28 September 2023

B90 Holdings plc

("B90", the "Company" or "Group")

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2023

B90 Holdings plc (AIM: B90), the online marketing and operating company for the gaming industry, is pleased to announce its unaudited interim results for the six months ended 30 June 2023, which are also available on its website at www.b90holdings.com.

During the reported period the Company has achieved a number of important strategic milestones and is well positioned to capitalise on promising future prospects.

Operational Highlights

·    Business Advancements: B90 continues its journey to becoming a prominent and scalable gaming service provider through strategic acquisitions, seamless integration, and cutting-edge technological solutions.

·   Diverse Business Divisions: The Company now operates through two divisions: lead generation enterprises and online gaming products. Platforms like Emwys, oddsen.nu, and tippen4you.com, dedicated to the Scandinavian market, engage users with online gaming forums and maintain affiliate agreements. Spinbookie and Bet90, licensed platforms, offer sports betting and casino experiences covering global sporting events.

·    Strategic Partnerships: B90 has established collaborations with renowned brands such as Playtech, Bet365, Betsafe, and Betsson, strengthening its market presence.

·    Industry Expertise: Mark Blandford, founder of Sportingbet, joined as Strategic Adviser, bringing extensive experience and insights to the team.  Team composition further strengthened with appointments of Andrew McIver as a non-executive director, Ronny Breivik taking the role of Executive Chairman and Farzad Peyman bringing his expertise in finance and M&A strategy.

Financial Highlights

·    Revenue Performance: Revenues for H1 2023 amounted to €754,659, reflecting a 25% decrease compared to the same period in 2022 mainly due to the unexpected internal restructuring after the Extraordinary Shareholders Meeting held in November 2022, which took internal focus away from revenue generation. Management is targeting a revenue recovery now these adjustments have been implemented.

·   Net Loss Analysis: In addition to the change in revenue, the net operating loss for H1 2023 was €1,623,398, influenced by increased amortization charges resulting from acquisitions in H2 2021 and increased marketing spend, of which a major portion was executed in the second quarter of 2023, and anticipated to generate revenues in the second half of 2023.

·    Strategic Marketing Investments: Investment of €361,815 (H1 2022: €266,396) in marketing initiatives during H1 2023, reflects a significant increase compared to the same period in 2022. These investments are projected to drive revenue growth in H2 2023 and beyond.

·    Successful Fundraising: The company secured €2.27 million (before expenses) through subscriptions for Convertible Loan Notes ("CLN") in H1 2023. A further CLN subscription of €2.0 million was announced in June 2023, and received after the period end, enhancing financial flexibility. Post-period end, a further €2,325,000 (or £2.0 million, before expenses) was raised by way of an equity placing and subscription, bringing the total raised in this financial year to €6.6 million. Concurrent with this most recent fundraise, the Company served conversion notices to all holders of the existing loan notes, thereby simplifying the Group's capital structure.

Ronny Breivik, Executive Chairman commented:

"We are excited  with the substantial operational progress made during the first half of 2023. Our strategic acquisitions, enhanced team composition, and increased marketing investments are pivotal to our future growth. While we navigate dynamic market conditions, we are poised for success through our 'buy and build' M&A strategy and commitment to delivering value to our shareholders.  The future holds great promise for B90 Holdings as it capitalises on strategic partnerships, expansion initiatives, and emerging opportunities within the dynamic gaming industry.

He added:

"We are focussed on our strategy of organic growth alongside sourcing accretive acquisitions, as symbolised by the Emwys acquisition. This milestone propels us forward in scale and operations, augmenting our marketing concept. Armed with fresh knowledge and investment, we are well positioned to drive revenue growth while capitalising on existing marketing operations. Emwys' integration aligns perfectly with our 'buy and build' M&A strategy."

-ends-

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended.

For further information please contact:

About B90 Holdings plc

B90 Holdings plc is a company in the online gambling industry, focused on the operation of its own online Sportsbook and Casino product as well as marketing activities for other online gaming companies.  We specialise in providing innovative gaming experiences and state-of-the-art technology solutions. With a strong focus on customer satisfaction and responsible gambling practices, B90 Holdings is dedicated to shaping the future of the online gaming landscape.

CHAIRMAN'S STATEMENT

Business and Strategic Progress

I am very pleased to update shareholders on the substantial advancements we have achieved on our journey to becoming a prominent, scalable gaming service provider. Through the strategic acquisition, integration, and efficient operation of technological solutions, we have made significant strides.

Diverse Business Divisions

Currently, our business encompasses two distinct divisions: our lead generation enterprises and our online gaming products. Among the former, we have Emwys - acquired in July 2023 and completed in September 2023 - alongside platforms like oddsen.nu and tippen4you.com. These platforms, dedicated to the Scandinavian market, engage users with online gaming forums and maintain affiliate agreements with third-party operators.  Our latter division includes Spinbookie and Bet90, licensed platforms that offer sports betting and casino experiences, encompassing a wide spectrum of global sporting events, including live betting markets. We have also established partnerships with renowned brands such as Playtech, Bet365, Betsafe, and Betsson.

Strategic Milestones in the First Half of the Year

The first half of this year marked numerous positive milestones for the Company. In January 2023, following the successful acquisition of Arden Partners, Zeus became our broker, enhancing our broking capability and expanding the analytical coverage of the Company.  Subsequently, we secured €570,000 (approximately £500,000) in funding from existing investors to provide working capital and fuel our growth initiatives.

Industry Pioneer Joins as Strategic Adviser

In February 2023, we proudly welcomed Mark Blandford, the visionary founder of Sportingbet, as our Strategic Adviser. A highly respected figure in the online gaming industry, Mark's extensive experience and industry acumen have proven invaluable. His role as a non-executive director at Gaming Realms plc and Chairman of the board at Gambling.com Group Limited demonstrates his important role in the sector.

Continuous Growth and Leadership Enhancements

As the period progressed, we announced additional funding achievements - raising a further €1,267,000 (approximately £1.1 million) in April and a further €2.0 million (approximately £1.7 million) in June 2023.  In addition, Board changes were also introduced, with Ronny Breivik assuming the role of Executive Chairman and, post-period end, Andrew McIver was appointed as Non-Executive Director. Andrew's tenure at Sportingbet, coupled with his involvement in other successful gaming ventures, positions him as a Non-executive Director with profound insights. His experience extends to leadership roles at prominent gaming companies, including Jackpotjoy plc.

Strategic Acquisition Amplifies Marketing Capabilities

In a significant post-period development, we have signed a share purchase agreement with Funko International AB, to acquire Emwys AB. This Swedish marketing company specialises in pay-per-click (PPC) marketing within the online gambling sector. The associated license and marketing agreement with Funko augments our marketing expertise, enabling future revenue growth through strategic affiliate partnerships. Emwys brings sought-after expertise in PPC marketing, a technique that elevates search engine visibility and enhances audience targeting.

Firm Focus on Organic Growth and Expansion

Our growth strategy hinges on organic expansion, including partnerships with businesses seeking operational expertise and distribution capabilities. Our portfolio's buy-and-build strategy continues to drive our evolution.

Financial Performance Review

The first half of 2023 marked an important transition for the business as we put in place the financial and operational building blocks that will enable us to grow the business through the acquisition, integration and operation of technological, marketing and operational solutions.  The Company aspires to be a leading gaming service provider of scale, targeting both profitability and generating positive free cash flows.

Revenue Overview

In the first half of 2023, our total revenues were €754,659, marking a 25% decrease when compared to the same period in 2022 (H1 2022: €1,009,870). This decline was largely a result of internal management changes that were implemented towards the conclusion of 2022, after the Extraordinary Shareholders Meeting held in November 2022. However, it is important to note that the position has now stabilised, and we are confident that our revenue trajectory will rebound moving forward.

Net Operating Profit/(Loss) Analysis

The net operating loss for the current period was €1,623,398, an increase from the €1,275,857 loss incurred in the first half of 2022. This upswing in loss can be attributed to the decreased revenue combined with a higher marketing spend. This higher marketing spend is expected to deliver higher revenues during the second half of this year.

Focused Marketing Investment

Our commitment to driving growth has led to a substantial augmentation in marketing efforts. Notably, we allocated c.€361,000 to marketing initiatives during the initial six months of 2023, marking a significant increase from the c.€266,000 spent during the same period in 2022. A major portion of this investment was executed in the second quarter of 2023, and we anticipate these strategic endeavours to yield favourable outcomes, positively influencing our revenue growth in the latter part of 2023 and beyond.

Convertible Loan Note (CLN) Fundraising

During the first half of 2023, we successfully secured €2.27 million (before expenses) through subscriptions for CLNs.  Demonstrating our ongoing drive for capital enhancement, we recently announced an additional subscription of €2.0 million in the CLN on 30 June. These funds were duly received in July 2023, enhancing our financial flexibility, and positioning us for future growth initiatives. Post-period end, the Company served conversion notices to all holders of the Company's existing CLNs, pursuant to which 86,810,441 new ordinary shares were issued. Following this conversion, no CLNs remain in issue.

Maximising Opportunities in AIM Market

We are focussed on maximising the opportunities afforded to B90 of being one of the few listed online bookmakers and gaming companies on AIM. A recent example is the completion of the acquisition of Enwys AB, and the associated license agreement entered into with Funko International AB.

Promising Outlook

In summary, our steadfast efforts have strengthened our balance sheet and nurtured customer relations and retention strategies. Our affiliate and direct marketing approaches have evolved, backed by strong shareholder support. Our Latin American expansion focuses on operational enhancement, retention, and per-customer spending. By strategically investing in targeted marketing, we are focussed on achieving revenue growth and elevated gaming volumes.

Furthermore, the first results from the Google PPC campaigns run via the newly acquired Enwys AB, have resulted in revenues in line with management expectations for August and the first half of September 2023.

Team Additions

Our team expansions have enhanced our collective expertise with valuable insights and contacts. As we navigate the next phase of growth, these additions position us for success.

Acquisitions and Strategic Expansion

Our strategy of accretive acquisitions is underway, symbolised by the Emwys acquisition. This milestone propels us forward in scale and operations, augmenting our marketing concept. Armed with fresh knowledge and investments, we are well positioned to drive revenue growth while capitalising on existing marketing operations. Emwys' integration aligns perfectly with our 'buy and build' M&A strategy.

Future-Focused Goals

Moving forward, we remain committed to swift yet strategic scaling. Through focused acquisitions and license agreements, we will continue to pursue near term profitability and positive cash flows. As we embark on this dynamic journey, our strategic approach drives us toward a promising future.  Thank you for your continued support.

Ronny Breivik

Executive Chairman

28 September 2023

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

CONSOLIDATED STATEMENT OF FINANCIAL POSITION