Flat Capital (FLAT) Q4 2024 earnings summary

Executive summary

• Net asset value (NAV) per share increased 30% year-over-year to 10.92 SEK, with a strong Q4 up 36% sequentially, ending 2024 at 658 MSEK NAV.

• Profit after tax for 2024 was 107,950 KSEK, a turnaround from -83,358 KSEK in 2023, driven by significant value gains in unlisted AI holdings and favorable FX effects.

• Rights issue in Q4 was oversubscribed to 220%, raising 140 MSEK to fund new and existing investments, especially in AI and technology.

Financial highlights

• Q4 2024 profit after tax: 127,959 KSEK (Q4 2023: -25,527 KSEK); full-year profit after tax: 107,950 KSEK (2023: -83,358 KSEK).

• Change in value of financial assets in Q4: +127,996 KSEK (Q4 2023: -24,384 KSEK), with FX effect of +25,560 KSEK.

• Operating expenses for 2024: 6,105 KSEK, 1.14% of average NAV, down from 2.00% in 2023.

• Investments in 2024 totaled 145,853 KSEK, more than doubling from 61,414 KSEK in 2023.

• No dividend proposed for 2024.

Outlook and guidance

• Board proposes no dividend for 2024, prioritizing reinvestment and long-term value creation.

• Strong cash position and debt-free balance sheet position Flat to pursue further investments in AI and technology sectors.