Maximum Entertainment (MAXENT) Q2 2025 earnings summary

Executive summary

• Net sales for Q2 2025 were €13.7M, down 21% year-over-year; gross margin declined to 32% from 34%.

• Adjusted EBITDA for Q2 was €1.1M, down from €1.5M; EPS was -€0.12 versus -€0.01 last year.

• Strategic shift focused on cost control, streamlining, and prioritizing high-potential projects amid cash constraints.

• Major releases included Maximum Football, How 2 Escape: Lost Submarine, and Until Then on Nintendo Switch.

• Ongoing lender discussions due to covenant breaches and default notice; legal actions against former board members.

Financial highlights

• Q2 net sales: €13.7M (vs €17.4M Q2 2024); H1 net sales: €28.7M (vs €37.3M H1 2024).

• Q2 gross margin: 32% (vs 34%); H1 gross margin: 28% (vs 33%).

• Q2 adjusted EBITDA: €1.1M (vs €1.5M); H1 adjusted EBITDA: €0.8M (vs €3.3M).

• Q2 EBIT: -€1.7M (vs €2.3M); H1 EBIT: -€4.5M (vs €1.7M).

• Cash flow from operations Q2: €3.1M (vs €2.2M); end-of-period cash: €2.3M (vs €5.6M).

Outlook and guidance

• Focus remains on cost control, leaner operations, and prioritizing projects with short-term returns.

• Upcoming major releases in 2025, including Bye Sweet Carole and Overthrown, to be showcased at Gamescom.

• Industry trends such as Nintendo Switch 2 launch and indie gaming momentum seen as growth opportunities.