Nexar Group (NXAR) Q2 2024 earnings summary

Executive summary

• Revenue for April–June 2024 was 27 KSEK, with a net loss of -784 KSEK, a deterioration of 72 KSEK year-over-year.

• For January–June 2024, revenue was 73 KSEK, net loss -1,603 KSEK, down 569 KSEK from the prior year.

• Delays in the Football Dreamz project in Nigeria due to political and economic instability; payment for production not received in Q2.

• African Legends platform to launch in September, with Nexar entitled to 25% of digital collectible revenues.

Financial highlights

• April–June 2024 revenue: 27 KSEK (0 KSEK in 2023); net result: -784 KSEK (-712 KSEK in 2023).

• January–June 2024 revenue: 73 KSEK (103 KSEK in 2023); net result: -1,603 KSEK (-1,034 KSEK in 2023).

• Net result per share for H1 2024: -0.05 SEK (-0.04 SEK in 2023); equity per share: -0.01 SEK (0.12 SEK in 2023).

• Group equity at June 30, 2024: -243 KSEK; parent company equity: 7,356 KSEK.

• Cash flow from operations for H1 2024: -799 KSEK; cash at period end: 154 KSEK.

Outlook and guidance

• Ongoing discussions for Football Dreamz rights in the Middle East and North Africa, with potential for a near-term agreement.

• African Legends platform expected to generate significant revenue and social impact, launching September 15.