Cloud Technologies (CLD) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue rose 9.8% year-over-year to 12.8 mln PLN, with data sales up 17.4% in PLN and 25% in USD, marking a record quarter and nine-month period for data sales.

• Q1–Q3 2025 data sales totaled 33.7 mln PLN, up 8.3% year-over-year (13.5% in USD).

• Normalized EBITDA margin stayed above 40%, but normalized EBITDA fell 7.5% year-over-year in Q3 and 18.1% for Q1–Q3, mainly due to international expansion and currency effects.

• Net profit in Q3 2025 was 1.7 mln PLN (+0.7% y/y); Q1–Q3 2025 net profit dropped 83.4% year-over-year to 1.3 mln PLN, impacted by higher financial costs and negative FX differences.

• Cash position at the end of Q3 2025 was 10.8 mln PLN, with positive operating cash flow (+3.0 mln PLN y/y) and negative net debt.

Financial highlights

• Q3 2025 revenue: 12.8 mln PLN (+9.8% y/y); Q1–Q3 2025 revenue: 35.4 mln PLN (+2.2% y/y).

• Q3 2025 EBITDA: 5.5 mln PLN (–7.5% y/y); Q1–Q3 2025: 15.0 mln PLN (–18.1% y/y); EBITDA margin: 42.9%.

• Q3 2025 net profit: 1.7 mln PLN (+0.7% y/y); Q1–Q3 2025 net profit: 1.3 mln PLN (–83.4% y/y).

• Operating cash flow Q1–Q3 2025: 10.0 mln PLN; investing cash flow: –7.3 mln PLN; financing cash flow: –7.3 mln PLN.

• Dividend of 5.6 mln PLN paid in June 2025 (1.25 PLN/share for 2024 earnings).

Outlook and guidance

• Data sales remain the strategic growth area, with continued focus on international expansion, dataset expansion, and new data exploitation fields.

• Remaining revenue from historical DMP licenses is expected to decline as contracts expire.