Solid Clouds hf announces its financial results for the first half of 2022
All figures in millions of ISK. Comparative figures for last year in brackets.
– Operating loss before amortization and financial income and expenses -8 (-8)
– Net income for the period 26.3 (12.8)
– Total assets 1,315.1 (1,336.6)
– Equity ratio 96.8% (97.1%)
– Game revenue 6.7 (10.6)
“We are proud of what the Solid Clouds team has accomplished this year in the development of our new game, Starborne Frontiers,” said Stefán Gunnarsson, CEO of the company. “The game is in closed beta testing after only 13 months of development, which is in line with our expectations. Once the key performance indicators (KPIs) of the testing phase have been achieved, the marketing effort can begin and the game will then be released in several markets.
Solid Clouds’ condensed interim financial statements for the first half of 2022 were approved by the company’s board of directors and CEO at a board meeting on
Financial highlights of the first half of 2022
Solid Clouds accelerated the development (R&D) of Starborne Frontiers in the first half of 2022 in preparation for beta testing of the game which began in late June. Most of Solid Clouds’ expenses come from R&D expenses, which are capitalized and then amortized over its expected life. Capitalized R&D costs amounted to ISK 180.6 million in the first half of 2022, an increase of 75% compared to the first half of 2021.
The Icelandic state provides tax credits to stimulate research and development. R&D tax credits for the 2021 operating year, paid out in November, are expected to reach ISK 105.6 million, a 15% increase from 2020.
Revenue from the company’s first release, Sovereign Space, was ISK 6.7 million, down 36.7% from the first half of 2021. Indeed, Solid Clouds is currently focusing its resources on the development of its next game, Frontiers.
The operating loss before income tax amounted to ISK 35.5 million, compared to a loss of ISK 32.7 million in the first half of 2021.
Solid Clouds financial statements are available on the company’s website: https://www.solidclouds.com/investors/docs
Recent Business Highlights
The Solid Clouds development team achieved several goals in 1H 2022. The Company was able to achieve a major development milestone by
Solid Clouds reached another major milestone by
The Russian-Ukrainian war did not have a significant impact on Solid Clouds in the first half of 2022.
Source: Solid Clouds