Huddlestock Fintech (HUDL) Q3 2025 earnings summary

Executive summary

• Completed major restructuring, divesting the Nordic Investment as a Service (IaaS/laaS) business and shifting to an asset-light model focused on continental Europe, with Germany as the initial target market.

• Secured first customer and a second LOI for the European IaaS/laaS platform, with a soft launch planned for December 2025 and broader rollout in H1 2026.

• Strengthened management and board, including a new CFO and board members with German market expertise, to support the next growth phase.

• Focused on portfolio optimization, resource efficiency, and long-term value creation across business areas.

• Achieved BaFin approval to accept and transmit crypto orders, expanding the addressable market.

Financial highlights

• Q3 2025 operating income was NOK 9.7 million, down from NOK 15.5 million year-over-year, mainly due to divestments.

• EBITDA for Q3 2025 was negative NOK 6.3 million, with pro-forma EBITDA at negative NOK 5.5 million, excluding one-off costs.

• Net result for Q3 2025 was a loss of NOK 41.5 million, compared to a loss of NOK 19.8 million in Q3 2024.

• Cash position at 30 September 2025 was NOK 1.9 million, supported by Done.ai shares valued at NOK 31.1 million.

• Total operating expenses reduced by NOK 4.3 million sequentially from Q2 2025.

Outlook and guidance

• IaaS/laaS business expected to become cash flow positive in 2026 as more customers join and cost discipline continues.

• Consulting division (Visigon) targets NOK 100 million revenue and over 20% EBITDA margin by 2028, aiming to fund its own growth through positive cash flow.

• Expecting to sign a third customer for the IaaS/laaS platform in early 2026.

• Growth strategy includes expanding consulting services in continental Europe, leveraging Nordic experience.