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Thalassa (THAL) investor relations material
Thalassa H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Reported a group loss after tax of £1.37m for 2025, widening from a £1.01m loss in 2024, with basic and diluted EPS at (£0.08) compared to (£0.13) year-over-year.
Net assets declined to £8.8m from £10.4m, and book value per share fell to £0.53 from £0.62.
Investment holdings decreased to £5.9m from £7.9m, and cash reserves dropped to £0.2m from £0.5m.
No dividend recommended for 2025.
Financial highlights
Total revenue from continuing operations was £0.42m, up from a negative £0.22m in 2024, mainly from Swiss rental income and investment gains.
Gross profit was £0.35m versus a gross loss of £0.26m year-over-year.
Operating loss narrowed to £0.2m from £0.8m, but loss before tax increased to £1.4m from £1.1m due to £0.9m impairment of financial assets.
Net cash outflow from operations was £0.3m, improved from £0.9m outflow in 2024.
Financial assets at fair value through profit or loss stood at £3.4m; equity investments in associates at £1.4m.
Outlook and guidance
ARL’s first commercial-grade node is on track for Q2 2026 completion, with in-water testing and performance trials scheduled for Q3.
Commercial scale-up of ARL is contingent on a targeted £10m external fundraising in 2026.
The group’s ability to continue as a going concern depends on successful ARL testing, securing external investment, and receipt of £0.7m from the Chairman’s property sale by June 2026.
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