Tangiamo Touch Technology (TANGI) Q3 2024 earnings summary

Executive summary

• Q3 2024 marked a strategic shift with the launch of an AI-driven game studio and integration of Trustplay, expanding into the iGaming sector.

• Largest rights issue completed, raising 25.1 MSEK to strengthen the balance sheet and accelerate growth.

• New product “Harmony Sicbo” launched with initial order of 0.3 MSEK.

Financial highlights

• Net sales for Q3 2024 were 249 KSEK, up from 86 KSEK in Q3 2023; nine-month sales fell to 1,664 KSEK from 8,621 KSEK year-over-year.

• Operating result for Q3 improved to -2,332 KSEK from -2,834 KSEK; net result after financials was -3,610 KSEK versus -4,147 KSEK last year.

• Cash flow from operations was 1,171 KSEK, a turnaround from -275 KSEK in Q3 2023, mainly due to increased short-term liabilities.

• Cash and cash equivalents stood at 557 KSEK as of September 30, 2024.

• Equity at period end was 4,961 KSEK, down from 16,822 KSEK a year earlier.

Outlook and guidance

• First games from the new AI-driven studio are set to launch mid-2025, targeting both land-based and online gaming markets.

• Strategic partnerships and technology integration expected to drive growth across both sectors.