Beyond Frames (BEYOND) Q2 2024 earnings summary

Executive summary

• Achieved record-breaking H1 2024 sales of 100,789 KSEK, up 66.4% year-over-year, with Q2 being the second strongest in company history despite a softer quarter.

• Recurring revenues, especially from Ghosts of Tabor, exceeded expectations and provided a stable baseline.

• Six fully-funded titles are in production for launch through H1 2026, including sequels and major IP games.

• Q2 EBITDA was -551 KSEK, down from 4,360 KSEK in Q2 2023, while H1 EBITDA rose to 7,459 KSEK from 4,111 KSEK.

• Cash and cash equivalents at quarter-end were 14,319 KSEK, supporting a 12-month survival forecast.

Financial highlights

• H1 2024 sales reached 100,789 KSEK, up 66.4% year-over-year; Q2 sales were 41,174 KSEK.

• H1 EBITDA was 7,459 KSEK, up from 4,111 KSEK last year; Q2 EBITDA was -551 KSEK.

• Q2 EBIT showed an operating loss of 8,6 million SEK, impacted by depreciation; profit after financial items for Q2 was -8,832 KSEK.

• Cash flow from operating activities before working capital changes was 7.9 million SEK for the half-year.

• Investments in intangible assets in Q2 totaled 6,612 KSEK.

Outlook and guidance

• Expecting a slight revenue softening in Q3, with new game launches likely to impact Q4 and H1 2025 more significantly.

• Focus on improving margins and achieving positive cash flow, with profitability targeted through premium product launches.

• Recurring revenues from existing titles provide a stable baseline as new games launch.