Cliq Digital (CLIQ) Q2 2025 earnings summary

Executive summary

• Significant regulatory changes in the global digital payments ecosystem have materially restricted new customer acquisition and payment processing, creating major operational constraints and uncertainty, leading to the withdrawal of the 2025 outlook.

• Revenue for H1 2025 declined 31% year-over-year to €98.1m, mainly due to reduced customer acquisition costs, a weaker US dollar, and a lower customer base.

• EBITDA for H1 2025 increased by 34% to €6.5m, with the margin rising to 6.6% from 3.4% year-over-year, reflecting a shift to a profitability-first strategy.

• Management is prioritizing liquidity and profitability, reducing customer acquisition and personnel costs, and has canceled planned share buyback and delisting.

• Unique paying customers dropped to 0.6m from 1.0m year-over-year, reflecting lower acquisition spend and higher churn.

Financial highlights

• Group sales for H1 2025 declined to €98.1m from €141m in H1 2024; EBITDA rose to €6.5m, with margin at 6.6%.

• Q2 2025 sales were €48.1m, down 4% quarter-on-quarter; EBITDA was €3.3m, up 5% sequentially; net profit in Q2 was €0.5m, down from €0.9m in Q1.

• Operating free cash flow turned positive at €8.9m for H1 2025 and €6.8m in Q2 2025; net cash position reached €20.0m as of 30 June 2025.

• Customer acquisition costs halved to €26.9m (H1 2024: €53.8m), improving as a percentage of revenue to 33% from 42%.

• EPS for Q2 2025 was €0.09, down 44% from the previous quarter.

Outlook and guidance

• The 2025 outlook has been withdrawn due to the inability to assess the full impact of payment ecosystem changes, with revenue, EBITDA, and contract costs expected to be materially affected.

• Management will provide updated guidance once more visibility is achieved.