Thunderful Group (THUNDR) Q2 2024 earnings summary

Executive summary

• Completed major divestments and transitioned into a pure-play games group focused on publishing and development.

• 2024 is a transition year with significant restructuring, cost-saving measures, and a new strategic focus on publishing and co-development.

• Restructuring program concluded, with annualized cost savings of 90–100 MSEK expected.

• Workforce reduced by over 20% to 329 employees by end of Q2 2024.

• New strategy emphasizes operational excellence, clear publisher identity, and growth through IP and external partnerships.

Financial highlights

• Q2 2024 net revenue was 83.1 MSEK, down 14.5% year-over-year, mainly due to declines in Co-development & Services.

• Adjusted EBITDA for Q2 was 3.9 MSEK (4.7% margin), a sharp drop from 55.4 MSEK in Q2 2023.

• EBIT for Q2 was -60.3 MSEK, impacted by write-downs of capitalized development costs.

• Net loss for Q2 widened to -162.2 MSEK (from -60.4 MSEK); H1 net loss at -398.4 MSEK.

• Available liquidity at quarter-end was 255 MSEK, down 37% year-over-year.

Outlook and guidance

• Cost-saving measures expected to reduce costs by 90–100 MSEK annually, with full effect in Q4 2024.

• Focused strategy and operational improvements expected to drive future performance.

• New strategy targets publishing high-quality PC/console games in the indie-to-AA segment, focusing on premium sales and DLC.

• Board has withdrawn previous financial targets; new long-term targets to be communicated.

• Back catalog and transactional sales remain strong; 2024 is positioned as a transition year.