Adventure Box Technology (ADVBOX) Q3 2024 earnings summary

Executive summary

• Net sales for Q3 2024 were SEK 138 thousand, down from SEK 661 thousand in Q3 2023, with a net loss after tax of SEK -6,864 thousand (Q3 2023: -2,623 thousand).

• For Jan–Sept 2024, net sales totaled SEK 454 thousand (Jan–Sept 2023: SEK 1,811 thousand), with a net loss of SEK -15,825 thousand (Jan–Sept 2023: -10,104 thousand).

• The company entered a share purchase agreement to acquire 100% of Lion Gaming Group Inc. for SEK 467 million, to be settled in new shares, pending EGM approval.

Financial highlights

• Q3 2024 EBIT was SEK -6,875 thousand (Q3 2023: -2,839 thousand); Jan–Sept 2024 EBIT was SEK -16,099 thousand (Jan–Sept 2023: -10,675 thousand).

• Cash and cash equivalents at quarter-end were SEK 206 thousand (Q3 2023: SEK 3,000 thousand); equity was SEK 5,075 thousand (Q3 2023: SEK 18,482 thousand).

• Net cash flow before financial items for Q3 2024 was SEK -3,013 thousand (Q3 2023: -2,177 thousand); Jan–Sept 2024 was SEK -7,469 thousand (Jan–Sept 2023: -8,127 thousand).

• Share issues during Jan–Sept 2024 raised SEK 6,926 thousand before expenses; bridge financing totaled SEK 2,599 thousand.

Outlook and guidance

• The board highlights challenges regarding continued operations and stresses the need for increased profitability and successful capital raising in late autumn 2024.

• The acquisition of Lion Gaming Group is expected to improve profitability and liquidity.