Upgrade Invest Nordic (UPGRAD) Q4 2024 earnings summary

Executive summary

• Total revenues for Q4 2024 reached 200 TSEK, up from 0 TSEK in Q4 2023; full-year revenues were 200 TSEK, up from 1 TSEK year-over-year.

• Operating loss for Q4 2024 was -160 TSEK (improved from -258 TSEK); full-year operating loss was -931 TSEK (improved from -1,036 TSEK).

• Net loss for Q4 2024 was -160 TSEK (vs. -195 TSEK); full-year net loss was -1,221 TSEK (worsened from -973 TSEK).

• EPS for Q4 2024 was -0.08 SEK (vs. -0.10 SEK); full-year EPS was -0.60 SEK (vs. -0.48 SEK).

• No dividend proposed for 2024.

Financial highlights

• Substansvärde (Net Asset Value) at year-end was 6.6 MSEK, or 3.25 SEK per share.

• Cash position at year-end was 2.6 MSEK; no long-term loans.

• Largest holdings: Climacheck AB (45.7% of NAV), Lynes AB (14.8%).

• External costs for 2024 were -1,131 TSEK (up from -617 TSEK); personnel costs were 0 TSEK (down from -420 TSEK).

• Financial net for 2024 was -289 TSEK (vs. 63 TSEK), mainly due to write-downs.

Outlook and guidance

• Management sees a strong pipeline for 2025, with several promising deals in progress.

• Market conditions remain uncertain for small caps, but investor risk appetite is cautiously increasing.