Gamethrill (THRILL) Q1 2025 earnings summary

Executive summary

• Q1 2025 net revenue was 1.4 MSEK, down from 1.7 MSEK in Q1 2024, mainly due to currency effects despite stable sales in core products.

• EBITDA for Q1 2025 was -0.3 MSEK, compared to -0.1 MSEK in Q1 2024; net result was -356,770 SEK versus -339,050 SEK year-over-year.

• Kwizit reached a key development milestone and was launched in Sweden without marketing, with plans for gradual global rollout.

• Wurm Online maintained a stable player base, but revenue declined due to weaker exchange rates for EUR and USD.

Financial highlights

• Net revenue for Q1 2025: 1.4 MSEK (Q1 2024: 1.7 MSEK); EBITDA: -0.3 MSEK (Q1 2024: -0.1 MSEK).

• Operating result after financial items: -0.4 MSEK (Q1 2024: -0.3 MSEK); net result per share: -0.01 SEK (unchanged year-over-year).

• Total assets at quarter-end: 6.7 MSEK; equity ratio: 79.0%.

• Cash flow from operations after working capital changes: -5,744 SEK; cash at period end: 3.4 MSEK.

• Investment in financial assets: -1.0 MSEK during Q1 2025.

Outlook and guidance

• Focus remains on long-term value creation, cost efficiency, and scaling new products like Kwizit.

• Marketing for Kwizit is planned for upcoming quarters, with a strategy to ensure all revenue-generating features are in place before scaling.

• Continued development and strengthening of Wurm Online with an updated roadmap.