Solid Clouds (SOLID) Investor presentation summary

Product updates and user engagement

• Major update 'Voidbreach' enhanced end-game systems, improving retention and monetization through new challenges.

• Alliance Raids feature led to a threefold increase in player activity within alliances, with sustained engagement among core users.

• Checkpoint and Bravo Squad features allow players to continue progress after defeat, increasing session longevity.

Financial performance and return on ad spend

• Older players consistently generate recurring revenue, supporting long-term growth.

• All quarters in 2024 achieved over 100% ROAS, indicating strong profitability from advertising investments.

• ROAS targets a 9–12 month payback period, with advertising paused mid-2025 and successfully restarted.

Growth projections and milestones

• Scenarios assume achieving over 30% ROAS in two periods during H1 2026, aiming for 100% ROAS within 9–12 months for profitable scaling.

• Conservative marketing investment ('Safe Spend') underpins projections, with flexibility to increase spend if performance is strong.

• Key milestones: revenue covers fixed costs by July 2026 (P50), positive net game revenue by October 2027 (P50), and positive cash flow by April 2029 (P50), with more optimistic scenarios accelerating these timelines.