Huddlestock Fintech (HUDL) Q1 2025 earnings summary

Executive summary

• Completed transformative Done.ai transaction, shifting to minority stake and focusing on European Investment-as-a-Service (laaS) platform and consulting.

• Strategic focus on portfolio optimization, resource efficiency, and long-term value creation.

• Accelerated entry into Germany and broader European markets, leveraging new partnerships and technology.

• Operating income in Q1 2025 was NOK 17.4 million, down 11% from Q4 2024, reflecting divestment and strategic refocus.

• Operating expenses decreased 26% to NOK 23.5 million compared to Q4 2024, supporting improved margins.

Financial highlights

• Q1 2025 net loss of NOK 18.3 million, a significant improvement from NOK 42.7 million net loss in Q4 2024.

• EBITDA loss of NOK 6.1 million in Q1 2025, improved from NOK 8.5 million loss in Q4 2024.

• Adjusted pro-forma EBITDA (excluding Done.ai transaction costs) improved to negative NOK 3.9 million in Q1 2025.

• Cash position strengthened to NOK 13.5 million post-Done.ai transaction, including NOK 10 million received after Q1 close.

• Total operating income of NOK 17.4 million in Q1 2025, down 11% sequentially and 16% year-over-year.

Outlook and guidance

• Final closing of Done.ai transaction expected in Q3 2025, with further cost and cash burn reductions anticipated.

• First revenue from GIGA Broker expected in 2H 2025, with onboarding of AVL’s 65,000 customers and >EUR 2.5bn AuA.

• Ambition to sign a Letter of Intent with a second laaS customer in 2025.

• New Visigon business model expected to take full effect in H2 2025, driving efficiency.

• Visigon 2025 revenue expected in line with 2024, with focus on margin expansion and profitability.