Stack Capital Group Inc. Reports Q1-24 Financial Results

TORONTO, May 02, 2024 (GLOBE NEWSWIRE) -- Stack Capital Group Inc., (“Stack Capital” or the “Company”) (TSX: STCK and STCK.WT) today announced its financial results for the quarter ended March 31, 2024. Stack Capital reports all amounts in Canadian Dollars unless otherwise stated.

Company Commentary:

• As at March 31, 2024, Book Value per Share (BVpS) of the Company was $11.03, compared with $10.91 as at December 31, 2023.
  
• Stack Capital increased its exposure to Locus Robotics through a share-swap transaction issuing 273,501 Stack Capital common shares, at $11.30 per share, which closed on March 4, 2024.
• The Company invested US$8 million into Canva, Inc., a collaborative all-in-one visual design and communication platform, which closed on March 18, 2024. The investment in Canva represents $1.18 of the Book Value per Share. Canva has become a leader in the visual communication space with more than 170 million monthly active users worldwide, and over twenty billion designs created on its platform.
  
• The Company’s cash position as at March 31, 2024, was $14.1 million or $1.53 per share.
  
• To date, the Company has completed nine investments contributing $9.55 per share as at March 31, 2024, into the following:
  
  • SpaceX (space exploration & communications)
  • Canva, Inc. (graphic design)
  • Omio, Inc. (travel & leisure)
  • Hopper, Inc. (travel & leisure)
  • Locus Robotics, Inc. (robotics)
  • Newfront Insurance, Inc. (insurance & benefits)
  • Prove Identity, Inc. (cyber-security)
  • Bolt Financial, Inc. (e-commerce)
  • Varo Money, Inc. (neo-banking)
• During Q4-2022, the Company announced a normal course issuer bid to buy back its outstanding common shares which it believes to be undervalued. During Q1-2024, 2,600 common shares were repurchased at an average price of $8.15 per share.
  

“We are extremely excited over the recent addition of Canva to the portfolio, which strengthens what was already an impressive collection of private companies here at Stack. While we anticipate Canva will continue along its impressive growth trajectory in the coming months, we also believe that it has the potential to be very well-received by public markets whenever it decides to list,” said Jeff Parks, CEO of Stack Capital. “Overall, we’re encouraged by developments across each of our investee companies and believe that potential liquidity events remain realistic over the coming 12-18 months.”