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GIGA Broker, an expanding sales pipeline for the white-label
Investment-as-a-Service (IaaS) offering, and continued growth in Consulting
(Visigon).
“During the quarter, we advanced the GIGA Broker solution through onboarding
and live trading with an expanded user group and continued to build commercial
momentum for our white-label offering. At the same time, we reduced the
Group’s operating cost base. Visigon also delivered a strong year-on-year
revenue growth of 30% and progressed its key growth initiatives,” said Leif
Arnold Thomas, CEO of Huddlestock.
Subsequent to the quarter, Huddlestock announced on 26 August 2026 that its
subsidiary Visigon AS had acquired the assets of DoLand ApS, a Danish
sustainability reporting software company, as part of Visigon’s strategic
expansion into managed services. The acquisition was completed at a negligible
purchase price, providing Huddlestock with an attractive risk-reward profile.
The transaction supports Visigon’s strategic growth avenue within managed
services and its 2028 financial targets. As part of the acquisition, Visigon
entered into a five-year agreement with Merkur Andelskasse, a Danish
cooperative savings bank, for the delivery of sustainability reporting on
client-facing investment portfolios.
FINANCIAL PERFORMANCE
Total operating income was NOK 9.0 million in Q2 2026, compared with NOK
10.3[1] (#_ftn1) million in Q1 2026 and NOK 9.0 million on a pro forma basis
in Q2 2025. Total operating expenses were reduced to NOK 15.2 million, from
NOK 16.4[2] (#_ftnref1) million in Q1 2026, as cost measures initiated in late
2025 continued to take effect. Other operating expenses decreased by NOK 1.8
million quarter-over-quarter.
EBITDA was NOK -6.2 million, broadly stable compared with NOK -6.0 million in
Q1 2026 and improved from NOK -6.6 million on a pro forma basis in Q2 2025.
Depreciation, impairment and amortisation declined to NOK 5.0 million, while
net financial items were NOK -1.1 million. The net result improved to NOK
-11.9 million, from NOK -12.1 million in Q1 2026 and NOK -26.8 million on a
pro forma basis in Q2 2025.
Liquidity reserves totalled NOK 9.6 million at the end of the second quarter,
including a new NOK 5 million loan facility established in July 2026.
Operating cash outflow was NOK 8.1 million, while net financing cash flow was
NOK 8.6 million.
The Company has during Q2 and July secured loan facilities of totally NOK 15
million, backed by a guarantee consortium comprising certain of the Company’s
key shareholders.
The guarantee covers a total amount of NOK 23,500,000 and is valid for 12
months.
The guarantee fee will be settled in new shares in the Company at a
subscription price equal to the lower of NOK 0.60 per share and the
volume-weighted average price of the Company’s shares over the five trading
days before maturity of the credit facility.
The arrangement provides additional liquidity headroom to support the
Company’s continued growth investments.
GIGA BROKER – PREPARING FOR PUBLIC LAUNCH
An extended user group was successfully onboarded during the summer, and
securities trades has been successfully executed on the platform since then.
During August and September, the focus is on finalising more functionalities
and improving the user interface based on user group feedback, before a public
launch is planned in October 2026.
CUSTOMER ACQUISITION AND EUROPEAN EXPANSION
Customer acquisition remains a key priority. The Group’s sales pipeline
continues to grow, supported by weekly group-wide sales meetings across
Huddlestock Germany and Visigon, increased use of LinkedIn and other social
media, cross-selling initiatives, and planned joint participation at DKM 2026
in Dortmund in October.
CONSULTING (VISIGON)
Visigon delivered revenue in line with its business plan, with revenue for Q2
2026 30% above (MNOK 2,3) the corresponding period in Q2 2025. The business
continues to progress its key growth initiatives, including expanding the
existing business, developing Visigon Cloud, establishing Calypso services in
Europe, and broadening its offering to include sustainability reporting
delivered as a managed service. The ISO 27001 certification is in process, and
the first employee under the Polish employer-of-record model is expected to
start in October.
Visigon continues to target revenue above NOK 100 million and an EBITDA margin
above 20% by 2028.
OUTLOOK
Huddlestock will continue to prioritize commercial expansion of its European
IaaS platform and the conversion of its growing pipeline into customer
agreements. Following the planned public launch of GIGA Broker in October, the
Company will focus on scaling the platform and continuing the commercial
ramp-up. The ambition is for the European IaaS business area to become cash
flow positive early 2027.
Visigon will continue to execute on its growth plan, including commercialising
the Doland acquisition opportunity, driving sales efforts outside the Nordics
and pursuing more marketing campaigns and events.
PRESENTATION AND Q&A
CEO Leif Arnold Thomas and COO/CTO Ramtin Matin will present the first-half
2026 results in English on 27 August 2026 at 10:00, followed by a Q&A session.
To participate, please register your interest with:
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[1] (#_ftnref1) Reported NOK 11.2 million (Difference to restated NOK 0.9
million)
[2] (#_ftnref1) Reported NOK -17.3 million (Difference to restated NOK -0.9
million)
Contacts
Leif Arnold Thomas
Chief Executive Officer
Huddlestock Fintech AS
leif.thomas@huddlestock.com
+47 982 15 520
About Huddlestock Fintech AS
Huddlestock is a European Investment-as-a-Service provider enabling financial
institutions and digital platforms to launch and scale investment services
efficiently and in full regulatory compliance. Through its BaFin-regulated
entity, Huddlestock GmbH, the company provides access to a comprehensive
liability umbrella and European passporting framework, allowing partners to
offer regulated investment services without requiring their own financial
license. Combining regulatory infrastructure with a modular, partner-based
ecosystem, Huddlestock enables clients to build tailored investment solutions
while significantly reducing time-to-market and operational complexity.
Huddlestock Group also includes Visigon, a Nordic based consulting company
with deep expertise in capital markets and treasury technology.
Find out more at: www.huddlestock.com
This information has been submitted pursuant to the Securities Trading Act §
5-12 and MAR. The information was submitted for publication, through the
agency of the contact persons set out above, at 2026-08-27 07:00 CEST.
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