WebRock Ventures (WRV) Q2 2024 earnings summary

Executive summary

• NAV decreased 22.0% quarter-over-quarter to SEK 488.2 million, mainly due to the Cardo Health–Vibe transaction.

• Webrock exchanged Cardo Health shares for a 44.5% stake in Vibe, valued at SEK 140.6 million.

• SEK 76.8 million private placement and Nasdaq First North Growth Market debut in February 2024.

• Portfolio companies showed strong operational progress, especially in Brazil's fintech and health tech sectors.

Financial highlights

• Operating profit for Jan–Jun 2024 was SEK -157.3 million, compared to SEK -13.4 million in Jan–Jun 2023.

• Net profit for the period was SEK -157.3 million (Jan–Jun 2023: SEK -13.4 million).

• Profit per share was SEK -7.7, down from SEK -0.8 year-over-year.

• Investments during the period totaled SEK 26.1 million, up from SEK 9.1 million year-over-year.

• Cash and cash equivalents stood at SEK 18.3 million as of June 30, 2024.

Outlook and guidance

• BFG is expected to increase its portfolio weight through 2024.

• FinanZero aims to reach break-even by Q4 2024, supported by a SEK 10 million convertible loan.

• Vibe will focus on scaling its AI-driven mental health platform, targeting B2B customers.