Raytelligence (RAYTL) Q2 2024 earnings summary

Executive summary

• Transitioned to a new business model focused on spinouts and value creation for shareholders, with Mobintel as the first major project.

• Signed key letters of intent for divestments and reverse acquisitions, including Tekmovil LLC and Eazense ONE/Inno-XTM projects.

• Board and management changes implemented to support new strategic direction.

Financial highlights

• Group revenue for Jan–Jun 2024 was KSEK 51, down from KSEK 222 year-over-year; net sales were KSEK 0 (204).

• Net loss for Jan–Jun 2024 was KSEK -2,786, a significant improvement from KSEK -45,582 year-over-year.

• Earnings per share after tax for Jan–Jun 2024 was SEK -0.004, compared to SEK -0.192 year-over-year.

• Equity as of June 30, 2024 was KSEK 2,287, with an equity ratio of 54.2% (down from 81.7%).

• Cash and cash equivalents at period end were KSEK 44, compared to KSEK 329 a year earlier.

Outlook and guidance

• Board sees good future prospects with progress in new business and investments in sales, production, and product development.

• Focus remains on asset value growth and executing promising transactions, especially outside Sweden.