalize on the rapidly evolving Hybrid-Casual trend.
We have already explored integration opportunities for IP rights together with the Raketspel team and hope to present some exciting collaborations shortly.
Crazy Frog, with over 11 billion views on YouTube and 16 million subscribers, is an Intellectual Property that Rightbridge Ventures has extensive collaboration with.
With Raketspel’s agility and creative capabilities combined with Crazy Frog’s strong global following and digital presence, we see significant potential ahead. Multiple game variants can be marketed through already established channels, aligning perfectly with our strategy of building ecosystems around strong IP rights.
We are looking forward to a close and expansive collaboration with Raketspel. The studio’s location in Stockholm allows us to accelerate our growth ambitions in a cost-effective manner while minimizing overhead and travel expenses.
Our planned acquisition with Ocean View, concluded post Q3 for several reasons. The business structure, involving companies across multiple countries, proved to be both costly and overly complex to finalize. Therefore, we mutually agreed with Ocean View's management to terminate the agreement, although we remain open to exploring other forms of cooperation in the future.
Our goal is to close the deal with Safe Lane and Raketspel during Q1 2025. We are in active dialogue with financial institutions regarding future funding needs. Our short-term financing is critical to complete the transaction and deliver on our strategy together with Raketspel.
Claes Kalborg
CEO
Rightbridge Ventures Group
For further inquiries, please contact:
Claes Kalborg - CEO of Rightbridge Ventures Group AB
Phone: +46 73 444 55 07
Email: Claes.Kalborg@rightbridge.se'
Mads Jorgensen, Chairman
Phone +45 28 97 15 75
E-post: mvj@bluehorizoninvestment.com
PUBLICATION
This information is information that RightBridge Ventures Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submited for publication, through the agency of the contact persons set out above, on 29/11/2024 07.32.
