WebRock Ventures (WRV) Q3 2024 earnings summary

Executive summary

• NAV at SEK 480.3 million as of September 30, 2024, down 1.6% sequentially and 22.9% year-over-year.

• Operating profit for Jan–Sep 2024 was SEK -165.7 million, with net profit at SEK -165.8 million.

• Portfolio companies achieved notable milestones, including FinanZero's first profitable month and strong growth at Lara, Qred, and Olik.

• Strategic focus on portfolio fundraising, enhanced transparency, and potential exits in 2025 to close the share price-NAV gap.

Financial highlights

• NAV per share was SEK 22.7 at quarter-end, compared to SEK 23.1 in Q2 2024 and SEK 37.1 in Q3 2023.

• Portfolio value stood at SEK 458.9 million, with cash and cash equivalents of SEK 8.3 million.

• Investments during Jan–Sep 2024 totaled SEK 28.4 million, down from SEK 94.0 million in the prior year.

• Profit per share for Jan–Sep 2024 was SEK -8.1, compared to SEK -5.9 for Jan–Sep 2023.

Outlook and guidance

• Anticipates a successful funding round for a portfolio company in 2024 to support NAV valuations.

• Plans for bi-annual investor meetings and increased investor roadshows to improve transparency.

• Focus on potential portfolio exits in 2025 to demonstrate value and close the share price-NAV gap.