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Cloudia Research
Earnings Release • Sep 26, 2025
6533_10-q_2025-09-26_3012d0fd-7b53-4b2d-8816-586a1aba6588.pdf
Earnings Release
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CLOUDIA RESEARCH: HALF-YEAR REVENUES UP +16% COMPARED TO NORMALIZED 2024 (EXCLUDING IPO BONUS)
SIGNIFICANT STRENGTHENING OF THE WORKFORCE, WITH THE NUMBER OF EMPLOYEES INCREASING FROM 91 TO 114 (+25%, INCLUDING 7 EMPLOYEES AT THE SPANISH SUBSIDIARY)
DECLINE IN OPERATING MARGINS: EBITDA AT EUR 270,000 (6% REVENUES) VS EUR 498,000 (12% REVENUES) IN 2024 EBIT LOSS OF EUR 107,000 VS EBIT OF EUR 168,000 IN 2024 NET LOSS OF EUR 182,000 IN THE HALF-YEAR, COMPARED TO A NET PROFIT OF EUR 332,000 IN 2024 EUR 817,000 INVESTED IN INNOVATIVE ARTIFICIAL INTELLIGENCE PROJECTS, WITH A STRONG DRIVE TOWARDS DIGITALIZATION
Main results for the period:
- Value of Production: 4,4 million euros compared to 4,25 million euros (+4%) as of 30 June 2024;
- EBITDA: 0,27 million euros compared to 0,50 million euros (-46%) as of 30 June 2024;
- Net income: -0,18 million euros compared to 0,33 million euros as of 30 June 2024;
- NFP: 1,35 million euros (cash) compared to 0,33 million euros (cash) as of December 2024.
Milan, September 26th, 2025.
The Board of Directors of Cloudia Research S.p.A, Innovative SME active in the digital transformation sector with specialized offerings in ERP (Enterprise Resource Planning), Cloud and AI ("Cloudia Research" or the "Company"), listed on Euronext Growth Milan ("EGM"), approved the half-yearly financial report as of 30 June 2025, voluntarily audited.
Marcantonio Angelo Merafina, Chairman of the Board of Directors of Cloudia Research, commented:
"The first half of 2025 marks a period of significant transformation and growth for Cloudia Research. We are particularly pleased to report a 16% increase in revenue compared to normalized 2024 figures, a result that confirms the robustness of our strategy and the trust our clients place in our solutions.
We have made a deliberate choice to invest in the future: over €817,000 have been allocated to the development of innovative artificial intelligence projects, with the goal of enhancing our offerings and anticipating market needs.
Another key milestone has been the operational launch of our Spanish subsidiary in Valencia, which enables us to expand our international footprint and attract new talent. The growth of our workforce—from 91 to 114
The Company
employees—reflects our commitment to investing in people and skills, essential drivers of growth and innovation.
We recognize that these investments have temporarily affected operating margins, but we are confident they lay the foundation for sustainable, long-term growth. We look to the coming months with optimism, assured that the path we are on will deliver value to our clients, collaborators, and stakeholders."
■ Key results as of 30 June 2025
In the first half of 2025 the Company recorded a Value of Production of 4,4 million euros, an increase of 4%, compared to 4,25 million euros in the previous year.
Revenues from sales and services amounted to a total of 3,52 million euros (+13%) and focused on the three service lines Finance&Operation, Business Central e Innovation. The Company's revenues were mainly earned in Italy. Other revenues and income totaled 0,87 million euros.
Consistent with the company's strategies, the number of direct customers and related revenues grew (incidence of revenues from direct customers 83% vs. 72% in 2024).
EBITDA amounts to 0,27 million euros, decreasing by 46% compared to the same period in the previous year.
Net Operating Income (EBIT) amounts to -0,11 million euros (0,17 million euros as of 30 June 2024), with a margin on revenues of approximately -2%.
Net Income was negative at -0,18 million euros (0,33 million euros as of 30 June 2024)
The net financial position as of 30 June 2025 is net cash of 1,35 million euros (net debt of 0,33 million euros as of 31 December 2024), with cash flow from operating activities of 0,03 million euros.
■ The Board of Directors approves the Draft Sustainability Report 2024
The 2024 Sustainability Report was voluntarily signed by the Company and represents an essential reporting standard for clearly and transparently communicating to its stakeholders the results achieved in 2024 and the goals to be achieved in terms of environmental, social, and economic responsibility.
■ Main events as of 30 June 2025
Between January and March, the fifth Edition of the CloudiAcademy has been held in collaboration with the University of Messina, which will be the driver of the company's growth plan. The Academy, established in 2021, is a responsive to the evolving digital world and the growing need for highly specialized skills, with the goal of introducing students to the ICT consulting industry. In this edition, CloudiAcademy has carefully selected and trained professionals dedicated to advancing artificial intelligence.
On June 20th the Second Exercise Period of the "Warrant Cloudia Research 2023-2025" closed.
■ Foreseeable development of operations
Despite the ongoing international tensions and conflicts that continue to affect the macroeconomic scenario, Cloudia Research's target market presents a scenario characterized by a growing demand for cloud-based
The Company
Cloudia Research S.p.A. is an Innovative SME founded in Milan in 2016 operating, mainly in Italy, in the field of digital transformation with an offering focused on ERP (Enterprise Resource Planning) and a growing focus on enabling technologies such as Cloud and AI. Cloudia Research S.p.A. supports companies in the process of digital transformation, designing and providing innovative and customized solutions that permit the implementation of computerized, automated and interconnected management systems that replace previous ones, improving their operational efficiency. Cloudia Research operates through two offices, in Milan and Messina, where the "Academy" training hub is located, created in collaboration with the University of Messina.
digitization and automation, Artificial intelligenERP. On this terrain, the Company is consolidating its growth path, which includes three main strategic directions:
- Expansion and diversification of the services portfolio, introducing new solutions and products that respond to emerging market needs;
- Continued investment in staff training and development, both through in-house training and through the Academy tool;
- International expansion, entering new markets and consolidating its position in existing ones.
■ Attachments
- Reclassified income statement prepared in accordance with international standards (IAS/IFRS) as of 30 June 2025 and 30 June 2024;
- Reclassified Balance Sheet, prepared in accordance with international standards (IAS/IFRS) as of 30 June 2025 and 30 June 2024;
- Cash Flow Statement, prepared in accordance with international standards (IAS/IFRS) as of June 30 June 2025 and 30 June 2024;
- Draft Sustainability Report.
Documents relating to the half-yearly financial report as of 30 June 2024, as required by current regulations, will be made available to the public at the Company's registered office, on the website of Borsa Italiana S.p.A., and on the Company's website.
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The press release is available on the Company website at www.cloudiaresearch.com in the Investor Relations/Press Releases section.
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For the transmission and storage of Regulated Information Cloudia Research uses the dissemination system "" available at operated by Computershare S.p.A. with registered office at Via Lorenzo Mascheroni 19, Milan.
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Contacts
Investor Relator Euronext Growth Advisor Rocco Alvaro illimity Bank S.p.A Via Ettore Ciccotti 3, 20161 Milan Via Soperga 9, 20124 Milan +393440204784 +390282849699 [email protected] [email protected]
Specialist
MIT Sim S.p.A. Corso Venezia 16, 20121 Milan +390230561270 [email protected]
The Company
Profit & Loss
| CONTO ECONOMICO | Note | 30/06/2025 | di cui parti correlate |
30/06/2024 | di cui parti correlate |
|---|---|---|---|---|---|
| Ricavi delle vendite e delle prestazioni | 19 | 3.524.770 | - | 3.126.356 | - |
| Altri ricavi e proventi | 20 | 873.606 | - | 1.123.124 | - |
| Valore della produzione | 4.398.376 | - | 4.249.481 | - | |
| Costi per materie prime, sussidiarie, di consumo | 21 | 42.702 | - | 44.206 | - |
| Costi per servizi | 22 | 1.073.929 | - | 1.194.416 | - |
| Costi per il personale | 23 | 2.963.358 | - | 2.481.037 | - |
| Oneri diversi di gestione | 24 | 48.137 | - | 32.139 | - |
| EBITDA | 270.251 | - | 497.683 | - | |
| Ammortamenti | 25 | 377.530 | 25.841 | 329.938 | 25.841 |
| Rettifiche di valore di attività e altri accantonamenti | - | - | - | - | |
| EBIT | (107.279) | (25.841) | 167.745 | (25.841) | |
| Oneri finanziari | 26 | (49.948) | (14.929) | (87.238) | (16.053) |
| Proventi finanziari | 27 | 6.000 | - | - | - |
| EBT | (151.228) | (40.770) | 80.507 | (41.894) | |
| Imposte correnti, anticipate, differite | 28 | 30.637 | - | (251.887) | - |
| Risultato dell'esercizio | (181.864) | (40.770) | 332.394 | (41.894) |
The Company
Balance Sheet
| in euro | 30/06/2025 | 31/12/2024 |
|---|---|---|
| Crediti commerciali | 3.852.157 | 3.124.897 |
| Debiti commerciali | (1.518.015) | (915.459) |
| Capitale circolante operativo | 2.334.141 | 2.209.439 |
| Crediti tributari | 118.515 | 219.698 |
| Altri crediti ed attività correnti | 1.047.582 | 593.621 |
| Debiti tributari | (160.324) | (224.525) |
| Altre passività correnti | (1.490.941) | (1.181.961) |
| Capitale circolante netto operativo | 1.848.974 | 1.616.271 |
| Diritto d'uso | 1.672.428 | 1.728.332 |
| Attività immateriali | 2.988.489 | 2.245.671 |
| Immobili, impianti e macchinari | 172.396 | 184.232 |
| Altre attività non correnti | 51.342 | 48.142 |
| Imposte differite attive | 310.189 | 320.571 |
| Attività non correnti | 5.194.845 | 4.526.949 |
| Passività per benefici ai dipendenti | (591.395) | (536.016) |
| Imposte differite passive | (2.653) | (1.864) |
| Passività non correnti | (594.049) | (537.880) |
| CAPITALE INVESTITO NETTO | 6.449.770 | 5.605.339 |
| Patrimonio netto | 5.096.002 | 5.272.383 |
| Posizione finanziaria netta a medio/lungo termine | 1.071.491 | 1.157.050 |
| Posizione finanziaria netta a breve termine | 282.277 | (824.094) |
| MEZZI PROPRI e INDEBITAMENTO FINANZIARIO NETTO | 6.449.770 | 5.605.339 |
The Company
Cash Flow as at 30 June 2025
| in euro | 30/06/2025 | 30/06/2024 |
|---|---|---|
| A) Flussi finanziari derivanti dalla gestione reddituale (metodo indiretto) | ||
| Utile (perdita) dell'esercizio | (181.864) | 332.394 |
| Imposte sul reddito | 30.636 | (251.887) |
| Interessi passivi/(attivi) | 43.948 | 87.238 |
| (Dividendi) | - | - |
| (Plusvalenze)/minusvalenze derivanti dalla cessione di attività | - | - |
| 1) Utile (perdita) dell'esercizio prima d'imposte sul reddito, interessi, dividendi e plus/minusvalenze da cessione |
(107.280) | 167.745 |
| Rettifiche per elementi non monetari che non hanno avuto contropartita nel capitale circolante netto |
||
| Accantonamenti ai fondi | 130.858 | 101.517 |
| Ammortamenti delle immobilizzazioni | 377.529 | 329.938 |
| Svalutazioni per perdite durevoli di valore | - | - |
| Rettifiche di valore di attività e passività finanziarie di strumenti finanziari | ||
| derivati che non comportano movimentazione monetarie |
- | - |
| Altre rettifiche in aumento/(in diminuzione) per elementi non monetari | 5.483 | 8.297 |
| Totale rettifiche per elementi non monetari | 513.870 | 439.752 |
| che non hanno avuto contropartita nel capitale circolante netto | ||
| 2) Flusso finanziario prima delle variazioni del C.C.N. | 406.590 | 607.497 |
| Variazioni del capitale circolante netto | ||
| Decremento/(incremento) dei crediti verso clienti | (734.191) | 127.304 |
| Incremento/(decremento) dei debiti verso fornitori | 602.556 | 24.093 |
| Decremento/(incremento) ratei e risconti attivi | (385.749) | (164.990) |
| Incremento/(decremento) ratei e risconti passivi | (22.770) | 174.159 |
| Altri decrementi/(Altri incrementi) del capitale circolante netto | 283.995 | 43.858 |
| Totale variazioni del capitale circolante netto | (256.159) | 204.424 |
| 3) Flusso finanziario dopo le variazioni del C.C.N. | 150.431 | 811.921 |
| Altre rettifiche | ||
| Interessi incassati/(pagati) | (43.948) | (87.238) |
| (Imposte sul reddito pagate) | - | - |
| Dividendi incassati | - | - |
| (Utilizzo dei fondi) | (74.690) | (33.809) |
| Altri incassi (pagamenti) | - | - |
| Totale altre rettifiche | (118.638) | (121.047) |
The Company
| Flusso finanziario della gestione reddituale (A) | 31.793 | 690.874 |
|---|---|---|
| -------------------------------------------------- | -------- | --------- |
| in euro | 30/06/2025 | 30/06/2024 |
|---|---|---|
| B) Flussi finanziari derivanti dall'attività d'investimento | ||
| Immobili, impianti e macchinari | ||
| (Investimenti) | (11.823) | (140.066) |
| Disinvestimenti | - | - |
| Attività per diritto d'uso | ||
| (Investimenti) | (170.773) | - |
| Disinvestimenti | - | - |
| Immobilizzazioni immateriali | ||
| (Investimenti) | (870.010) | (660.775) |
| Disinvestimenti | - | - |
| Immobilizzazioni finanziarie | ||
| (Investimenti) | - | - |
| Disinvestimenti | - | - |
| Flusso finanziario dell'attività di investimento (B) | (1.052.606) | (800.841) |
| C. Flussi finanziari derivanti dall'attività di finanziamento | ||
| Mezzi di terzi | ||
| Incremento (Decremento) debiti a breve verso banche | 463.111 | (220.905) |
| Accensione finanziamenti | 170.773 | 250.000 |
| (Rimborso finanziamenti) | (211.437) | (180.419) |
| Mezzi propri | ||
| Aumento di capitale a pagamento | - | 2.430.122 |
| (Rimborso di capitale) | - | - |
| Cessione (acquisto) di azioni proprie | - | - |
| Dividendi (e acconti su dividendi) pagati | - | - |
| Flusso finanziario dell'attività di finanziamento (C) | 422.447 | 2.278.798 |
| Incremento (decremento) delle disponibilità liquide (A ± B ± C) | (598.366) | 2.168.831 |
| Disponibilità liquide a inizio esercizio | ||
| Depositi bancari e postali | 1.212.819 | 1.931.790 |
| Assegni | - | - |
| Danaro e valori in cassa | 395 | 395 |
| Totale disponibilità liquide a inizio esercizio | 1.213.214 | 1.932.185 |
The Company
| Disponibilità liquide a fine esercizio | ||
|---|---|---|
| Depositi bancari e postali | 614.453 | 4.100.621 |
| Assegni | - | - |
| Danaro e valori in cassa | 395 | 395 |
| Totale disponibilità liquide a fine esercizio | 614.848 | 4.101.016 |
The Company