Captivision Business Combination Overview
FINANCIAL OVERVIEW
FINANCIAL RESULTS AND PROJECTIONS
Revenue¹
Gross Profit²
($M)
$86
Gross Profit ($M)
Gross Profit Margin %
49%
57%
44%
43%
$49
31%
$45
$52
$29
$20
$15
$9
$26
$19
$13
$6
$(2)
$(1)
(13%)
(12%)
2019A 2020A
2021A 2022A 2023E 2024E
2025E
2019A
2020A
2021A 2022A 2023E 2024E
2025E
EBITDA 3,4
EBITDA Margin³,4
$7
ས་
$4
$13
($M)
$33
15%
38%
24%
15%
6%
2019A
$(8)
2020A
$(10)
2021A
$1
2022A
2023E
2024E
2025E
2019A
(56%)
2020A
(110%)
2021A
2022A
2023E
2024E
2025E
Note: Company financials are presented as audited K-IFRS 2019 and 2020; PCAOB audited IFRS 2021 and 2022; and Company projections, K-IFRS basis, 2023, 2024 and 2025. GLAAM recognizes the results of certain subsidiaries on a consolidated basis because it owns a majority, but
not 100%, of those entities. Consistent with that accounting treatment, the projections include 100% of the total revenue, gross profit and EBITDA that is attributable to those subsidiaries. However, notwithstanding the consolidation of those subsidiaries for accounting purposes,
GLAAM's economic interest in the projected revenue, gross profit and projected EBITDA attributable to those entities is limited to its ownership of those entities. All financial information based on a KRW:USD exchange rate of 1,245:1 for 2019-2020; 1,145 for 2021; 1,292 for 2022; and
1,245 for 2023-2025. 1. Projected revenue attributable to majority, but not wholly, owned subsidiaries is: 2023: $3.8 million, 2024: $4.5 million, and 2025: $37.2 million. GLAAM's economic interest in the projected revenue attributable to majority, but not wholly, owned subsidiaries is:
2023: $3.0 million, 2024: $3.0 million, and 2025: $21.3 million. 2. Projected gross profit attributable to majority, but not wholly, owned subsidiaries is: 2023: $1.2 million, 2024: $1.7 million, and 2025: $13.1 million. GLAAM's economic interest in the projected revenue attributable to
majority, but not wholly, owned subsidiaries is: 2023: $0.9 million, 2024: $1.1 million, and 2025: $7.5 million. 3. EBITDA and EBITDA Margin are presented for 2019 and 2020. The Company defines EBITDA as net income before interest, taxes, depreciation and amortization. The
Company defines EBITDA Margin as EBITDA divided by revenue. Adjusted EBITDA and Adjusted EBITDA Margin are presented for 2021 and 2022. The Company defines Adjusted EBITDA for such periods as net loss before depreciation and amortization, finance income, finance cost,
other income, other expense, corporate income tax benefit, bad debt expense, employee share compensation cost, inventory disposal, and litigation costs, adjusted for (i) certain non-recurring, infrequent, or unusual items that management believes do not reflect the Company's core
operating performance and (ii) certain items that may be recurring, frequent or usual, but that do not reflect the Company's core operating performance and do not and will not require cash settlement. The Company defines Adjusted EBITDA Margin as Adjusted EBITDA divided by
revenue. The Company also presents projections of EBITDA and EBITDA Margin for 2023, 2024 and 2025. 4. Projected EBITDA attributable to majority, but not wholly, owned subsidiaries is: 2023: $(0.4) million, 2024: $(0.8) million, and 2025: $7.4 million. GLAAM's economic interest in
the projected EBITDA attributable to majority, but not wholly, owned subsidiaries is: 2023: $0.1 million, 2024: $(0.4) million, and 2025: $4.1 million. Please see slide 49 for reconciliations to the nearest IFRS measures
GLAAM
PRIVATE AND CONFIDENTIAL // 33
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