FSport (FSPORT) Q2 2024 earnings summary

Executive summary

• Q2 2024 marked by revenue stabilization and nearing completion of cost-saving initiatives, with a strategic shift to focus on media and affiliate operations after returning the gaming license.

• Net sales for Q2 2024 were 1,052 TSEK, nearly flat year-over-year, with affiliate revenues as the main contributor.

• EBITDA loss narrowed to -397 TSEK from -1,142 TSEK year-over-year, reflecting ongoing efficiency measures.

• Rights issue completed post-period, raising approximately 2.9 MSEK to support expansion and marketing.

Financial highlights

• Q2 2024 net sales: 1,052 TSEK (Q2 2023: 1,009 TSEK); H1 2024: 1,878 TSEK (H1 2023: 1,561 TSEK).

• Q2 2024 EBITDA: -397 TSEK (Q2 2023: -1,142 TSEK); H1 2024: -1,094 TSEK (H1 2023: -3,064 TSEK).

• Q2 2024 net result: -1,260 TSEK (Q2 2023: -2,003 TSEK); H1 2024: -2,819 TSEK (H1 2023: -4,786 TSEK).

• Cash at period end: 569 TSEK (Q2 2023: 5,898 TSEK); cash flow impacted by operating losses.

• Result per share Q2 2024: -0.03 SEK (Q2 2023: -0.08 SEK); H1 2024: -0.06 SEK (H1 2023: -0.22 SEK).

Outlook and guidance

• Strategic focus shifts to affiliate media and non-licensed gaming products, leveraging existing expertise and partnerships.

• Cost-saving program largely completed; full effects expected to materialize by autumn.

• Raised capital from the rights issue to be used for revenue-generating initiatives and long-term planning.