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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.
MindArk (MNDRK) investor relations material
MindArk Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Nov, 2025
Executive summary
Revenue for Q3 2025 increased 2.6% year-over-year to 19.9 MSEK, driven by higher activity in Entropia Universe, despite currency headwinds.
Launch of Entropia Universe on Steam in July 2025 expanded distribution and player acquisition channels.
Adjusted EBITDA was modestly positive; liquidity remains strong with 24 MSEK in cash and no interest-bearing debt.
Focus remains on sustainable organic growth, product development, and strengthening the real-cash economy.
Financial highlights
Q3 2025 turnover: 19.9 MSEK (19.4 MSEK in Q3 2024); 9M 2025 turnover: 58.6 MSEK (66.9 MSEK in 9M 2024).
Q3 operating profit: -516 TSEK (-87 TSEK); 9M operating profit: -3 MSEK (6.5 MSEK).
Q3 profit before tax: 171 TSEK (1.1 MSEK); 9M profit before tax: 3.4 MSEK (6.9 MSEK).
Earnings per share Q3: 0.01 SEK (0.05 SEK); 9M: 0.10 SEK (0.13 SEK).
Cash and short-term investments: 24 MSEK at period end.
Outlook and guidance
Management expects continued focus on organic growth, innovation, and commercial expansion.
Ongoing product development and marketing initiatives are expected to drive future revenue.
Assess Steam launch's initial impact on user activity
Explain Q3 operating profit decline despite lower external costs
How does currency fluctuation impact user fund provision?
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Frequently asked questions
MindArk is a Swedish software company known for creating and managing Entropia Universe, a popular MMORPG-style online virtual universe. This platform is distinguished by its Real Cash Economy system, allowing players to engage in a virtual economy with real financial implications. Entropia Universe is composed of several virtual planets, each managed by different planet partners, offering a wide array of experiences and adventures. The company is headquartered in Gothenburg, Sweden, and its shares are listed on the Stockholm Stock Exchange.
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