Huddlestock Fintech (HUDL) Q4 2025 earnings summary

Executive summary

• Achieved key milestones in German IaaS expansion, including a soft launch of crypto trading on the Gigabroker platform in December 2025 and signing Modern Finance Nation as a second customer, supporting growth targets for 2026.

• Completed major restructuring and divestment of non-core, cost-intensive businesses, resulting in a leaner organization and lower cost base, with further reductions expected into 2026.

• Focused on two main business areas: Consulting (Visigon) and Investment-as-a-Service (IaaS), both with recurring revenue models and high scale potential.

• Strategic focus on scaling the European IaaS platform and expanding outside the Nordic region, with main revenues in 2026 expected from Consulting.

• Obtained a MiCA license, enabling crypto trading services and supporting European expansion.

Financial highlights

• Q4 2025 revenue reached NOK 11.2 million, a 15% increase quarter-over-quarter but a 43% decrease year-over-year due to divestments.

• Consulting (Visigon) delivered its strongest quarter in Q4 2025, up 32% sequentially from Q3, with NOK 35 million income and 7% EBITDA margin for 2025.

• Q4 2025 EBITDA improved by 8% year-over-year (adjusted), but full-year 2025 EBITDA was negative NOK 27.8 million.

• Cash position at year-end was NOK 4.6–5 million, with total liquidity (including Done.ai shares and overdraft) at NOK 16 million.

• Board confident in current capital situation, with access to bridge financing if needed.

Outlook and guidance

• Launch of own white label trading solution in April 2026, with Gigabroker going live in June 2026.

• Ambition to turn the business cash positive within 2026, with the German IaaS platform and Consulting division targeting cash flow positivity.

• Consulting targets NOK 100 million revenue and at least 20% EBITDA margin by 2028, financed by operational cash flow.

• Continued focus on expanding customer base in both business areas, with several sales processes ongoing and commercial expansion expected in 2026.

• Additional cost reductions expected in 2026 as operational efficiency initiatives continue.