Goodbye Kansas Group (GBK) Q4 2024 earnings summary

Executive summary

• Achieved a turnaround to profitability in Q4 2024, driven by strong new sales in gaming projects and cost discipline.

• Full-year 2024 saw a significant sales decline due to weak first-half performance, but the second half showed positive results.

• Strategic restructuring and divestment of non-core subsidiaries focused the business on studio operations.

• Entered 2025 with a robust order book and optimism for growth in gaming, VFX, and animation segments.

Financial highlights

• Q4 2024 net sales rose 43% year-over-year to SEK 70.8 million, mainly from gaming projects.

• Adjusted EBITDA for Q4 was SEK 14.1 million (up from -4.6 million), excluding SEK -6.0 million in non-recurring items.

• Full-year 2024 net sales fell 38% to SEK 172.6 million; adjusted EBITDA was SEK -34.2 million.

• Q4 EBIT was SEK 7.8 million (up from -9.6 million); full-year EBIT was SEK -49.9 million.

• Cash and cash equivalents at year-end were SEK 17.5 million, up from SEK 3.0 million.

Outlook and guidance

• Maintains financial targets for 2025, supported by a strong order book and market normalization.

• Expects continued growth in gaming and animation, with VFX market activity increasing.

• Working capital deemed sufficient for ongoing operations.