Nitro Games (NITRO) Q2 2024 earnings summary

Executive summary

• Achieved record revenues of €5.6 million for January–June 2024, up 66% year-over-year, with EBITDA reaching €1.1 million, a 212% increase, and net result turning positive at €279K.

• Profitability achieved through cost control, stable growth, and focus on core projects, marking the third consecutive profitable quarter.

• Maintained strong cash position of €3.1 million at period end, avoiding external funding and reducing debt.

• Continued to strengthen the team with senior talent without increasing internal headcount.

• Autogun Heroes moved to live phase with Supersonic as publisher; B2B service business remained strong, including projects with Netflix and Digital Extremes.

Financial highlights

• H1 2024: Revenue €5.6M (up 66%), EBITDA €1.1M (up 212%), EBIT €225K, net result €279K, EPS €0.01.

• Q2 2024: Revenue €2.93M (up 79%), EBITDA €505K, EBIT €65K, net result €172K, EPS €0.01.

• Cash and cash equivalents at €3.1M as of June 30, 2024; positive operating cash flow of €313K for H1.

• No capitalized development costs in H1; results reflect pure operational performance.

• Net debt reduced to €4.1M from €7.5M year-over-year; equity ratio improved to 24.9%.

Outlook and guidance

• Focus remains on stable growth, profitability, and systematic debt reduction, with continued cost discipline and selective investment in growth.

• Preparing Autogun Heroes for scale-up with ongoing updates and user acquisition.

• Exploring expansion of the games portfolio with new and existing IP, including third-party games and new platforms.

• Continued collaboration with Digital Extremes and Netflix on ongoing and new projects.

• No formal financial guidance provided, but emphasis on controlled, step-by-step investments.