Hilbert Group publishes the Interim Report for the Second Quarter 2024

August 30, 2024

The second quarter 2024
(compared to second quarter 2023)

• Revenues amounted to KSEK 27,304.1 (KSEK 4,687.1)
• Operating profit/loss (EBIT) totaled KSEK -13,736.7 (KSEK -12,920.7)
• Result for the period was KSEK -14,996.8 (KSEK -10,178.7)
• Cash flow from operating activities amounted to KSEK -5,191.0 (KSEK -13,883.9)
• Earnings per share before and after dilution amounted to SEK -0,23 (-0.18)

Year to date January – June 2024
(compared to January - June 2023)

• Revenues amounted to KSEK 39,234.8 (KSEK 10,666.4)
• Operating profit/loss (EBIT) totaled KSEK -21,734.5 (KSEK -20,959.5)
• Result for the period was KSEK -18,517.1 (KSEK -19,010.4)
• Cash flow from operating activities amounted to -14,067.8 (KSEK –18,829.1)
• Earnings per share before and after dilution amounted to SEK -0.29 (-0.39)

Xapo Partnership & Asset Managment
The launch of the Bitcoin-denominated hedge fund in September 2024 that Hilbert is doing in close partnership with Xapo Bank is one of the largest crypto hedge-fund launches in history – it will be in excess of $200 million. Xapo Bank is a leading global operator in the digital asset space with a huge balance sheet. Earlier this month UK regulators awarded Xapo a banking license in the UK. This is a very big deal and a testament to Xapo’s high standards of trust and security. We are very much looking forward to working with Xapo on product development and other synergies in the years to come.

Hilbert is on track to surpass the earlier target of $300 million of assets under management by the end of 2024 organically.

Other Partnerships/Coinbase
Coinbase is finalising the regulatory/legal setup with anticipation of making Coinbase SMA fully available to in global client base in Q4 2024 (i.e. also offshore). We invested up-front knowing that the process might be long with an institution of Coinbase’s size, also knowing that there might be delays - but ultimately, when it happens, the scale of this partnership is going to be very large. Hilbert is in a very good position for big inflows, as we are one of a small selected set of managers on the Coinbase SMA platform.

M&A
As has been mentioned before, we are constantly vetting potential acquisitions, and we have a number of mature and vetted cases on the table. We are fortunate to be in a position where peers see the benefit of our established platform and thus wants to become a part of the Hilbert family. The main criteria are that our targets should have at least around $100 million in assets under management and possess scalable strategies that are also complementary to ours.

COIN360
COIN360.com is a crypto analytics site catering to retail as well as professional investors. The COIN360 team has been working hard all year on developing a major upgrade and we are on track of releasing this in October 2024. It will contain a range of customisable tools that we have ported from our asset management business, and we believe that they will be best in class compared to our peer group – such as Coingecko.com, Messari.io, Dune.com and so on. As has been announced earlier, we are in close partnership with the Stockholm-based firm 4+Ventures who is helping us completely revamp Coin360.com.

Key YTD KPI’s for Coin360:

• 40 million page views (28% up this year).
• 1.5 million unique users (30% up this y ear)
• 16k registered users.
• 21.5k newsletter subscribers

For further information, please contact:
Niclas Sandström
CEO Hilbert Group AB
+46 (0)8 502 353 00
ir@hilbert.group

Hilbert group is a quantitative investment company specializing in algorithmic trading strategies in digital asset markets.
 
Hilbert Group is a Swedish public company and is committed to providing operational infrastructure, risk management and corporate governance that meets the ever-increasing demands of institutional investors.
 
Hilbert Group is listed on Nasdaq First North Growth Market (ticker HILB B) with Redeye AB as Certified Adviser.

For more information, visit: www.hilbert.group

This information is information that Hilbert Group is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-08-30 09:00 CEST.

Attachments
Report Interim Report Q2 2024