Nitro Games (NITRO) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was €1.5 million, down 38% year-over-year, reflecting a strategic shift toward profitability and new growth initiatives.

• EBITDA increased to €431,000, up from €416,000 in Q1 2025, with improved efficiency and cost control.

• Net profit rose to €77,000 from €58,000 in Q1 2025, and cash position strengthened to €2.45 million.

• Management changes included internal promotions and the appointment of a new COO and CPO, supporting a home-grown leadership model.

• New strategy emphasizes investment in "blue ocean" growth opportunities, passive revenue streams, and expanding iGaming and original game initiatives.

Financial highlights

• Profitability sustained since late 2023, with a leaner cost structure and improved cash reserves.

• Cash and cash equivalents stood at €2.45 million as of March 31, 2026.

• EUR 340,000 in funding received from Business Finland for a completed project, further strengthening cash position.

• EUR 1.6 million loan removed from the balance sheet after a favorable decision, positively impacting future EBITDA.

• EBITDA margin improved to 28.8% (Q1 2025: 17.1%), and equity ratio rose to 40.4%.

Outlook and guidance

• No formal financial guidance provided, but ongoing focus on profitability, cash management, and investments in new games and partnerships.

• Several new game projects in early stages, including a co-op action shooter (Project Frag) and new iGaming titles.

• Expectation of increased activity and new launches in the second quarter.

• Positive impact on Q2 2026 EBITDA expected from the waiver of a €1.6 million loan.