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 control, with positive cash flow from operations.

• Strategic restructuring and focus on core studio business completed, positioning for long-term profitable growth.

• Animation segment breakthrough with "Secret Level" episode for Amazon Prime, marking entry into a new business area.

Financial highlights

• Q4 2024 net revenue rose 43% to 70.8 MSEK (49.5), mainly from new gaming project sales.

• Adjusted EBITDA for Q4 was 14.1 MSEK (−4.6), excluding one-time items; EBIT reached 7.8 MSEK (−9.6).

• Full-year 2024 net revenue fell 38% to 172.6 MSEK (278.7), mainly due to weak H1 VFX and gaming sales.

• Full-year adjusted EBITDA was −34.2 MSEK (−19.8); EBIT was −49.9 MSEK (−216.3).

• Cash and cash equivalents at year-end were 17.5 MSEK (3.0).

Outlook and guidance

• Entering 2025 with a strong order book, especially in gaming, and positive outlook for VFX as market activity resumes.

• Financial targets for 2025 maintained; working capital deemed sufficient for continued operations.