World Chess PLC (LSE:CHSS) shares fell 17% after the company reported a wider pre-tax loss in a period where it shut down its Berlin club after the venue failed to meet commercial expectations.
Losses reached €2.1 million for the six months to 30 June 2025, up from €1.9 million a year earlier as revenue slipped to €1.1 million from €1.2 million.
Following the Berlin closure, the London-listed organiser of the FIDE championship matches in the USA and the UK said it is reviewing a new, scalable venue model.
During the period, €2.3 million was raised to support the development of its digital platform, which has become the group's main strategic focus.
Revenue from the FIDE Online Arena, now rebranded as 'World Chess, the official gaming platform', remained flat. The company is investing in new features, including gamification tools and anti-cheating technology.
After the period-end, a US$2 million investment was secured from two strategic investors via the issue of 114.3 million new shares.
It also launched a new engagement system, The Tower, in August and reported more than one million registered users on its platform as of September.
The shares fell 0.18p to 0.92p on Tuesday morning.