Board Change • Apr 29
No independent directors There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 2 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Chairman of the Board Eggert Gíslason is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Bekanntmachung • Apr 02
Solid Clouds hf, Annual General Meeting, Apr 16, 2026 Solid Clouds hf, Annual General Meeting, Apr 16, 2026. Location: company s headquarters, vegmuli 2, 108 reykjavik., Iceland Board Change • Dec 29
No independent directors There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 2 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Chairman of the Board Eggert Gíslason is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Nov 25
No independent directors There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 2 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Chairman of the Board Eggert Gíslason is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Sep 11
No independent directors There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 2 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Chairman of the Board Eggert Gíslason is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Sep 03
First half 2025 earnings released: Kr0.18 loss per share (vs Kr0.31 loss in 1H 2024) First half 2025 results: Kr0.18 loss per share. Revenue: Kr74.2m (up 155% from 1H 2024). Net loss: Kr127.1m (loss widened 24% from 1H 2024). New Risk • Aug 31
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -Kr513m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-Kr513m free cash flow). Shares are highly illiquid. Earnings have declined by 71% per year over the past 5 years. Shareholders have been substantially diluted in the past year (116% increase in shares outstanding). Revenue is less than US$1m (Kr118m revenue, or US$964k). Market cap is less than US$10m (Kr932.2m market cap, or US$7.61m). Board Change • Aug 14
No independent directors There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 2 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Chairman of the Board Eggert Gíslason is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Jul 31
No independent directors There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 2 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Chairman of the Board Eggert Gíslason is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. New Risk • Jul 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 116% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 63% per year over the past 5 years. Shareholders have been substantially diluted in the past year (116% increase in shares outstanding). Revenue is less than US$1m (Kr82m revenue, or US$668k). Market cap is less than US$10m (Kr1.08b market cap, or US$8.76m). Board Change • Jul 01
No independent directors There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 2 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Chairman of the Board Eggert Gíslason is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Jun 10
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 5 new directors. 2 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Chairman of the Board Eggert Gíslason is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • May 07
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 5 new directors. 2 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Chairman of the Board Eggert Gíslason is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 30
Full year 2024 earnings released Full year 2024 results: Revenue: Kr82.0m (up 301% from FY 2023). Net loss: Kr404.5m (loss widened 387% from FY 2023). Bekanntmachung • Mar 29
Solid Clouds hf announced that it expects to receive ISK 225 million in funding Solid Clouds hf announced private placement of 100,000,000 shares at a price of ISK 2.25 for gross proceeds of ISK 225,000,000 on March 28, 2025. New Risk • Mar 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 48% per year over the past 5 years. Revenue is less than US$1m (Kr39m revenue, or US$289k). Market cap is less than US$10m (Kr630.4m market cap, or US$4.70m). Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Bekanntmachung • Dec 30
Solid Clouds hf, Annual General Meeting, Apr 29, 2025 Solid Clouds hf, Annual General Meeting, Apr 29, 2025. Bekanntmachung • May 01
Solid Clouds hf, Annual General Meeting, Apr 30, 2024 Solid Clouds hf, Annual General Meeting, Apr 30, 2024, at 16:00 Central European Standard Time. Agenda: To consider remuneration of Board members and alternative Board members; to consider amendment to the Company's articles of association clarifying the rules about the Company's authorisation to acquire own sharesto re- elect Company’s auditor, Deloitte ehf;. Bekanntmachung • Apr 29
Solid Clouds Hf Announces Election to Board Solid Clouds hf announced that Since only five candidacies were received for the five-member board, all candidates are automatically elected. The three positions of alternate directors are considered filled, without opposition. Andrea Olsen: Andrea Olsen holds an ML degree in Law from Reykjavik University and is qualified as a district court attorney. She has extensive experience as a corporate lawyer, including a tenure at LOGOS Legal Services. Currently, Andrea serves as Managing Director/CEO of Frigus ehf., a high wealth family office and holding company. Andrea is also a board member of several other companies, mostly in her capacity for Frigus ehf. Skúli Skúlason: Skúli Skúlason holds a B.S. degree in Mechanical Engineering from the University of Iceland. With over 29 years of experience in aviation and airline operations, he has played a leading role in the founding of Airport Associates and Bluebird Cargo. Skúli has also held several key management positions throughout his career. Currently, he serves as the Managing Director of Express ehf. Alternative board members: Guðmundur Ingi Jónsson: Guðmundur Ingi Jónsson holds a B.S. degree in Economics from the University of Iceland and has been a board member since 2017. Guðmundur was the chairman of GreenQloud ehf., which was sold to NetApp in 2017, and is the Managing Director of Kjölur fjárfestingarfélag ehf., an investment holding company. Ingólfur Ævarsson: Ingólfur Ævarsson holds an M.Sc. degree in International Marketing and Management from Copenhagen Business School and a B.Sc. degree in Business from the University of Iceland. With over 18 years' experience in the gaming industry, he has held key roles including Director of Customer Lifecycle Management and Analytics, Director of Customer Acquisitions at CCP hf., and Chief Marketing Officer at 1939 Games ehf. Currently, he is the CEO of Porcelain Fortress ehf., a gaming studio. Ólafur Andri Ragnarsson: Ólafur Andri Ragnarsson holds an M.Sc. degree in Computer Science from Oregon University and has been a board member since 2015. Ólafur is one of the founders of the gaming company Betware ehf. and helped found Raw Fury, a Swedish game publisher. Currently, he serves as the Managing Director of Klambratún ehf., an investment holding company. Reported Earnings • Mar 29
Full year 2023 earnings released Full year 2023 results: Net loss: Kr83.1m (loss widened 64% from FY 2022). New Risk • Mar 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-Kr372m free cash flow). Share price has been highly volatile over the past 3 months (42% average weekly change). Earnings have declined by 38% per year over the past 5 years. Shareholders have been substantially diluted in the past year (80% increase in shares outstanding). Revenue is less than US$1m (Kr9.4m revenue, or US$69k). Market cap is less than US$10m (Kr597.2m market cap, or US$4.36m). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). New Risk • Mar 03
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 80% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-Kr372m free cash flow). Share price has been highly volatile over the past 3 months (44% average weekly change). Earnings have declined by 38% per year over the past 5 years. Shareholders have been substantially diluted in the past year (80% increase in shares outstanding). Revenue is less than US$1m (Kr9.4m revenue, or US$68k). Market cap is less than US$10m (Kr822.9m market cap, or US$5.95m). New Risk • Sep 03
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -Kr372m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-Kr372m free cash flow). Shares are highly illiquid. Earnings have declined by 38% per year over the past 5 years. Revenue is less than US$1m (Kr9.4m revenue, or US$72k). Market cap is less than US$10m (Kr1.27b market cap, or US$9.66m). Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Eggert Gíslason was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 28
First half 2022 earnings released: EPS: Kr0 (vs Kr0.07 loss in 1H 2021) First half 2022 results: EPS: Kr0. Net loss: Kr26.3m (loss widened 105% from 1H 2021). Bekanntmachung • May 24
Solid Clouds Hf Announces Board Appointments Solid Clouds hf appointed Brynjólfur Erlingsson, Heimir Þorsteinsson and Ársæll Valfells to the board. Brynjólfur Erlingsson holds an M.Sc degree in Engineering and Management of Information Systems from Kungliga Tekniska Högskolan. He has deep industry experience regarding acquiring users and analyzing their behavior in online games. Brynjólfur is head of growth of Toca Boca and before that worked for game studios like Mojang, Paradox Interactive, DICE and CCP. Heimir Þorsteinsson holds a Cand. Ocean degree in Accounting and Auditing from the University of Iceland and has been a board member since 2020. He is a state authorized accountant in Iceland. Heimir has extensive experience in finance and auditing as a former audit partner at Deloitte. He is VP of finance at Alvogen. Ársæll Valfells holds an M.Sc degree in political science from London School of Economics and Political Science and has been a board member since 2020. He is a lecturer in finance at the University of Iceland and has served as a board member for various other companies. Bekanntmachung • May 12
Solid Clouds hf., Annual General Meeting, May 25, 2022 Solid Clouds hf., Annual General Meeting, May 25, 2022, at 16:00 Coordinated Universal Time. Location: auditorium of Arion Bank at Borgartún 19, 105 Reykajvik Iceland Agenda: To consider report of the board on the previous year's operations; to consider approval of the Company's annual financial statements for the previous operational year; to consider a decision on disposition of the Company's profit or loss on the previous year's operations; to consider approval of the Company's wages and terms policy; to consider a proposal to amend the articles of association so as to authorise an increase of share capital in connection with stock option agreements; to consider election of members and alternates to the board of the Company; to consider election of the Company's auditor; to consider a decision on remuneration to the Company's directors and sub-committees; and to transact other business. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Eggert Gíslason was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 01
Full year 2021 earnings released Full year 2021 results: Net loss: Kr34.1m (down 453% from profit in FY 2020).