Upgrade Invest Nordic (UPGRAD) Q3 2024 earnings summary

Executive summary

• No revenue generated for the period January–September 2024; focus remains on investment activities in pre-IPO growth companies.

• Net loss widened to -1,295 TSEK for the nine months, compared to -777 TSEK in the same period last year.

• Substansvärdet (net asset value) at period end was 6.67 MSEK, or 3.27 SEK per share.

• Formation of a new subsidiary and a full write-down of Nuuka Solutions Oy were key events.

Financial highlights

• Total income for January–September 2024 was 0 TSEK, unchanged from the previous year.

• Operating loss for the nine months was -1,006 TSEK, compared to -777 TSEK year-over-year.

• Net loss for the period was -1,295 TSEK, versus -777 TSEK in the prior year.

• Result per share for the nine months was -0.63 SEK, compared to -0.38 SEK year-over-year.

• Cash position at period end was 2.7 MSEK; no long-term loans.

Outlook and guidance

• Management highlights strong deal pipeline and expects to present new transactions soon.

• Unique market offering for pre-IPO companies, emphasizing efficient and predictable listing process.