EMB Mission Bound (EMB) Q2 2024 earnings summary

Executive summary

• Revenue grew 34% year-over-year in Q2 2024 and 167% in H1 2024, driven by new revenue streams from Asia and expanded service offerings.

• Leadership transition: Calvin Lim Eng Kiat became Executive Chairman, Chi Ho Li appointed as CEO, and new board members elected.

• Company rebranded from LL Lucky Games AB to Embark Group AB after the reporting period.

Financial highlights

• Q2 2024 revenue: SEK 14.4m (Q2 2023: SEK 10.7m); H1 2024 revenue: SEK 30.5m (H1 2023: SEK 11.4m).

• Q2 2024 EBITDA: SEK -6.0m (Q2 2023: SEK -2.9m); H1 2024 EBITDA: SEK -6.5m (H1 2023: SEK -13.0m).

• Q2 2024 operating loss: SEK -11.1m (Q2 2023: SEK -4.5m); H1 2024 operating loss: SEK -15.9m (H1 2023: SEK -16.6m).

• Q2 2024 net loss: SEK -12.3m (Q2 2023: SEK -4.6m); H1 2024 net loss: SEK -19.7m (H1 2023: SEK -17.1m).

• Cash at end of Q2 2024: SEK 8.4m, down 75% year-over-year due to prior year’s convertible loan inflow.

Outlook and guidance

• Focus on leveraging Asian market synergies and expanding technology development, maintenance, and consulting services.

• Addressing technology debt and scaling up operations through strategic hiring and regional expansion.