Upgrade Invest Nordic (UPGRAD) Q1 2025 earnings summary

Executive summary

• Total revenue for Q1 2025 was 0 TSEK, unchanged from Q1 2024; operating result improved to -253 TSEK from -294 TSEK year-over-year.

• Net result for the period was -215 TSEK, an improvement from -294 TSEK in Q1 2024.

• EPS for the quarter was -0.11 SEK, up from -0.14 SEK in the same period last year.

• Substantial event: distribution of all shares in former subsidiary Upgrade Invest Nordic 4 AB (now mResell Holding AB) to shareholders; mResell listed on Spotlight Stock Market on February 19, 2025.

• No significant events occurred after the reporting period.

Financial highlights

• Operating expenses for Q1 2025 were -253 TSEK, mainly consulting and listing-related costs; personnel costs were 0 TSEK.

• Financial net for Q1 2025 was 38 TSEK, driven by interest income.

• Equity as of March 31, 2025, was 5.8 MSEK; cash position was approximately 2.0 MSEK.

• No long-term loans; short-term liabilities were 53 TSEK, mainly accounts payable.

Outlook and guidance

• Management notes macroeconomic uncertainty and continued caution in capital markets but expresses confidence in the business model and long-term potential of the circular economy.

• Pipeline of new investment opportunities remains strong, with expectations to announce further deals.