Kinda Brave (BRAVE) Q4 2025 earnings summary

Executive summary

• Focused on developing flagship game HELA and strengthening financial position ahead of 2026 launch year.

• Strategic financing actions included loan extensions, refinancing, and new investment from Eros Capital Partners.

• HELA gained significant international attention, with 777,765 wishlists and over 110 million organic views.

• HELA received global exposure through major gaming events and won two Gamescom 2025 awards.

Financial highlights

• Q4 2025 net revenue: 0.1 MSEK (Q4 2024: 0 MSEK); full year 2025: 0.5 MSEK (2024: 1.6 MSEK).

• Q4 2025 EBITDA: -5.1 MSEK (Q4 2024: -8.7 MSEK); full year 2025 EBITDA: -19.7 MSEK (2024: -21.8 MSEK).

• Q4 2025 net result: -12.8 MSEK (Q4 2024: -16.0 MSEK); full year 2025 net result: -37.0 MSEK (2024: -31.6 MSEK).

• Cash at year-end: 14.4 MSEK (2024: 1.0 MSEK).

• Equity at year-end: 2.3 MSEK (2024: 15.2 MSEK).

Outlook and guidance

• Entering 2026 with improved capital structure and high international anticipation for HELA's launch.

• Continued focus on cost control, financial optimization, and delivering a successful game launch.