Rightbridge Ventures Group interim report Q1 2024
FIVE MILLION SEK IN COST REDUCTIONS DURING THE QUARTER, IMPROVED RESULT BY 4.1 MSEK
| Profit and loss, in summary, group | Jan-Mar | Jan-Dec | ||
| SEK thousands | 2024 | 2023 | 2023 | |
| Revenue | 338 | 2.530 | 6.691 | |
| EBITDA | -2.726 | -5.467 | -14.809 | |
| Depreciation, amortization and impairment losses | -69 | -1.041 | -27.352 | |
| Earnings Before Interest and Taxes (EBIT) | -2.795 | -6.510 | -42.176 | |
| Profit/loss for the period | -2.801 | -6.993 | -58.485 | |
| EPS | -0,004 | -0,04 | -0,36 | |
GROUP RESULTS
Three months January-March 2024
REVENUES: The group's net sales amounted to 308 TSEK (2,530 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 -2,726 TSEK (-5,467 TSEK). An improvement of 2,741 TSEK (50%), which is attributable to reduced costs due to divested assets.
RESULTS: The group's net result for the period amounted to -2,801 TSEK (-6,993 TSEK), an improvement of 150% and a reduction in costs of 4,200 TSEK. Earnings per share amounted to -0.004 SEK (-0.04 SEK).
CEO's Letter
Dear shareholders,
We continue our exciting journey to transform Rightbridge Ventures into a company focused on gaming and cross-media where IP rights are the focus, completely in line with what we previously communicated.
We are in the final stages with OV Entertainment and expect to be able to announce the SPA shortly – a deal that will fundamentally change Rightbridge. We will become a global player with strong growth, new revenue streams, and positive cash flow. This gives us a strong foundation for further growth and expansion while maintaining profitability. We will place ourselves in an entirely new division, especially considering our agreement with CF Entertainment, which gives us exclusive rights to develop games for the globally renowned figure Crazy Frog, with approximately 10 billion views on YouTube.
During the quarter, the competition together with Adventure Box and Crazy Frog has been ongoing, and we are pleased that so many players have participated in the competition. Just the teaser for the competition received about 800 thousand views on YouTube, and the competition generated hundreds of different user-created games and great engagement on the Kogama platform. This was a small initial collaboration, and we are optimistic about expanding our presence with Crazy Frog on other platforms where we see strategic advantages with collaborations.
With the companies within OV, we will not only be active in the gaming industry with Crazy Frog but also create revenue streams in related areas. I will elaborate on these in future reports, and we will present exciting plans going forward.
Q1 results are entirely in line with our expectations, and the decrease in revenue is entirely due to the divestment of the historical companies in the portfolio that did not contribute to either profitability or fit into the new strategy. This also means that we have concluded projects that we previously saw potential in but faced challenges in achieving profitability, such as those in the MENA region. Through the divestments, we have reduced costs by approximately five MSEK compared to the corresponding quarter last year.
Claes Kalborg
CEO
Rightbridge Ventures Group AB
SIGNIFICANT EVENTS DURING THE PERIOD
-February 7: Rightbridge signs a license agreement with the world-renowned Non-Violence Foundation for Knot OK.
-February 16: Rightbridge's portfolio company 1337 signs an agreement with Adventure Box to promote the growth of the Kogama platform.
-February 22: Rightbridge and Adventure Box enter into a strategic partnership to develop Crazy Frog.
-March 19: The first partnership with Crazy Frog is initiated on the Kogama platform.
-March 25: Extraordinary general meeting to elect new board members.
SIGNIFICANT EVENTS AFTER THE PERIOD
-April 11: Rightbridge signs a term sheet with OV Entertainment to acquire 51% of the company.
