Nitro Games (NITRO) Q4 2025 earnings summary

Executive summary

• Achieved the second-best year in company history, maintaining profitability for the second consecutive year despite a 26% revenue decline to €8.5M in 2025, and building a stronger foundation for the future.

• Focused on action and shooter games across platforms, leveraging long-term partnerships, expanding Nitro Originals and iGaming ventures, and progressing both Nitro Originals (own IP) and Nitro Partners (B2B projects).

• Signed a €1.6 million development agreement and an expansion agreement with Starbreeze; Pistolo began generating revenue share.

• Positive industry signals observed, with new projects and ventures being initiated across the sector.

• Operating cash flow was €1.4M, enabling full repayment of a loan and strengthening the financial position.

Financial highlights

• Full-year 2025 revenue was €8.5M (down 26% year-over-year); Q4 revenue was €2.2M (down 27%).

• EBITDA for 2025 was €1.6M (down from €2.4M); Q4 EBITDA was €783K (up from €556K).

• EBIT for 2025 was €235K; Q4 EBIT was €412K.

• Net profit for 2025 was €137K; Q4 net profit was €390K.

• Cash and cash equivalents at year-end were €1.5M, with trade receivables of €0.8M.

Outlook and guidance

• Entering a new strategy period in 2026, aiming for growth through new original games, partner projects, and collaborations, with a focus on category-leading action and shooter brands.

• 2026 growth will be balanced with continued focus on profitability and cash flow protection.

• New Nitro Originals launches and iGaming expansion expected, with decisions on new titles anticipated within the year.