Sporttotal (WIG1) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 was €10.5m, down from €16.9m in H1 2023, mainly due to lack of large VENUES projects; EBITDA was -€4.3m (H1 2023: -€3.3m).

• Focus remains on expanding the US streaming platform and AI-based camera technology, with new contracts in the German football market and ongoing efforts in international motorsport projects.

• Two capital increases and further convertible bond subscriptions supported liquidity and growth initiatives.

Financial highlights

• Net loss for H1 2024 was €-7.1m, compared to €-5.6m in H1 2023.

• Operating cash flow was negative at €-8.0m, mainly due to higher receivables and losses.

• Cash at period end was €0.5m, down from €1.1m at year-end 2023.

• Equity decreased to €-33.7m due to losses, despite capital increases.

• VENUES segment revenue dropped to €0.8m (H1 2023: €8.8m); DIGITAL segment revenue rose to €9.7m (H1 2023: €8.5m).

Outlook and guidance

• 2024 guidance maintained, but results expected at the lower end of the range due to delayed VENUES project awards.

• Full-year revenue expected at minimum €22m, EBITDA at least €0m.

• Ongoing geopolitical risks and project delays could impact results.