Kinda Brave (BRAVE) Q1 2025 earnings summary

Executive summary

• Q1 2025 saw continued portfolio development, with flagship title HELA gaining significant international attention and positive feedback from both players and press, including showcases at major industry events like GDC and Xbox EMEA Developer Session.

• Distant Bloom and Go Fight Fantastic were launched on console, expanding market reach through collaboration with Aurora Punks.

• Leadership was strengthened with the appointment of Hans Isoz as CFO.

Financial highlights

• Net revenue was 0.0 MSEK (0.9 MSEK in Q1 2024), as royalties from HELA are deferred until launch.

• EBITDA was -3.9 MSEK (-2.8 MSEK), and net income was -5.4 MSEK (-3.8 MSEK) compared to the same quarter last year.

• Operating result (EBIT) was -4.4 MSEK (-2.9 MSEK), reflecting lower capitalized development costs.

• Cash and cash equivalents at period end were 1.3 MSEK (0.02 MSEK), supported by a directed share issue and a revolving credit facility.

• Result per share was -0.15 SEK (-0.31 SEK), and equity per share was 0.58 SEK (0.23 SEK).

Outlook and guidance

• Focus remains on establishing HELA as a leading title, with further exposure planned at Summer Game Fest and Gamescom later in 2025.

• Sufficient liquidity is expected for the next twelve months, supported by the publishing agreement and credit facility.