Qiiwi Games (QIIWI) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue increased by 8% year-over-year to 5,413 TSEK, driven by Extreme Makeover and a 56% revenue rise in Midsomer Murders.

• The three largest revenue contributors were Extreme Makeover, Midsomer Murders, and Wordington.

• Cost-saving measures and reorganization completed, enabling focus on core business and live operations for the remainder of the year.

• Major update to Wordington launched post-period, aiming for growth through improved platform integration.

• New game Backpacker® Go! launched in Sweden, with additional projects in early development.

Financial highlights

• Q2 2024 revenue was 5,413 TSEK, up from 5,044 TSEK in Q2 2023.

• EBITDA improved to -1,976 TSEK from -2,793 TSEK year-over-year.

• EBIT improved to -2,966 TSEK from -4,010 TSEK year-over-year.

• Net result after tax was -2,908 TSEK, compared to -3,879 TSEK in Q2 2023.

• Cash and short-term investments at period end totaled 19,136 TSEK.

Outlook and guidance

• All aspects of the organizational restructuring are complete.

• Targeting positive cash flow by year-end.

• Focus remains on stabilizing Live Operations portfolio and supporting growth-potential titles.

• Wordington update to be evaluated in Q3 for potential growth impact.