Solid Clouds (SOLID) H1 2024 earnings summary

Executive summary

• Net loss for January 1 to June 30, 2024 was ISK 102.5 million, compared to ISK 49.7 million for the same period in 2023.

• Total assets reached ISK 1,421.5 million at June 30, 2024, with equity at ISK 1,372.8 million.

• Shareholder count increased to 1,630 from 1,581 at the start of the year.

• In February 2024, ISK 295.2 million was raised via a share issue.

• Starborne Frontiers PC version released in April 2024, with improved key performance indicators.

Financial highlights

• Game revenues for H1 2024 were ISK 29.1 million, up from ISK 10.9 million in H1 2023.

• Operating loss before tax was ISK 128.5 million, compared to ISK 63.1 million in H1 2023.

• Cash reserves at June 30, 2024 were ISK 87.2 million.

• ISK 132.7 million in R&D tax credits expected in early November.

• Advertising expenses rose to ISK 48.6 million from ISK 13.1 million year-over-year.

Outlook and guidance

• Additional capital raise planned in 2024 to support operations and marketing for the coming year.

• Starborne Frontiers to be published on Steam in H2 2024.