Huddlestock Fintech (HUDL) Q2 2025 earnings summary

Executive summary

• Completed divestment of the Nordic Investment-as-a-Service platform to Done.ai, enabling an asset-light expansion strategy focused on continental Europe, especially Germany, and B2B consulting.

• Secured GIGA Broker as the first European laaS customer, with onboarding of over 65,000 AVL customers expected in H2 2025.

• Strengthened management and board with key appointments, including Sabine Merky as Group CFO and Frank Bjordal as board member.

• Consulting division (Visigon) positioned as the main revenue driver for H2 2025, with new product offerings and management hires.

• Reduced headcount by 58% due to divestments, aligning with the new asset-light strategy.

Financial highlights

• H1 2025 revenue was NOK 31.4 million, down from NOK 38 million year-over-year, mainly due to divestments and project timing.

• EBITDA for H1 2025 was negative NOK 12.4 million; pro-forma Q2 2025 EBITDA was negative NOK 4.1 million after adjusting for one-offs.

• Net result for H1 2025 was negative NOK 53.9 million, impacted by divestment losses and non-realized value changes in Done.ai.

• Personnel costs reduced by NOK 5.5 million compared to H1 2024, reflecting a leaner organization.

• Cash position at June 30, 2025 was NOK 10.6 million.

Outlook and guidance

• Ambition to make the European laaS platform cash flow positive by 2026.

• Full-year 2025 revenue expected in line with 2024, driven by strong consulting backlog and margin expansion focus.

• Targeting onboarding of AVL customers in H2 2025 and aiming for a second LOI for the laaS platform within the year.

• Distribution of 20% of Done.ai shares to shareholders expected in Q4 2025.

• Continued commercial expansion in Europe with the aim to sign a second customer in 2025.