Nitro Games (NITRO) Q2 2026 earnings summary

Executive summary

• Achieved continued profitability in H1 2026, reversing prior year losses and focusing on disciplined investments in new games, collaborations, and partner projects for long-term value.

• Revenue for H1 2026 was €2.53M, down 38.9% year-over-year, primarily due to reduced partner projects.

• Significant events included a €1.6M government loan waiver, new development and licensing agreements, and the launch of projects like Warhammer 40,000: Boltgun Boom for mobile.

• Strengthened partnerships and signed new agreements with European developers and publishers, including a €2.1M development agreement post-period.

• Continued to improve the balance sheet by reducing debt and maintaining a strong cash position.

Financial highlights

• Q2 2026 revenue: €1.03M (down 39.6% YoY); H1 2026 revenue: €2.53M (down 38.9% YoY).

• Q2 2026 EBITDA: €1.31M (vs. -€0.10M YoY); H1 2026 EBITDA: €1.74M (vs. €0.32M YoY), both including a €1.61M one-off loan forgiveness gain.

• Q2 2026 EBIT: €0.97M (vs. -€0.44M YoY); H1 2026 EBIT: €1.07M (vs. -€0.35M YoY).

• Q2 2026 net profit: €0.98M (vs. -€0.46M YoY); H1 2026 net profit: €1.06M (vs. -€0.40M YoY).

• Cash and cash equivalents at June 30, 2026: €1.89M.

Outlook and guidance

• Focus on new original games and partner projects, with ongoing investments in new games and a vision for category-leading titles.

• Expect further announcements in both original and partner projects during the year.

• Revenue expected to remain subdued in the near term as profitability and long-term value creation are prioritized.

• Continued emphasis on profitability, cash flow, and equity management.