Solid Clouds (SOLID) H1 2025 earnings summary

Executive summary

• Operating revenues for January–June 2025 reached ISK 74.2 million, with a net loss of ISK 127.1 million, compared to ISK 29.1 million revenue and ISK 102.5 million loss in the same period last year.

• Total assets at June 30, 2025, were ISK 1,462.2 million, and equity stood at ISK 1,419.2 million.

• The company faced a significant delay in its financing round, impacting revenue growth and requiring a scale-down in advertising.

• Advertising campaigns have since resumed, with revenue trends improving.

• Cash and cash equivalents at period end were ISK 170.2 million, with an expected R&D reimbursement of ISK 135.4 million in November.

Financial highlights

• Game revenues increased to ISK 74.2 million from ISK 29.1 million year-over-year.

• Net loss for the period was ISK 127.1 million, slightly improved from ISK 128.5 million loss last year.

• Operating loss before financial items and tax was ISK 110.3 million, compared to ISK 131.9 million last year.

• Cash flow from operations was negative ISK 64.0 million; capitalized development costs were ISK 207.7 million.

• Share capital increased by ISK 385.2 million during the period.

Outlook and guidance

• Revenue is expected to recover, with November monthly revenues projected to match those of February.

• Restarted advertising campaigns are anticipated to drive further revenue growth.