Northern CapSek Ventures (CAPS) Q1 2025 earnings summary

Executive summary

• Net result for Q1 2025 was -616 TSEK, compared to 3,564 TSEK in Q1 2024, mainly due to lower unrealized value changes in the portfolio.

• Portfolio revaluations contributed +1,066 TSEK, split between unlisted (+566 TSEK) and listed (+500 TSEK) holdings.

• Additional investments were made in Noda Intelligent Systems (300 TSEK) and Klash (100 TSEK loan).

• Substantial share consolidation (250:1) and capital reduction were completed after the period.

Financial highlights

• Net sales for Q1 2025 were 30 TSEK, down from 98 TSEK in Q1 2024.

• EBITDA was -1,611 TSEK (vs. -1,645 TSEK in Q1 2024); EBIT was -1,683 TSEK (vs. -2,631 TSEK).

• Earnings per share before dilution was -0,005 SEK (0,076 SEK in Q1 2024).

• Equity at period end was 46,787 TSEK; cash and equivalents were 1,302 TSEK.

• No long-term debt; equity ratio at 99.0%.

Outlook and guidance

• Focus remains on strategic deals, including potential mergers or acquisitions, primarily paid with new shares.

• Management highlights the risk of overinvestment in generative AI and emphasizes investing in companies with real-world AI applications.