The Swedish game studio
FINANCIAL OVERVIEW OF FIRST QUARTER OF 2024 (2023)
(Million SEK) | Q1 24 | Q1 23 | % movement | FY 23 |
Revenue | 16.1 | 0.7 | 2,295% | 28.9 |
EBITDA | (0.5) | (10.2) | 96% | (41.1) |
Operating loss | (4.8) | (12.1) | 60% | (59.0) |
Loss for the period | (7.4) | (12.5) | 41% | (64.9) |
Total assets | 79.6 | 24.5 | 225% | 73.1 |
Net assets | 45.0 | 17.8 | 153% | 36.9 |
Loss per share, SEK | (0.05) | (0.12) | 58% | (0.57) |
Total number of shares | 158,290,057 | 121,989,816 | 158,290,057 | |
Average number of shares | 158,290,057 | 100,902,864 | 114,040,814 |
SIGNIFICANT EVENTS DURING THE FIRST QUARTER OF 2024
- On
25 January 2024 , the Board of Directors of the Company resolved on a directed new issue of shares corresponding to a maximum of approximatelySEK 20.5m at subscription priceSEK 0.2454 per share, and a set-off issue of a maximum of approximatelySEK 40.2m , which will fully settle the principal of the outstanding loan fromNCTK Holdings International Limited (“NCTK”). - The company's CEO,
Calvin Lim Eng Kiat , acquired and then sold shares in the Company, initially triggering and subsequently ceasing the obligation for a mandatory bid. - The Company completed conversion of its accounting principles for financial reporting from K3 to International Financial Reporting Standards (IFRS).
Carina Beck resigned from the Board.
SIGNIFICANT EVENTS AFTER THE END OF THE PERIOD
- The company terminates liquidity guarantee agreement with
Carnegie Investment Bank . - The new shares for both the directed issue (83,847,317) and the set-off issue (44,510,532) as resolved on
25 January 2024 , are fully issued in the second quarter of 2024. The directed share issue generated approximatelySEK 20.5m in cash, which will be used to support ongoing operations, ensure process continuity, and cover team development and operational costs. The set-off issue will settle the NCTK convertible loan of approximatelySEK 40.2m . - Fully owned subsidiary in
Latvia is fully dissolved with insignificant financial impact due to impairments made in 2023.
A WORD FROM THE CEO
Dear Shareholders,
In the first quarter of 2024, we continued to capitalize on the opportunities identified in 2023, a year during which we marked significant developments and established ourselves as a key player in the gaming industry. These opportunities have positioned us for increased innovation and profitability. This quarter, we successfully conducted both a directed share issue and a set-off issue, which have enhanced our financial position and enabled us to further exploit our strong potential for expansion.
The strategic acquisition completed in 2023 opens new doors in
At the end of 2023, we concluded the acquisition of 20% of the shares in
Directed share issue and set-off issue bolster company's financial position
Based on the authorization from the 2023 AGM, we conducted a directed share issue totalling approximately
Having concluded that a directed share issue is the optimal path forward under the current market conditions, we have successfully completed this capital-raising exercise. The full amount of approximately
Transition to international accounting principles enhances global accessibility and comparability
In early 2024, the Group successfully completed the transition from K3 to International Financial Reporting Standards (IFRS) for financial reporting. This transition marks a significant milestone for the Company, aligning its financial reporting with globally recognized standards. This shift will notably improve our financial statements' accessibility and comparability on a global scale.
Accelerating our growth strategy in 2024
Our strong position in the market, combined with a strengthened financial position, ensures continued robust growth this year as more and more operators around the globe incorporate our games into their platforms. In addition to our strong organic growth, we will continue to evaluate strategic acquisitions and new revenue streams that complement our offerings and strengths.
We are grateful for the support and trust that you, our shareholders, have shown, and we look forward to continuing to build on these successes together. Our goal is to launch the next phase of our growth strategy, where we see opportunities for sustained increases in revenue.
CEO
FUTURE REPORTING DATES
Annual General Meeting*:
Q2 2024:
Q3 2024:
Q4 2024:
* Financial reports for the general meeting will be available three weeks before the meeting takes place. All financial reports are published on the company's website, ladyluckgames.io.
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