Lavide Holding (LVIDE) H1 2024 earnings summary

Executive summary

• Secured a long-awaited engagement letter with GCP Auditors Ltd, safeguarding Euronext listing and enabling focus on business development without delisting threat.

• Signed a Letter of Intent with Haerlem Capital, which intends to invest €250,000 for an 8% stake and provide board members, aiming to professionalize the organization.

• Ongoing efforts to restart activities, including preparations for own operations and exploring partnerships or RTO candidates.

Financial highlights

• No revenue reported for H1 2024; operating costs totaled €89,000, resulting in an operating loss of €202,000.

• Net loss for H1 2024 was €99,000, compared to a net loss of €220,000 in H1 2023.

• Equity position deteriorated to -€424,000 as of June 30, 2024, from -€325,000 at year-end 2023.

• Long-term debt increased to €264,000 from €219,000 at year-end 2023.

• No earnings per share as there was no profit; diluted and basic EPS both at -0.02 for H1 2024.

Outlook and guidance

• Focus remains on completing the audit of the 2023 financial statements to exit Euronext's penalty bench.

• Collaboration with Haerlem Capital expected to bring new investment and professionalization.

• Management expresses confidence in a positive future, contingent on successful audit and capital injection.