Thunderful Group (THUNDR) Q3 2025 earnings summary

Executive summary

• Net revenue for Q3 2025 was SEK 73.3 million, down 1.3% year-over-year, with stable sales in Publishing offset by declines in Co-development & Services.

• Operating profit (EBIT) for Q3 was SEK -288.2 million, heavily impacted by SEK 267.8 million in intangible asset write-downs, mainly goodwill.

• Adjusted EBITDA improved to SEK 11.9 million from SEK -3.7 million in Q3 2024, reflecting cost savings and operational improvements.

• Profit/loss for Q3 was SEK -283.4 million, with EPS at SEK -1.45, compared to SEK 0.09 in Q3 2024.

• A SEK 50 million directed share issue to Atari was completed, making Atari the majority shareholder.

Financial highlights

• Q3 net revenue: SEK 73.3 million (down 1.3% YoY); 9M net revenue: SEK 194.2 million (down 9.8% YoY).

• Q3 adjusted EBITDA: SEK 11.9 million (16.3% margin); 9M adjusted EBITDA: SEK -20.4 million (-10.5% margin).

• Q3 operating profit (EBIT): SEK -288.2 million (-393.3% margin); 9M EBIT: SEK -405.2 million (-208.6% margin).

• Q3 net loss: SEK -283.4 million; 9M net loss: SEK -386.6 million.

• Cash and cash equivalents plus unutilised credit facilities at quarter-end: SEK 28.6 million.

Outlook and guidance

• Several key game launches (Replaced, Planet of Lana 2, Aska 1.0) are scheduled for H1 2026, expected to drive future growth.

• Cost-saving measures are projected to yield SEK 6–8 million in H2 2025 and SEK 40–45 million annually from 2026.

• Management notes that long-term financing is not secured and future performance is highly dependent on successful game releases.