Key Figures

All figures in ISK m. Comparative figures from last year in parentheses.

- Game revenue 29.1 (10.9)
- Advertising expenses 44.6 (13.1)
- Operating loss before depreciation, financial income & expenses: 76.3 (22.4)
- Net loss for the period: 102.5 (49.7)
- Total assets: 1,421.5 (1,217.7)
- Equity ratio: 96.6% (96.5%)

Recent business highlights

In April 2024, we successfully launched Starborne Frontiers on both Android and Apple platforms, followed shortly by the release of a PC version. The reception has been positive, with strong reviews and an average rating of 4.5 out of 5 stars or higher across all our target markets on both the Google Play Store and Apple App Store. The game was also nominated for Nordic Game of the Year as the best small-screen game of 2024.

Our target KPIs have shown substantial increses across the board during the first half of 2024. Key metrics such as Daily Player Conversion, Average Revenue Per Active Player, and D30 Return on Ad Spend (ROAS) are delivering promising results, bringing us closer to the performance levels of top-tier games in the genre.

Goals for the Second Half of 2024

Our primary goal for the second half of 2024 is to achieve a 100% Return on Ad Spend (ROAS) within six months, ensuring that we recoup our ad investment as efficiently as possible. This will be driven by robust live game events, the introduction of new game content, and further optimization of existing systems. In the long term, we aim to create a game that remains enjoyable and valuable for players over many years.

To enhance the game's visibility, we will launch Starborne Frontiers on Steam in early October, leveraging its vast user base of over 130 million monthly active users. Additionally, we are localizing the game into multiple languages, including Chinese, to tap into a key market where nearly half of Steam's users are based.

We will also focus on improving the game's technical performance and key metrics to gain better visibility on the Google Play and Apple App Stores.

"As Starborne Frontiers reaches a point where advertising yields swift returns and the game is easily accessible on mobile app stores and Steam, we are well positioned for continued growth and long-term success - as long as we maintain a sufficient marketing budget," says Stefán Gunnarsson, CEO of Solid Clouds.

The Condensed Interim Financial Statements of Solid Clouds for the first half of 2024 were approved by the Company’s Board of Directors and the CEO at a board meeting on 30 August 2024. These cover the period from 1 January to 30 June 2024 and were prepared according to International Financial Reporting Standards (IFRS). They have neither been reviewed nor audited by the Company’s auditors, Deloitte ehf.

First Half 2024 Financial Highlights

Game revenues amounted to ISK 29.1 m, an increase of 167.7% compared with the first half of 2023.

R&D tax credits for the 2023 operating year, paid this year, are expected to reach ISK 132.7 m, an increase of 3.2% from last year.

Most of Solid Clouds’ expenses arise from R&D spending, which is capitalized and then amortized over its expected lifespan. Capitalized R&D cost amounted to ISK 186.8 m during the first half of 2024, an increase of 4.6% from the first half of 2023.

Operating loss before income tax amounted to ISK 131.9 m, compared to a loss of ISK 68.2 m in the first half of 2023.

Financial Liquidity

As of the end of June 2024, Solid Clouds cash reserves totaled ISK 87.2 million. Additionally, the Company anticipates receiving ISK 132.7 million in R&D tax credits in early November. Solid Clouds expects that R&D tax credits for the operational year 2024, to be paid in November 2025, will be comparable to this year's payment.

The Company also plans to raise additional capital later in 2024 by issuing new shares to support operations and marketing activities for the upcoming year. 

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