Huddlestock Fintech (HUDL) Q1 2025 earnings summary

Executive summary

• Strategic transformation and divestment of the Nordic Investment-as-a-Service Platform, with a renewed focus on European market expansion, operational agility, and portfolio optimization.

• The company now holds two fully owned business areas—European laaS and Visigon—and a minority stake in Done.ai/Dunn.ai, with a market cap of NOK 220 million.

• Emphasis on cost control, long-term value creation, and a leaner, more agile organization positioned for European growth.

• Strategic partnerships, including Tradevest, and the signing of GIGA Broker as the first European client, support the new direction.

• Restructuring aims to streamline operations and drive future growth.

Financial highlights

• Q1 2025 net loss narrowed to NOK 18.3 million from NOK 42.7 million in Q4 2024, with total operating income of NOK 17.4 million, down 11% sequentially.

• EBITDA improved to negative NOK 6.1 million in Q1 2025, with adjusted pro-forma EBITDA at negative NOK 3.9 million, reflecting ongoing cost control.

• Cash position at quarter-end was NOK 3.5 million, increasing to NOK 13.5 million post-Done.ai transaction, including NOK 10 million received after Q1.

• Market capitalization stands at NOK 220 million, with Dunn.ai shares valued at NOK 71 million.

• Visigon’s operating margin reached 10.9% in Q1 2025, outperforming the industry average.

Outlook and guidance

• Final closing of the Done.ai/Dunn.ai transaction is expected in Q3 2025, pending regulatory approval.

• First revenue from GIGA Broker and onboarding of AVL’s 65,000 customers with over EUR 2.5 billion AuA planned for H2 2025.

• Ambition to sign a letter of intent with a second European customer in 2025.

• Visigon’s 2025 revenue is expected to match 2024, with a focus on margin expansion and recurring revenues.

• New business models and efficiency gains are expected to drive growth in H2 2025.