Byhmgard (SPIFF) Q3 2024 earnings summary

Executive summary

• Entered agreement for reverse acquisition of Tyrill AB and sale of all existing online gaming operations, pending approval at the November 22, 2024, EGM.

• After the transaction, Spiffbet shareholders will own about 9% of the new entity, which will focus on payment solutions, mainly targeting the African market.

• All current board and management members to be replaced upon transaction completion.

Financial highlights

• Q3 2024 net revenue decreased 13% to 8,199 TSEK (Q3 2023: 9,377 TSEK); nine-month revenue down 12% to 28,830 TSEK.

• Q3 net result was -6,119 TSEK (Q3 2023: -6,272 TSEK); nine-month net result -17,580 TSEK (2023: -17,981 TSEK).

• Q3 operating cash flow was -21 TSEK (Q3 2023: -1,655 TSEK); cash at period end 552 TSEK (Q3 2023: 1,693 TSEK).

• Equity at period end was 1,822 TSEK (Q3 2023: 40,455 TSEK).

• Sale of Metal Casino in Q2 contributed positively to nine-month results by 4,504 TSEK.

Outlook and guidance

• Post-transaction, Spiffbet will exit gaming and focus on Tyrill's payment solutions business.

• A partially guaranteed rights issue is planned following the reverse acquisition.