Thalassa (THAL) H2 2024 earnings summary

Executive summary

• Loss after tax increased to £1.01m from £0.89m year-over-year, with EPS at (£0.13) versus (£0.11) prior year.

• Book value per share declined to £0.62 from £1.16, reflecting share issuance and losses.

• Investment holdings remained stable at £7.9m, while cash increased to £0.5m from £0.1m.

• Strategic business review led to targeted cost savings; Chairman waived consultancy fees for 2024.

• Mark-to-market losses on major holdings and hedges impacted results, though some hedge gains realized in 2025.

Financial highlights

• Revenue from continuing operations fell to £0.22m from £0.54m, mainly from Swiss rental income.

• Gross loss of £0.26m compared to gross profit of £0.51m year-over-year.

• Operating loss widened to £0.8m from £0.7m; net financial income was £0.02m versus expense of £0.02m prior year.

• Net cash outflow from operations was £0.9m, up from £0.4m; investing outflow £1.5m, financing inflow £2.7m.

• Net assets rose to £10.4m from £9.2m, but net assets per share dropped due to share issuance.

Outlook and guidance

• Anticipates further delays in ARL's Flying Node project, with first production unit expected in 2025.

• Increased engagement with potential investors and strategic partners for ARL.

• Macro risks from US tariff policy and geopolitical tensions expected to impact global asset prices.

• Limited short positions re-established in anticipation of further declines in US tech stocks.