Cardiff Oncology shares plunge after Q2 earnings miss
LONDON - Thalassa Holdings Ltd (LSE:THAL), a diversified holding company, announced its audited results for the year ended December 31, 2024, revealing a loss after tax of £1.01 million compared to a loss of £0.89 million in the previous year. The company’s earnings per share also declined to (£0.13) from (£0.11).
The group’s book value per share decreased from £1.16 to £0.62, following the issuance of new ordinary shares in December 2024. However, the company’s cash position improved slightly, with holdings of £0.5 million versus £0.1 million in 2023.
Thalassa’s investment holdings experienced a marginal decrease, standing at £7.9 million compared to £8.0 million the previous year.
The S&P 500’s significant gain of 24% and the forecasted growth in corporate EPS contributed to heightened market expectations, although concerns about market concentration arose due to the dominance of seven major tech companies, including Apple (NASDAQ:AAPL) and Nvidia (NASDAQ:NVDA), which accounted for a third of the S&P 500 Index.
The company’s subsidiary, Autonomous Robotics Ltd (ARL), faced delays in software development and engaged with potential sources of funding and strategic partners. The Tappit restitution agreement saw the Chairman contribute £2.1 million towards a possible £3 million from the sale of personal property.
Thalassa also reported mark-to-market losses on its largest holdings, Surgical Innovations Group Plc and Newmark Security Plc, and noted gains on hedges in 2025. The strategic business review completed within the year resulted in targeted cost savings.
Despite waiving consultancy fees for 2021, 2022, 2023, and 2024, the Chairman received warrants in lieu of fees. The company’s outlook remains cautious due to the potential impact of tariffs announced by the US President on global stock markets and economies.
The financial review highlights a decrease in total revenue from continuing operations and an operating loss of £0.8 million. The net assets at the end of 2024 amounted to £10.4 million, with a net increase in cash and cash equivalents.
The information provided is based on a press release statement from Thalassa Holdings Ltd.
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