RIGHTBRIDGE VENTURES GROUP
Q3 INTERIM REPORT and JANUARY – 30 SEPTEMBER 2022
Important information for the reader
From January 1st, 2022 to September 30th, 2022 (the “Period”) RightBridge Ventures Group AB (the “Company”) operations were carried under the name of Agilit Holding AB. Therefore, the information included in this interim report only refers to the operations of the Company under the name of Agilit Holding AB, including the wholly-owned subsidiary Agilit Svenska AB. Agilit Svenska AB owned 100 % in FHVCare i Sverige AB and Carefindy AB. The acquisition by the Company of RightBridge Ventures AB, and thereafter its esports and gaming operations, through a reverse take-over transaction (the “Transaction”), was closed after the Period.
Yet, it is the understanding of the Company’s board of directors that it will be of interest to our shareholders and the public to present the activities, results, and operations of RightBridge Ventures during the Period.
This interim report contains additional voluntary informative disclosure about RightBridge Ventures AB for the period. For information on how RightBridge Ventures AB’s consolidated sales have grown from approximately SEK 4.7 million to approximately SEK 8 million over 9 months, see the supplement about RightBridge Ventures AB in this report “RightBridge Ventures AB Proforma Q3 and January - September 2022, voluntary disclosure” from page 24. This should be read independently of the company’s interim report and it does not reflect how the company intends to publish its quarterly or/and annual results in the future.
RightBridge Ventures Group AB (previously Agilit Holding AB)
2022-01-01 to 2022-09-30
The Group’s net sales amounted to SEK 0.9 million (0.5).
The Group’s profit after financial items amounted to SEK -3.7 million (-3). Earnings per share* amounted to SEK -0.02 (-0.10).
The equity/assets ratio** as of 30 September was 75.7 % (57.9).
2022-07-01 to 2022-09-30
The Group’s net sales amounted to SEK 0.3 million (0.2).
The Group’s profit after financial items amounted to SEK -1.3 million (-2.2). Earnings per share* amounted to SEK -0.006 (-0.03).
PARENT COMPANY (Previously Agilit Holding AB)
2022-01-01 to 2022-09-30
The Parent Company’s net sales amounted to SEK 0.1 million (-).
The Parent Company’s profit after financial items amounted to SEK -5.5 million (-1.5). Earnings per share* after dilution amounted to SEK -0.03 (-0.02).
The equity/assets ratio** as of 30 September was 98.8 % (82.2)
2022-07-01 to 2022-09-30
The Parent Company’s net sales amounted to SEK 0.1 million (-).
The Parent Company’s profit after financial items amounted to SEK -0.4 million (-1.4).
Earnings per share* after dilution amounted to SEK -0.002 (-0.05).
*Earnings per share: earnings are divided by the average number of shares for the period. The total number of
shares in the company as of 30 September 2022 amounts to 208,430,382 (104,215,191).
The average number of shares after dilution for the third quarter of 2022 amounted to 208,430,382 (88,004,017) shares.
**Equity ratio: adjusted equity (equity and untaxed reserves less deferred tax) as a percentage of the balance sheet total.
Significant events during the third quarter of 2022
- On August 11th, Agilit Holding AB’s operations were transferred to the wholly owned subsidiary Agilit Svenska AB.
- On September 29th, the Extraordinary General Meeting (EGM) of Agilit Holding AB approved the reverse takeover of RightBridge Ventures AB. The purchase price for the transaction amounted to approximately SEK 180 million and was paid through a share issue of 2,999,487,967 of new shares (“Consideration Shares”) in Agilit Holding AB to RightBridge Ventures AB shareholders as payment for the transaction.
- The EGM approved a reverse split of the Company’s shares, where twenty-five (25) shares were merged into one (1) share. The EGM decided to change the name of “Agilit Holding” to “RightBridge Ventures Group”.
Significant events after the end of the period
- On October 5th, 2022, Agilit Holding AB’s subsidiary Agilit Svenska AB was distributed to the shareholders of the Company included in the company shareholders ledger before the closing of the Transaction.
- On October 6th, 2022, the reverse takeover was completed. The Consideration Shares were distributed to RightBridge Ventures AB shareholders, their registration into the Company’s shareholders ledger was submitted and a new board of directors and management took of- fice. The new board consists of Johan Rooth as chairman of the board and Stefan Lindeberg, Kenneth Arnström and Magnus Leppäniemi as non-executive board members. Carlos Barrios was appointed as CEO.
- During October, the Company registered its change of name from Agilit Holding AB to Right- Bridge Ventures Group AB (publ).
- On October 20th, the new ticker for trading on NASDAQ First North was changed from AGILIT to RIGHTB.
- RightBridge Ventures Group closed the acquisition of approximately 80 % of the shares in Tricked Esport ApS, a Danish esports and educational organization based in Copenhagen.
- The Company announced Team Singularity’s commercial partnership with MAS Holdings, South Asia’s largest apparel tech company with the objective to market and promote their competitive gaming wearables product lines.
- Lilmix media partnership with AOC, one of the world largest manufacturers of computer peripherals was renewed for one more year.
- Lilmix meets Ninjas in Pyjamas during the CS:GO Swedish Cup (CSGO Svenska Cupen 2022 included a SEK 0.5 million prize pool) semifinals securing the 4th placement among the Swedish CSGO elite.
- Team Singularity TikTok single post reached over 100 000 views showing the strength of Team Singularity's communication reach potential.
- The Company carried out a share reverse split with a ratio of 25:1 bringing the number of out- standing shares in the Company from 3 billion to 128 million.
Group structure for the period ended 30 September 2022
Agilit Holding AB is the parent company of a group that includes Agilit Svenska AB (100 %) which in turn owns 100 % of Carefindy AB and FHVCare i Sverige AB.
Organization and employees
The average number of employees in the Group for the third quarter of 2022 was 1 (3) person. In addition, there are long-term agreements with 2 development consultants.
END OF THE RIGHTBRIDGE VENTURES GROUP AB (previously Agilit Holding AB) Q3 INTERIM REPORT and JANUARY – 30 SEPTEMBER 2022
This information is such that RightBridge Ventures Group AB (publ) is obliged to make it public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication on 30 November 2022
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VOLUNTARY INFORMATION DISCLOSURE
RIGHTBRIDGE VENTURES AB PROFORMA Q3 AND JANUARY - SEPTEMBER 2022
SEK 8M in revenues: 68 % organic revenue growth despite macroeconomic headwinds and global turmoil
Important information for the reader
The information below should not be seen or interpreted as a formal quarterly report. Furthermore, the information below and the financial information should not be interpreted as a basis for future reporting. The proforma profit and loss statement has been prepared in accordance with K3.
RightBridge Ventures Group AB reports in accordance with K3 for the periods January 1st - Decem- ber 31st, 2022. From January 1st, 2023, and onwards, RightBridge Ventures Group AB will report its Group accounting in accordance with International Financial Reporting Standards (IFRS). The Inter- im Report for the first quarter of 2023 will be published on 31.05.2023 and will be the first financial report from RightBridge Ventures Group prepared in accordance with IFRS.
Third quarter proforma summary
Net sales for the third quarter amounted to SEK 2.87 million. Costs for the quarter added up to SEK 5.5 million. EBITDA for the quarter amounted to SEK -2.6 million including one-off listing costs. Adjusted EBITDA, excluding extraordinary costs, amounted to negative SEK 1.9 million.
Nine months proforma summary
Net sales of the first 9 months amounted to nearly SEK 8 million. This is 68 % higher than the full-year 2021 comparable proforma results. Total operating costs amounted to SEK 15.2 million of which approximately SEK 1.6 million were related to the process of listing in Nasdaq First North Growth Market. The Company expects further listing costs to be incurred during Q4.
RightBridge Ventures AB’s net income for the period January to September 2022 shows a profit of SEK 2.5 million. This profit is mainly due to a combination of revenue growth in the period, several cost optimizations measures as part of the business transformation of portfolio companies as well as the write-off (a non-cash item) of former shareholders' loans in Team Singularity.
Significant events during 2022
- The Company obtained the approval from the Extraordinary Shareholders Meeting on the 29th of September to close the acquisition of 100 % of the shares in RightBridge Ventures AB.RightBridge Ventures AB continued to invest in the corporate organization by recruiting a Chief Financial Officer and a Social Media manager working centrally across all the portfolio companies.
- Knacks successfully closed the Streamers League Valorant marketing campaign and event sponsored by HyperX with a prize pool of approximately SEK 0.2 million and a consolidated view of ca. 1 200 000 viewers.
- Launching of the MUGA Music Gaming Arena (muga.espl.gg) collaboration between ESPL and Warner Music Thailand. MUGA Arena is a collaboration between Warner Music and ESPL to produce engagement between music artists and music fans combined with the power of esports for the ultimate fan event.
- ESPL surpasses 250 000 registered users and 10 000 Monthly Active Users.
- Team Singularity’s APEX team competed in the ALGS playoffs South America finishing 1stplace (total tournament prize pool SEK 1.3 million).
- Team Singularity APEX team played Apex Legends Global Series (ALGS) World Championship as regional champions (Total tournament prize pool SEK 18 million).
END OF THE RIGHTBRIDGE VENTURES AB VOLUNTARY INFORMATION DISCLOSURE FOR Q3 2022 and JANUARY – 30 SEPTEMBER 2022
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For further questions, please contact:
Carlos Barrios - CEO RightBridge Ventures Group AB
Telefon: +46 705 112579
E-post: carlos.barrios@rightbridge.se
RightBridge Ventures is a compounder and investment company based in Stockholm (Sweden) dedicated to investing in companies that shape the future of esports and gaming as part of the digital media and entertainment industry. For more information visit www.rightbridge.se or get updates by following us on Twitter on Instagram and LinkedIn.
RightBridge Ventures Group AB (publ)'s shares are traded on the Nasdaq First North Growth Market and Amudova AB is a Certified Adviser.
