Nomadar (NOMA) Q4 2025 earnings summary

Executive summary

• FY25 marked the start of revenue-generating operations: revenue reached $921,940, while net loss widened to $2.77 million; substantial doubt remains about the ability to continue as a going concern.

• Nasdaq direct listing completed October 31, 2025; principal activities are high-performance soccer training, stadium events, and planned arena and brand initiatives.

Financial highlights

• Revenue was $921,940 vs. $8,025 in FY24; gross profit was $477,082 vs. $1,707.

• Operating expenses rose 132% to $3.17 million, including professional fees of $2.77 million and G&A of $444,009.

• Operating loss was $2.69 million vs. $1.37 million; net loss was $2.77 million vs. $1.37 million, a reported 102% increase.

• FY25 net loss included $325,000 in SEPA fees, $240,000 original-issue discount expense, and a $702,707 fair-value gain on convertible notes.

Outlook and guidance

• JP Financial Arena is planned for construction starting in early 2027, with completion targeted by 2031; required project funding of €285 million (~$334.1 million) is not secured.

• U.S. Mágico González e-commerce launch is planned for Q2 2026; Our XI digital education platform launched in Q1 2026.

• Going-concern continuity depends on further Sportech support and additional debt or equity financing; management’s funding plans do not alleviate substantial doubt.