CodeLab Capital (CODE) Q3 2025 earnings summary

Executive summary

• In final phase of acquiring 50% of Cloudya AS, a high-growth AWS reseller.

• Kuba achieved all-time high sales in September, adding NOK 450k ARR in one month.

• Several strategic transactions completed, including acquisitions and a share issue at a premium.

Financial highlights

• Cash position at end of September was NOK 14 million.

• Underlying cash burn rate is approximately NOK 600k per month.

• Positive operational cash flow year-to-date, but negative net cash flow due to loan repayments.

Outlook and guidance

• Increased growth expected for Kuba through cost reallocation, sales team expansion, and partnerships.

• Cost optimization programs initiated, expected to improve cash flow soon.

• Focus on investor relations to increase from early 2026.