Bifogade filer
Solid Clouds Hf Condensed Interim Financial Statements June 30, 2025 Signed
Prenumeration
Beskrivning
| Land | Island |
|---|---|
| Lista | First North Iceland |
| Sektor | Sällanköp |
| Industri | Gaming |
Solid Clouds hf. (First North Iceland: SOLID), the developer of multiplayer online video games, today announces its results for the first half of 2025, ending 30 June.
Key Figures
All figures in ISK m. Comparative figures for 1H 2024 in parentheses, unless otherwise stated.
- Game revenue 74.2 (29.1), up 155%
- Advertising expenses 80.8 (57.9), up 39.6%
- Operating loss before depreciation, financial income and expenses 46.0 (76.3), loss narrowed by 39.7%
- Operating loss before financial items and tax 110.3 (131.9), loss narrowed by 16.4%
- Net loss for the period 127.1 (102.5), loss widened by 24.0%
- Total assets: 1,462.2 (31 December 2024: 1,174.7)
- Equity ratio: 97.1% (31 December 2024: 91.3%)
Recent Business Highlights
In January 2025, Solid Clouds hf. issued a convertible bond with a principal amount of ISK 175 million and a conversion price of ISK 1 per share. The bond carried an annual interest rate of 15%. In May 2025, the Company completed a new equity issuance of ISK 200.6 million at a price of 1.5, raising gross proceeds of ISK 300.9 million. Subsequently, the bond principal and accumulated interest were converted into a total of 184.6 million shares in the Company.
The most recent financing round of Solid Clouds hf proved costly and challenging for the Company. Originally scheduled to close mid-December 2024, the round was not completed until the end of May 2025. This delay significantly slowed the
Company’s revenue growth, which had gained momentum in the last quarter of 2024 and the first quarter of 2025. Due to the delay of funding in the spring and technical difficulties, the Company was forced to substantially scale down advertising, which is a prerequisite for revenue growth. This led to a material setback in revenue generation. The scope of the setback and the time required to restart the Company’s advertising campaigns were greater than anticipated.
Since the funding round was completed, Solid Clouds hf has restarted its advertising campaigns and is now once again seeing an upward trend in revenue generation. The Company expects that monthly revenues in November this year will be comparable to those in February of this year.
Financial Liquidity
Cash at 30 June 2025 was ISK 170.2 million. Solid Clouds hf expects to receive approximately ISK 135.4 million in R&D tax credits for the 2024 operating year in November 2025. The Company also expects the 2025 R&D tax credit, payable in 2026, to be a broadly similar amount.
Outlook for Second Half 2025
The Company will focus on high-value customer acquisition, live operations, content updates, and technical improvements to enhance store visibility and player retention in the second half of 2025 while optimizing in-game monetization and refining its marketing strategy across new and old platforms. The Company is preparing a major expansion to re-engage current players and attract new audiences. The primary objective is to improve the ROAS curve through systematic optimization and sustainable growth, ensuring long-term player engagement.
The Board of Directors and the Managing Director of Solid Clouds hf have reviewed the Company’s Interim Financial Statements for the period from 1 January to 30 June 2025 and have confirmed them by means of their signatures.
The Interim Financial Statements are available at: solidclouds.com/investors/docs