Thunderful Group (THUNDR) Q2 2025 earnings summary

Executive summary

• Net revenue for Q2 2025 was 58.9 MSEK, down 29% year-over-year, with FX effects accounting for about one-third of the decline; half-year revenue was 120.9 MSEK, down 14.3%.

• Adjusted EBITDA was -23.2 MSEK, and EBIT improved to -51.3 MSEK from -61.7 MSEK; half-year EBIT was -117.0 MSEK.

• Major restructuring and recapitalization announced post-quarter, including a 50 MSEK share issue to Atari, making it the new majority owner pending approval.

• Headcount reduced by 36% year-over-year, with further reductions expected from new restructuring.

• CEO Martin Walfisz to step down by year-end 2025.

Financial highlights

• Net revenue: 58.9 MSEK (83.1 MSEK Q2 2024), down 29% year-over-year.

• Adjusted EBITDA: -23.2 MSEK (2.5 MSEK Q2 2024); adjusted EBITA at -47.1 MSEK.

• EBIT: -51.3 MSEK (-61.7 MSEK Q2 2024), improvement due to lower write-downs.

• Net loss for Q2 was -64.9 MSEK, improved from -163.6 MSEK last year; EPS at -0.87.

• Cash flow from operations: -27.3 MSEK; available liquidity: 32 MSEK.

Outlook and guidance

• Restructuring program aims to cut costs by 6-8 MSEK in H2 2025 and 40-45 MSEK in 2026.

• Focus on reaching positive cash flow, maximizing commercial performance of upcoming releases, and building long-term player communities.

• Emphasis on securing new and existing co-development contracts for 2026 and beyond.

• Several key game launches planned for H2 2025 and early 2026, including "Godbreakers," "Aska," and "Replaced."