- Game revenue 99.2 (22.7)
- Advertising expenses 134.5 (33.9)
- Operating loss before depreciation, financial income & expenses: 132.8 (53.0)
- Net loss for the period: 404.5 (83.1)
- Total assets: 1,174.7 (1,217.7)
- Equity ratio: 91.3% (96.6%)

Recent business highlights

In February 2024, Solid Clouds issued new share capital in a private and public offering for ISK 147.6 million, with total proceeds of ISK 295.2 million.

In April 2024, Starborne Frontiers launched on Android, iOS, and PC platforms. The game was well-received, with strong reviews and an average rating of 4.5 stars or higher across all target markets on the Google Play Store and Apple App Store. In October, the game launched on Steam, the world’s largest PC game distribution platform. Starborne Frontiers was also nominated for Nordic Game of the Year as the Best Small-Screen Game of 2024.

In early November, Solid Clouds released the Imperium expansion for Starborne Frontiers, which has proven to be a success, delivering good results. The expansion's primary achievement was enhancing and extending the game’s single-player experience. 

Starborne Frontiers has received regular featuring on the Apple App Store and Google Play, driving thousands of organic installs in 2024 an achievement granted to fewer than 2% of games on these platforms.

Key Metrics

- Revenue in December 2024 increased by 1,264% compared to January 2024.
- Monthly Active Users (MAU) reached 21,235 in December, up 344.3% from January.
- Return on Ad Spend (ROAS) over 12 months rose from 84% in Q1 to 150% in Q4.
- The player community on Discord grew by 565% during the year.

“2024 was a pivotal year for Solid Clouds. We successfully launched Starborne Frontiers, built a passionate global community, and laid the foundation for long-term growth. The response from players has been incredible, especially as we see more user-generated content and community-led engagement take off. In 2025, we’re scaling up and entering new markets, activating new advertising platforms, and expanding our footprint across the web. We're more excited than ever about what lies ahead as we continue to grow the game and bring Starborne Frontiers to a wider audience.", says Stefán Gunnarsson, CEO of Solid Clouds.

Full-year 2024 Financial Highlights

Most of Solid Clouds’ expenses stem from research and development (R&D), which is capitalized and then amortized over its expected useful life. Capitalized development costs totaled ISK 380.4 million in 2024, reflecting a 5.4% increase from 2023.

Direct advertising plays a central role in the Company’s revenue generation, enabling targeted, measurable campaigns that support relatively reliable revenue forecasting. In line with IFRS standards, advertising costs are expensed as incurred and not capitalized, even though they create long-term intangible value. The Company invested ISK 134.2 million in advertising in 2024. This spend generated ISK 99.2 million in revenue during the year, with an estimated additional ISK 88 million expected over the coming years. The total projected return from 2024 advertising is therefore ISK 187.2 million over a five-year period.

The game’s revenue amounted to ISK 99.2 million, marking a 337% increase compared to the full year of 2023. This growth reflects early-stage monetization of Starborne Frontiers following its soft launch.

Operating loss before income tax was ISK 132.8 million, compared to ISK 53.0 million in 2023.

The net loss for the period amounted to ISK 404.5 million, compared to ISK 83.1 million in the prior year, primarily due to adjustments to deferred tax assets.

Goals for 2025

In 2025, Solid Clouds is focused on scaling up Starborne Frontiers through platform expansion, global marketing, and major content updates, particularly those aimed at strengthening the game's social systems. The Company aims to significantly increase investment in acquiring new players while maintaining strong ROAS. Localization and new marketing channels will drive growth in untapped markets. Four major updates are planned for Starborne Frontiers, each aligned with promotional opportunities on Apple, Google, and Steam. Feature visibility will be leveraged to grow the player base and re-engage lapsed players. Solid Clouds is building long-term value by turning Starborne Frontiers into a successful live service game in the hero-collector genre.

Financial Liquidity

Solid Clouds had ISK 14 million in cash at the end of 2024. The Company completed the issuance of an ISK 175 million convertible bond in February 2025, but part of it, ISK 80.5 million, was used to repay bond loans to related parties. Additionally, Solid Clouds expects to receive a refund of approximately ISK 135.4 million from Rannís for research and development expenses at the beginning of November. The Company is in the process of raising additional funds, to support operations and marketing activities for the year, and has engaged Verðbréfamiðlun Íslandsbanka for that purpose.

The Financial Statements of Solid Clouds for the full year of 2024 were approved by the Company’s Board of Directors and the CEO at a board meeting on 28 March 2024. The statements cover the period from 1 January to 31 December 2024 and were prepared according to International Financial Reporting Standards (IFRS). 

The statements have been audited by the Company’s auditors, Deloitte ehf. In the Statements it says that in Deloitte´s opinion, the Financial Statements give a true and fair view of the financial position of Solid Clouds hf as at 31 December 2024, its financial performance and its cash flows for the year 2024 in accordance with International Financial Reporting Standards (IFRSs). In the Statements, it is also stipulated that: 

“Without modifying our opinion, we draw attention to Note 2e in the Financial Statements, which states that at the end of the year, the Company's cash amounted to ISK 14.0 million, and current liabilities exceeded current assets by ISK 66.8 million. As noted in the notes, this indicates that there is uncertainty which may affect the Company's ability to continue as a going concern.”

Solid Clouds’ Financial Statements are available on the Company’s website: https://www.solidclouds.com/investors/docs