Everysport Media Group (EVERY) Q3 2024 earnings summary

Executive summary

• Q3 2024 saw continued positive development, with restructuring efforts driving improved financial performance and a focus on long-term growth and profitability.

• Elite Prospects delivered record growth in paying subscribers and a 23% increase in net sales, offsetting declines from divested operations.

• Strategic repositioning toward scalable, high-margin products is underway, with intentional reduction in less strategic revenues.

Financial highlights

• Q3 2024 net sales were SEK 19.1 million, up 1% year-over-year excluding divested operations; total net sales declined 48% due to divestments.

• Adjusted EBITDA for Q3 was SEK 0.9 million (2.4), and adjusted EBIT was SEK 0.0 million (-2.8); profit after financial items was SEK -0.5 million (17.4).

• Earnings per share for Q3 were SEK -0.08 (2.81); for Jan–Sep, SEK -0.28 (-0.06).

• Operating expenses decreased significantly due to divestments and cost control.

• Cash and cash equivalents at period end were SEK 13.1 million, with an additional SEK 17.0 million in short-term investments.

Outlook and guidance

• Focus remains on driving organic growth and operational efficiencies, with expectations for continued positive contributions to operating profit in Q4 2024.

• Elite Prospects' ongoing subscriber and product development, including a new app, is expected to support further expansion.