Kinda Brave (BRAVE) Q3 2025 earnings summary

Executive summary

• Q3 2025 marked by strong international exposure for flagship game HELA, including selection for Nintendo Direct and major awards at Gamescom 2025.

• Financial flexibility improved through a 25 MSEK agreement with Jinderman Publishing and full subscription of TO3 warrants, raising 12.7 MSEK.

• Oskar Gabrielson, former DICE CEO, joined the Advisory Board, adding significant industry expertise.

Financial highlights

• Net revenue for Q3 2025 was 0.1 MSEK, down from 0.3 MSEK in Q3 2024.

• EBITDA for Q3 2025 was -6.9 MSEK, compared to -7.2 MSEK in Q3 2024.

• Net result for Q3 2025 was -13.9 MSEK, impacted by a 6.1 MSEK non-cash write-down of two game titles.

• Equity at period end was 2.0 MSEK, down from 30.7 MSEK a year earlier.

• Cash and cash equivalents at quarter end were 0.7 MSEK, up from 0.4 MSEK in Q3 2024.

Outlook and guidance

• Liquidity is expected to be sufficient to finance operations until the launch of HELA, supported by publisher advances and new financing agreements.

• Focus remains on developing HELA to the highest quality and preparing for a global launch in 2026.