Solid Clouds hf. (First North Iceland: SOLID), the developer of multiplayer online video games, today announces its results for the first half of 2026, ending 30 June.
Key Figures
All figures in ISK m. Comparative figures for 1H 2025 in parentheses, unless otherwise stated.
- Game revenue 36.9 (74.2)
- Advertising expenses 48.4 (80.8)
- Operating loss before depreciation, financial income and expenses 48.8 (46.0)
- Operating loss before financial items and tax 118.3 (110.3)
- Net loss for the period 122.1 (127.1)
- Total assets: 1,325.9 (31 December 2025: 1,361.2)
- Equity ratio: 89.1% (31 December 2025: 95.7%)
Recent Business Highlights & Outlook for H2 2026
In the first half of the year, Solid Clouds hf. issued two convertible bonds in the amounts of ISK 33.7 million and ISK 100 million. Both bonds carried an annual interest rate of 25% with a conversion rate of 1.
After halting ad campaigns in mid 2025, Solid Clouds' focus on achieving sustainable, risk adjusted ROAS before resuming increased ad spend is yielding strong results, with July 2026 marking one of its highest ROAS months to date (46.3% Day 30 ROAS). In parallel, Solid Clouds is preparing to launch Alliance Wars, a major community feature long in development designed to boost long term player retention and multiyear revenue.
The company has also partnered with marketing agency AppAgent to support direct marketing expansion as its core growth engine, as ROAS metrics approach the target set earlier this year. To scale Frontiers, Solid Clouds is preparing a nine language global rollout with specialized regional editions, alongside broader marketing campaigns to significantly expand its player base.
For further information please contact:
Egill Örn Sigurjónsson
egillsig@solidclouds.com
