INTERIM REPORT JANUARY – SEPTEMBER 2023 RIGHTBRIDGE VENTURES GROUP AB

Rightbridge Ventures Group  AB (publ) ("Rightbridge" OR "The Company") publices interim report for the period 1 january 2023 - 30 september 2023.

1 MSEK IMPROVEMENT 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. The Group’s net sales amounted to 5 773 KSEK (5 564 KSEK), an increase of 6% over the equivalent period of last year.

EBITDA. The Group’s EBITDA for 9 months to September amounted to –11 721 KSEK (-6 374 KSEK).

Adjusted EBITDA excluding one-off items amounted to – 7 347 KSEK (-6 374 KSEK) excluding EBITDA losses of tricked and one-off events.

RESULTS. The Group’s net results for the first nine months of 2023 amounted to -36 095 KSEK (4 346 KSEK). Earnings per share* amounted to SEK -0.23 (0.52).

THIRD QUARTER 2023 

REVENUES. The Group’s net sales for the period amounted to 1 622 KSEK (2 901 KSEK), a decrease of 44% over the equivalent quarter of last year.

EBITDA. The Group’s EBITDA for the quarter amounted to – 2 927 KSEK (- 2 623 KSEK).

Adjusted EBITDA excluding one-off items amounted to – 1 927 KSEK (-2 623 KSEK)

RESULTS. The Group’s net results for the period amounted to –27 702 KSEK (-3 682 KSEK). 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: earnings are divided by the average number of shares for the period. The total number 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. The average number of shares for 2022 was 42 936 539.

**Equity ratio: adjusted equity (equity and untaxed reserves less deferred tax) as a percentage of the balance sheet total.

 

Significant events during the period

- August 9: Rightbridge's board decided to initiate arbitration due to a broken lock-up agreement

- September 7: Team Singularity Academy wins EU ProLeague Division 2 and qualifies among the top 100 in Europe (ranked #77)

- September 29: Rightbridge calls for an extraordinary general meeting to vote in a new board.

Significant events after the end of the period

- October 10: Rightbridge begins collaboration with Quickbit to lead their 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 of Rightbridge Ventures group

- October 30: Rightbridge decides to conclude the case at the arbitration panel regarding the lock-up agreement

- November 17: Rightbridge appoints Erik Penser Bank as liquidity guarantors for the company's share.

- November 24: Rightbridge disposes of the portfolio company Team Singularity ApS for 1 DKK and saves 570 thousand SEK in short-term financing

 

CEO letter

Dear shareholders,

The third quarter and especially the period thereafter have been a time of significant changes and challenges for Rightbridge. With a new management and board in place, we have navigated through a time of restructuring and renewal. As the newly appointed CEO, I am both humble and enthusiastic about the task of leading the company through this phase.

Since my appointment, my focus has been on stabilizing the business, evaluating our strategic directions, and identifying key areas for improvement. This process has been necessary to ensure our long-term success and sustainability. We have taken important steps towards strengthening our core business and exploring new growth opportunities towards profitable markets.

 

Despite the challenges that come with change, I am optimistic about the future, with our new focus on IP rights and look forward to presenting exciting deals in the future. Our newly formed management team and board bring valuable skills and fresh perspectives, which are critical for our future development.

 

My primary focus going forward is to create a solid financial platform to build on and capitalize within gaming, web 3, and infrastructure surrounding these areas. We will continue to act in areas where Rightbridge has previously been active and operational, while also building upon new areas and dimensions where I have spent a significant part of my professional career.

 

I am aware that changes can create uncertainty, but I am convinced that the decisions we make today will be crucial for Rightbridge's future. We face opportunities to not only improve our operational efficiency but also to innovatively expand our business model with new exciting possibilities within IP rights and gaming.

 

I want to thank you all for your continued support and commitment. Our journey is far from over, and I look forward to building a new Rightbridge together.

Claes Kalborg

 

 

The full report is available on www.rightbridge.se

For more information, please contact:
Claes Kalborg, CEO 

Telephone: +46 73 444 55 07
E-post: [email protected]

Mads Jorgensen, Chairman of the board
Telefon: +45 28 97 15 75
E-post: [email protected]

Adress: 
Rightbridge Ventures Group AB (publ)
Norrlandsgatan 24 
111 43
Stockholm 


DISCLOSURE
This information is information that RightBridge Ventures Group AB (publ) is obliged to make public according to the EU's market abuse regulation (MAR). The information was provided, through the above contact person, for publication on 28.11.2023.