Cloudia Research (AGAIN) H2 2025 earnings summary

Executive summary

• Revenue increased to €9.35M for 2025, up from €8.85M in 2024, driven by growth in direct customers and new AI-based product revenues.

• EBITDA was €1.00M (11% margin), down from €1.09M (12.3% margin) in 2024, reflecting sector cyclicality and ongoing investments in AI and product development.

• Net income dropped to €0.05M from €0.56M year-over-year, mainly due to higher depreciation, amortization, and financial charges.

• The company subscribed to a €1.5M non-convertible bond in December 2025 to support growth and innovation, increasing net financial debt.

Financial highlights

• Value of production reached €9M, slightly up from €8.9M in 2024.

• EBITDA margin declined to 11.2% from 14% year-over-year.

• EBIT was €0.23M (2.6% margin), down from €0.60M (6.6% margin) in 2024.

• Net financial position worsened to €3.0M debt (from €0.35M debt in 2024), mainly due to the bond issue.

• Shareholders’ equity increased to €5.51M from €5.44M.

Outlook and guidance

• Management expects results from recent investments in AI and the new CLOUDIA BRAIN platform to materialize in the current financial year.

• Directors are monitoring international tensions and macroeconomic risks that could impact operations, especially in Europe.