The third quarter 2023
(compared to third quarter 2022)
- Revenues amounted to kSEK 5,811.2 (kSEK 10,411.3)
- Operating loss (EBIT) totaled kSEK -6,772.9 (kSEK -7,647.4)
- Result for the period was kSEK -6,935.6 (kSEK -531.4)
- Cash flow from operating activities amounted to kSEK -5,437.1 (kSEK -10,703.9)
- Earnings per share before and after dilution amounted to SEK -0.12 (SEK 0.01)
January – September 2023
(compared to January – September 2022)
- Revenues amounted to kSEK 16,477.5 (kSEK 22,638.9)
- Operating profit/loss (EBIT) totaled kSEK -27,732.4 (kSEK -31,967.1)
- Result for the period was kSEK -25,946.0 (kSEK -15,752.7)
- Cash flow from operating activities amounted to kSEK -24,195.4 (kSEK -22,668.8)
- Earnings per share before and after dilution amounted to SEK -0.46 (SEK -0.29)
Highlights from the CEO’s address
2023 Transformational Year for Hilbert Group
2023 has been a transformational year for Hilbert. It’s hard to contain the enthusiasm we have for the future. Years of work are now coming to fruition as we have onboarded globally recognised wealth managers in addition to being onboarded on the Coinbase SMA platform. This leaves us with a monumental opportunity in normal market conditions to capture significant capital inflows in our funds and leapfrog growth in 2024/2025. Our ambition is to be a global leader in systematic asset management of digital assets with a target of USD 1bn in assets under management (AUM) in 2025.
Hilbert Rated Among Top 7 Hedge Funds Globally by World’s Largest Regulated Exchange Coinbase
Hilbert was recently elected by Coinbase as one of 7 fund managers globally to feature day one on the asset allocation platform, Coinbase SMA (you can read about it here). This is a big deal. Coinbase is the world’s largest regulated crypto exchange and Coinbase SMA is expected to become the world’s largest platform for Separately Managed Accounts in digital assets. The platform means that institutions globally easily can allocate capital to Hilbert’s strategies, and we can more easily deploy new ones with less operational overhead. The setup of Coinbase SMA mimics the hugely successful similar asset allocation platforms in traditional finance such as Lyxor, MAN, Lighthouse and others.
Hilbert Group is in M&A Mode
As was mentioned in the past quarterly report, Hilbert is currently looking at a number of interesting business opportunities and the SEK 17 million equity raise we did over the weekend of the 10th of November was a M&A preparation capital raise. Numerous companies with strong teams and technology stacks are struggling in the aftermath of the bear market. Hilbert will only pursue opportunities which makes strategic and financial sense. We have the ambition of becoming a global leader in systematic management of digital assets by 2025 – and every accretive opportunity that may help us get there, will be evaluated.
Welcoming CEO of DeusX and Former Head of Galaxy EMEA, Tim Grant, to Hilbert Group Board
We are welcoming Tim Grant to the Hilbert Group board. Tim is the CEO of the $1bn investing and operating company DeusX and the former head of Galaxy Europe, Middle-East and Africa. Tim has significant experience at a senior level on both the sell-side and buy-side, a track record of building and leading successful blockchain businesses, and is an industry thought-leader. Tim will be a strong addition to the board as we continue to capitalize on our sustained growth and further position Hilbert as a leading digital assets investment solutions provider for institutional investors.
For further information, please contact:
CEO Hilbert Group AB
+46 (0)8 502 353 00