Thalassa (THAL) H2 2025 earnings summary

Executive summary

• Reported a group loss after tax of £1.37m for 2025, widening from a £1.01m loss in 2024, with basic and diluted EPS at (£0.08) compared to (£0.13) year-over-year.

• Net assets declined to £8.8m from £10.4m, and book value per share fell to £0.53 from £0.62.

• Investment holdings decreased to £5.9m from £7.9m, and cash reserves dropped to £0.2m from £0.5m.

• No dividend recommended for 2025.

Financial highlights

• Total revenue from continuing operations was £0.42m, up from a negative £0.22m in 2024, mainly from Swiss rental income and investment gains.

• Gross profit was £0.35m versus a gross loss of £0.26m year-over-year.

• Operating loss narrowed to £0.2m from £0.8m, but loss before tax increased to £1.4m from £1.1m due to £0.9m impairment of financial assets.

• Net cash outflow from operations was £0.3m, improved from £0.9m outflow in 2024.

• Financial assets at fair value through profit or loss stood at £3.4m; equity investments in associates at £1.4m.

Outlook and guidance

• ARL’s first commercial-grade node is on track for Q2 2026 completion, with in-water testing and performance trials scheduled for Q3.

• Commercial scale-up of ARL is contingent on a targeted £10m external fundraising in 2026.

• The group’s ability to continue as a going concern depends on successful ARL testing, securing external investment, and receipt of £0.7m from the Chairman’s property sale by June 2026.