MindArk (MNDRK) Q1 2026 earnings summary

Executive summary

• Net revenue for Q1 2026 was 16 MSEK, down 3% year-over-year due to currency effects, despite increased user activity and deposits in Entropia Universe.

• Operating loss widened to -5.6 MSEK from -4.9 MSEK year-over-year, with loss before tax at -6.5 MSEK versus -2.6 MSEK.

• Technical progress included modernization of core systems, new user features, and continued AI-driven development.

• No significant events occurred during the quarter; after Q1, the Board proposed delisting from Spotlight Stock Market.

Financial highlights

• Net revenue: 16 MSEK (16.6 MSEK Q1 2025), a 3% decrease.

• Operating profit: -5.6 MSEK (-4.9 MSEK Q1 2025).

• Profit before tax: -6.5 MSEK (-2.6 MSEK Q1 2025).

• Earnings per share: -0.19 SEK (-0.08 SEK Q1 2025).

• Cash and cash equivalents: 20.3 MSEK at quarter end.

Outlook and guidance

• Underlying user activity and deposits increased, indicating positive operational momentum.

• Technical and operational positioning seen as stronger than a year ago, with continued investment in AI and infrastructure.

• Currency effects expected to continue impacting SEK-reported revenues.