CodeLab Capital (CODE) Q2 2025 earnings summary

Executive summary

• Completed final settlement of restructuring initiated in 4Q24, resulting in a simplified legal structure and lower cost base.

• Installed new board, management team, and auditor; executed a 1:50 reverse share split.

• Shifted strategy to re-initiate investment vehicle approach, closing the acquisition of Kuba Norge for NOK 20m on July 1.

• Raised NOK 14.4m in a private placement at NOK 3 per share, ending June with net cash of NOK 22.9m.

• Entered 2H25 with a significantly reduced cash burn rate and focus on further acquisitions and operational improvements.

Financial highlights

• Reported NOK 17.1k in revenue for 1H25, mainly from Uniscale customers before commercial halt.

• Personnel expenses dropped to NOK 594k from NOK 16.5m year-over-year due to restructuring.

• Other operating expenses were NOK 5.7m, down from NOK 16.5m in 1H24.

• Total costs were NOK 6.3m, with NOK 2.8m in extraordinary items; underlying operational cost base at NOK 3.5m.

• Net cash flow for the period was NOK 2.6m; operational cash flow at NOK -9.0m, with NOK 13.5m from financing activities.

Outlook and guidance

• Focus on signing more acquisitions while maintaining operational improvements in existing holdings.

• Predictable and acceptable burn rate provides a brighter outlook and easier future planning.

• Anticipates further deals using a mix of cash, shares, and other instruments.