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2024-03-27 18:30:00 CET 2024-03-27 18:30:02 CET REGULATED INFORMATION Solid Clouds hf. - Annual Financial ReportSolid Clouds hf. announces Full year 2023 Financial Results 27 March 2024Video game developer Solid Clouds hf. (First North Iceland: SOLID), announced today the results of the year 2023, ending 31 December. Key Figures “Solid Clouds hf is pleased to announce a pivotal development in the production and marketing of our latest title, Starborne Frontiers. Drawing on data from December 2023 to February 2024, we are witnessing an encouraging upward trend in our Return on Advertising Spend (ROAS). This trend suggests a potential surpassing of the 100% mark in 360-day ROAS, a key indicator of Starborne Frontiers' market reception. As a result, we can now expand the marketing efforts for Starborne Frontiers. The entire company is now dedicated to executing a strategy for ongoing increase of ROAS through live operations, alongside further optimization of game and monetization strategies, aiming to achieve around 180% 360-day ROAS at year-end necessary for sustained financial success. The team is proud of Starborne Frontiers and excited about the game's growth in the coming months”, says Stefan Gunnarsson, the CEO of Solid Clouds hf. The Financial Statements of Solid Clouds hf for the full year of 2023 were approved by the Company’s Board of Directors and the CEO at a board meeting on 27 March 2024. The statements cover the period from 1 January to 31 December 2023 and were prepared according to International Financial Reporting Standards (IFRS). The statements have been audited by the Company’s auditors, Deloitte ehf. Full-year 2023 Financial Highlights Game revenue amounted to ISK 20.5 m, an increase of 83.7% compared with the full year of 2022. This is because Solid Clouds hf has started to generate revenue from Starborne Frontiers in its early soft launch period. Operating loss before income tax amounted to ISK 138.6 m, compared to a loss of ISK 94.1 m in 2022. Financial Liquidity In February 2024, Solid Clouds hf secured ISK 295.2 million in funding through share issuance, attracting capital from a diverse group including institutional investors, founders, board members, existing shareholders, and newcomers. This was accomplished by issuing 147.6 million new shares, priced at ISK 2 each. Solid Clouds hf Financial Statements are available on the Company’s website: https://www.solidclouds.com/investors/docs Recent Business Highlights |
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