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Edge28 Nov 2025
Keeping the Streak Alive: The Story of Duolingo
How Duolingo made language learning addictive, scaled to millions of users, and built a powerful subscription business around everyday practice.
M.O.B.A. Network (MOBA) investor relations material
M.O.B.A. Network Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Q3 2025 saw a 27% year-over-year revenue decline to SEK 58.8 million, with EBITDA down 45% to SEK 8.5 million, reflecting a challenging ad market and lower user engagement.
Profit before tax was SEK -5.8 million, and net loss for the quarter was SEK -7.3 million, with EPS at SEK -0.3.
Strategic focus remains on product innovation, diversification, and long-term growth, with new product launches and partnerships.
Financial highlights
Revenue for Q3 2025: SEK 58.8 million (Q3 2024: SEK 80.1 million), down 27% year-over-year.
EBITDA: SEK 8.5 million (Q3 2024: SEK 15.4 million), margin 14% (19%).
EBIT: SEK 2.5 million (Q3 2024: SEK 9.7 million), margin 4% (12%).
Net loss: SEK -7.3 million (Q3 2024: SEK 1.1 million).
Cash flow from operating activities before working capital: SEK -2.4 million (Q3 2024: SEK 7.8 million).
Total assets: SEK 649 million; cash and cash equivalents: SEK 36.3 million.
Outlook and guidance
Management expects continued short-term headwinds from a weak ad market and lower engagement in key gaming segments.
Growth outlook remains strong, with focus on product innovation, organic expansion, and diversification of revenue streams.
Bond refinancing: What's the progress
Non-ad revenue: What's the growth plan
Ad market downturn: How to adapt
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Next M.O.B.A. Network earnings date
Q4 202517 Feb, 2026
Next M.O.B.A. Network earnings date
Q4 202517 Feb, 2026
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Frequently asked questions
M.O.B.A. Network AB is a Swedish company that operates global online gaming communities and platforms, primarily serving fans of multiplayer online battle arena (MOBA) games and other popular video games. It provides spaces where gamers can exchange strategies, insights, and ideas. The company's portfolio includes well-known gaming communities such as MOBAFire, DOTAFire, SmiteFire, and HeroesFire, among others. It also operates the Union for Gamers, a YouTube network supporting over 1,000 content creators. The company is headquartered in Stockholm, Sweden, and its shares are listed on the Nasdaq Stockholm.
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