XLMedia (XLM) H2 2024 earnings summary

Executive summary

• Completed sale of all major assets in 2024, transforming into an AIM Rule 15 cash shell focused on returning capital to shareholders.

• Europe and Canada assets sold to Gambling.com for up to $42.5M; North America assets sold to Sportradar for up to $30M.

• Returned $17.4M to shareholders via tender offer in February 2025, with a further capital return planned before share suspension in May 2025.

• Staff reduced from 146 to 17 by year-end 2024, with further reductions in Q1 2025.

Financial highlights

• FY 2024 revenue from discontinued operations: $17.7M, down from $51.0M in 2023 due to asset disposals.

• Operating loss before impairment: $(15.0)M (2023: $(0.7)M); statutory loss: $(12.5)M (2023: $(47.0)M).

• Non-cash net impairment charge: $(42.6)M in 2024.

• Cash and short-term deposits at 31 Dec 2024: $35.0M, including $1.8M payable to acquirers.

• Net cash inflow from asset sales: $50.2M in 2024.

Outlook and guidance

• Board expects to announce a second tender offer and provide details on outstanding costs and cash to be retained for liquidation.

• Focus remains on minimizing costs, clearing tax and other liabilities, and returning cash to shareholders.

• Key board members to step down by June 2025; new leadership to oversee wind-down.