Thunderful Group (THUNDR) Q4 2024 earnings summary

Executive summary

• 2024 was marked by a major restructuring program to streamline operations, focus on game publishing, and achieve a more agile and sustainable business.

• Q4 2024 saw no major new game releases, but transactional sales remained stable, highlighting the resilience of the existing catalogue.

• Net revenue declined significantly in Q4 and for the full year, driven by fewer game releases and divestment of distribution businesses.

• Substantial write-downs of capitalized development costs and goodwill, mainly acquisition-related, impacted results.

• Divestment of Jumpship Limited and other non-core assets completed or underway.

Financial highlights

• Q4 2024 net revenue was 77.4 MSEK, down 28% year-over-year; full-year revenue was 292.8 MSEK, down from 384.4 MSEK.

• Adjusted EBITDA for Q4 improved to -10.8 MSEK from -17.9 MSEK; full-year adjusted EBITDA dropped to -41.3 MSEK from 109.2 MSEK.

• EBIT for Q4 was -631.5 MSEK, impacted by significant write-downs; full-year EBIT was -917.3 MSEK.

• Write-downs of capitalized development costs totaled 659.3 MSEK for the year, with 444.0 MSEK related to goodwill.

• Cash and cash equivalents plus unutilized credit facilities totaled 150.2 MSEK at year-end.

Outlook and guidance

• Focus for 2025 is on achieving positive cash flow and long-term commercial sustainability, leveraging external studio collaborations and a streamlined cost base.

• Several new game releases are planned for 2025, including titles for PC, console, and mobile platforms.

• No annual dividend is planned in the medium term; new long-term financial targets to be communicated later.