Gamethrill (THRILL) Q4 2025 earnings summary

Executive summary

• Achieved first-ever positive annual result, signaling improved financial sustainability and readiness for growth.

• Q4 2025 saw strong performance, with significant contributions from a successful Black Friday campaign and ongoing engagement in Wurm Online.

• Kwizit advanced toward commercialization, with new game modes and AI-driven development enhancing retention and efficiency.

Financial highlights

• Q4 2025 net revenue: 3.1 MSEK (up from 2.9 MSEK in Q4 2024); full-year 2025: 7.5 MSEK (7.7 MSEK in 2024).

• Q4 2025 EBITDA: 1.4 MSEK (0.8 MSEK in Q4 2024); full-year 2025 EBITDA: 0.4 MSEK (-0.1 MSEK in 2024).

• Q4 2025 net income: 1.3 MSEK (0.7 MSEK in Q4 2024); full-year 2025 net income: 0.2 MSEK (-0.7 MSEK in 2024).

• Cash and cash equivalents at year-end: 3.5 MSEK (4.4 MSEK at end of 2024).

Outlook and guidance

• Cost efficiency measures and a more effective development model are expected to have full impact in 2026.

• Ambition for a broad launch of Kwizit in 2026, either independently or with partners.