Kinda Brave (BRAVE) Q2 2025 earnings summary

Executive summary

• Focused on development of flagship game HELA, driving both costs and strategic direction.

• HELA gained significant international exposure at major industry events, boosting visibility and wishlist numbers.

• Over 55 million organic views and 407,340 wishlists for HELA indicate strong market anticipation.

• Launch on Nintendo Switch 2 and selection for Nintendo Direct position HELA as a highly anticipated 2026 release.

Financial highlights

• Q2 2025 net revenue was 221 TSEK, down from 422 TSEK in Q2 2024; H1 2025 net revenue was 269 TSEK, down from 1,276 TSEK year-over-year.

• Q2 2025 net loss was -4,826 TSEK, compared to -3,741 TSEK in Q2 2024; H1 2025 net loss was -10,216 TSEK, versus -7,494 TSEK year-over-year.

• Operating expenses reduced by 4.7 MSEK for H1 2025 due to cost-saving measures, with annual savings of about 10 MSEK.

• Cash at period end was 0.3 MSEK, with access to a 10 MSEK credit facility and additional publisher funding.

• Equity at period end was 15,971 TSEK, down from 29,483 TSEK a year earlier.

Outlook and guidance

• Continued focus on HELA development and organic marketing to build anticipation ahead of 2026 launch.

• Ongoing cost control and capital structure optimization to support long-term value creation.

• Active efforts to strengthen liquidity ahead of major game launch.