Maximum Entertainment (MAXENT) Q3 2025 earnings summary

Executive summary

• Q3 2025 saw net sales decline 10% year-over-year to €15.5M, with gross margin dropping to 22% from 24%.

• Adjusted EBITDA improved to €0.5M from -€0.2M, but EPS remained negative at -€0.24.

• The company faced existential financial challenges, continued cost-cutting, and ongoing dependence on new financing.

• Staff reductions led to a headcount of 114, down from 181 a year earlier.

• Key game launches and updates included Bye Sweet Carole, Overthrown 1.0, and Smalland: The Underlands.

Financial highlights

• Q3 net sales: €15.5M (down from €17.2M); YTD net sales: €44.2M (down from €54.5M).

• Q3 gross margin: 22% (down from 24%); YTD gross margin: 26% (down from 30%).

• Adjusted EBITDA Q3: €0.5M (up from -€0.2M); YTD: €1.4M (down from €3.1M).

• Q3 EPS: -€0.24 (improved from -€0.40); YTD EPS: -€0.51 (worse than -€0.44).

• Cash flow from operations Q3: -€1.5M (down from €2.7M); YTD: €2.1M (down from €8.9M).

Outlook and guidance

• Q4 expected to benefit from successful launches like Bye Sweet Carole and Squirrel With a Gun on Switch 2.

• Continued focus on cost discipline, operational delivery, and securing additional financing.

• Building a leaner, more resilient organization to address ongoing financial challenges.