Huddlestock Fintech (HUDL) Q3 2025 earnings summary

Executive summary

• Completed strategic restructuring and divestment of the Nordic Investment as a Service (IaaS/laaS) business, shifting to an asset-light model focused on continental Europe, with Germany as the initial target market.

• Secured first customer (GIGA-broker) and a second LOI for the European platform, with ambitions for a third customer in early 2026 and a soft launch planned for December 2025.

• Strengthened leadership with a new CFO and board enhancements to support the next growth phase.

• Consulting business (Visigon/Visigoth) remains a key revenue driver, with long-term targets of NOK 100 million revenue and over 20% EBITDA margin by 2028.

• Focus on portfolio optimization, resource efficiency, and long-term value creation across business areas.

Financial highlights

• Q3 2025 revenue was NOK 9.7 million, down from NOK 15.5 million year-over-year, reflecting divestments.

• EBITDA for Q3 2025 was negative NOK 6.3 million, with pro-forma EBITDA at negative NOK 5.5 million, excluding one-off costs.

• Net result for Q3 2025 was a loss of NOK 41.5 million, compared to a loss of NOK 19.8 million in Q3 2024.

• Cash position at 30 September 2025 was NOK 1.9 million, supported by Done.ai shares valued at NOK 31.1 million.

• Financing activities included NOK 12 million via warrant conversion and proceeds from divestments.

Outlook and guidance

• Consulting division targets NOK 100 million revenue and EBITDA margin above 20% by 2028, aiming to fund growth through operational cash flow.

• European IaaS/laaS platform expected to become cash flow positive in 2026, with further customer signings anticipated.

• Anticipates non-linear growth with periods of lower performance before reaching 2028 objectives.

• No plans for private placement; investments to be funded using Done.ai shares.