Cliq Digital (CLIQ) Q2 2025 earnings summary

Executive summary

• Significant operational disruption from new global digital payment regulations, especially VAMP, restricting customer acquisition and payment processing, mainly in Europe and to a lesser extent in the U.S.

• Revenue for H1 2025 declined 31% year-over-year to €98.1m, mainly due to reduced customer acquisition costs and a weaker USD.

• EBITDA for H1 2025 increased by over 30% to €6.5m, with margin up to 7% from 3% year-over-year, reflecting a shift to profitability-first strategy.

• Unique paying customers dropped to 0.6m from 1.0m, reflecting lower acquisition spend and higher churn.

• Share buyback and delisting plans suspended to preserve liquidity; Dylan Media, the largest shareholder, reversed support for buyback.

Financial highlights

• Group sales for H1 2025 declined to €98m from €141m year-over-year; customer base dropped to 600,000 from 800,000 sequentially.

• EBITDA for H1 2025 was €6.5m, margin at 7%; Q2 2025 EBITDA was €3.3m, up 5% sequentially.

• Net profit in Q2 was €0.5m, down from €0.9m in Q1; EPS decreased from €0.16 to €0.09.

• Operating free cash flow rose to €6.8m in Q2 from €2.1m in Q1; net cash position at €20m as of 30 June 2025.

• Customer acquisition costs halved to €26.9m (H1 2024: €53.8m), improving as a percentage of revenue to 33% from 42%.

Outlook and guidance

• 2025 outlook withdrawn due to regulatory uncertainty and inability to assess full financial impact from payment ecosystem changes.

• Management expects a material adverse effect on revenue, EBITDA, and capitalised contract costs for the remainder of 2025.

• Management will update guidance once more visibility is achieved.

• Previous guidance was €180–220m revenue, €50–75m customer acquisition costs, and €10–15m EBITDA for FY 2025.

• Focus remains on profitability, cost discipline, and adapting to payment ecosystem changes.