Northern CapSek Ventures (CAPS) Q2 2024 earnings summary

Executive summary

• Net result for Q2 2024 was -2.3 MSEK, with a positive revaluation of +0.2 MSEK in the portfolio, mainly from unlisted holdings.

• For H1 2024, net result was +1.3 MSEK, marking a turnaround after challenging years for growth companies.

• Portfolio consists of 12 tech companies, with a net asset value (NAV) of 43 MSEK, or 0.92 SEK per share, and a 65% discount to NAV at period end.

Financial highlights

• Q2 2024 net sales were 48 TSEK, down from 137 TSEK in Q2 2023.

• EBITDA for Q2 2024 was -1,493 TSEK; EBIT was -2,480 TSEK.

• Net result per share for Q2 2024 was -0.049 SEK, improved from -0.151 SEK in Q2 2023.

• Cash at period end was 814 TSEK, with an unused credit facility of 1.5 MSEK.

• Equity at period end was 43,013 TSEK; equity ratio 93.2%.

Outlook and guidance

• Five unlisted portfolio companies showed strong H1 2024 growth, averaging 85% revenue increase year-over-year.

• Three of these companies are profitable, and one is nearing break-even; average operating margin for 2024 expected to exceed 10%.

• Arctic Space Technologies and Noda are highlighted for new contracts and record sales, respectively.