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Solid Clouds (SOLID) investor relations material

Solid Clouds H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary29 Aug, 2025

Executive summary

  • Operating revenues for January–June 2025 reached ISK 74.2 million, with a net loss of ISK 127.1 million, compared to ISK 29.1 million revenue and ISK 102.5 million loss in the same period last year.

  • Total assets at June 30, 2025, were ISK 1,462.2 million, and equity stood at ISK 1,419.2 million.

  • The company faced a significant delay in its financing round, impacting revenue growth and requiring a scale-down in advertising.

  • Advertising campaigns have since resumed, with revenue trends improving.

  • Cash and cash equivalents at period end were ISK 170.2 million, with an expected R&D reimbursement of ISK 135.4 million in November.

Financial highlights

  • Game revenues increased to ISK 74.2 million from ISK 29.1 million year-over-year.

  • Net loss for the period was ISK 127.1 million, slightly improved from ISK 128.5 million loss last year.

  • Operating loss before financial items and tax was ISK 110.3 million, compared to ISK 131.9 million last year.

  • Cash flow from operations was negative ISK 64.0 million; capitalized development costs were ISK 207.7 million.

  • Share capital increased by ISK 385.2 million during the period.

Outlook and guidance

  • Revenue is expected to recover, with November monthly revenues projected to match those of February.

  • Restarted advertising campaigns are anticipated to drive further revenue growth.

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Frequently asked questions

Solid Clouds hf is a technology and software development company specializing in the creation and marketing of computer games. Founded in 2013 and based in Seltjarnarnes, Iceland, the company focuses on developing massively multiplayer online real-time strategy games. Among its notable offerings are the games "Starborne Sovereign Space" and "Starborne Frontiers". The company's leadership team consists of passionate gamers and industry veterans dedicated to advancing the next generation of MMO games. Its shares are listed on the Reykjavik Stock Exchange.

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