Nitro Games (NITRO) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 was €2.43 million, down 9% year-over-year from €2.67 million, with EBITDA at €416k and net profit at €58k, all lower than the prior year.

• Q1 marked a transformational period with a shift in the game portfolio, expansion into new platforms, and continued profitability despite the cancellation of a major Netflix project.

• Key launches included Pistolo in iGaming and Autogun Heroes: Supercharged demo on Steam, supporting portfolio growth.

• The Netflix project cancellation impacted B2B service business performance, with only 70% of the order value realized.

• Five consecutive years of growth, with profitability reached at the end of 2023 and sustained into Q1.

Financial highlights

• Revenue decreased 9% year-over-year for Q1 2025 to €2.43 million.

• EBITDA margin was 17.1% and EBIT margin was 3.6%, both down from the previous year.

• Net profit for Q1 2025 was €58k; earnings per share remained at €0.00.

• Cash and cash equivalents at the end of Q1 2025 were €1.09 million.

• Equity ratio improved to 37.0% from 22.4% year-over-year.

Outlook and guidance

• Focus remains on expanding the game portfolio, entering new platforms, and exploring third-party collaborations.

• Strategic priorities include scaling operations, improving efficiency, and growing new revenue streams.

• Management expects to leverage financial stability and profitability for long-term opportunities.

• Strong demand seen in Action & Shooter games from potential new B2B partners.

• Ongoing search for the scalability threshold in key titles, especially Altocon Heroes.