Nitro Games (NITRO) Q3 2025 earnings summary

Executive summary

• Q3 2025 was marked by industry turmoil and a 23% year-over-year revenue decline, but cost discipline and operational efficiency led to profitability and cash flow neutrality.

• Focus shifted to action and shooter games, cross-platform expansion, and B2B service business, with new partnerships and MVP development.

• Portfolio rebalanced: reduced investment in older titles, four new MVPs in development, and new partnerships with Starbreeze and VOID Interactive, including follow-up orders.

Financial highlights

• Q3 2025 revenue was €2.1M (down 23% YoY); EBITDA was €532K (vs. €754K YoY); EBIT was €173K (vs. €313K YoY); net result was €149K (vs. €262K YoY); EPS was €0.01 (flat YoY).

• Jan–Sep 2025 revenue was €6.3M (down 25% YoY); EBITDA was €854K (vs. €1.86M YoY); EBIT was -€177K (vs. €538K YoY); net result was -€252K (vs. €541K YoY); EPS was -€0.01 (vs. €0.02 YoY).

• Cash and cash equivalents at end of Q3 2025 were €1.24M, with €0.68M in short-term receivables.

• Operating expenses, personnel costs, and depreciation all lower than the previous year.

Outlook and guidance

• Management expects to start 2026 from a leaner, more resilient base, focusing on profitability and growth from new partnerships and MVP projects.

• No formal forward-looking financial guidance provided, but activity levels in Q4 expected to mirror past trends.