Thunderful Group (THUNDR) Q4 2025 earnings summary

Executive summary

• Net revenue for Q4 2025 fell 16% year-over-year to SEK 65.1 million, with full-year revenue down 11.4% to SEK 259.3 million.

• Operating profit (EBIT) improved but remained negative at SEK -88.2 million for Q4 and SEK -493.4 million for the year.

• Significant write-downs of intangible assets, mainly acquisition-related goodwill, impacted results.

• A directed share issue to Atari SA was completed, making Atari the majority owner and leading to a delisting from Nasdaq First North Growth Market.

• Restructuring in the co-development segment initiated, with expected redundancies and cost savings in 2026.

Financial highlights

• Q4 net revenue: SEK 65.1 million (down from SEK 77.4 million); full-year: SEK 259.3 million (down from SEK 292.8 million).

• Q4 operating profit (EBIT): SEK -88.2 million (improved from SEK -631.5 million); full-year: SEK -493.4 million (improved from SEK -917.3 million).

• Adjusted EBITDA for Q4: SEK -10.9 million (up from SEK -48.6 million); full-year: SEK -31.3 million (up from SEK -41.3 million).

• Net loss for Q4: SEK -55.7 million; full-year: SEK -442.3 million.

• Cash flow from operating activities: SEK -3.2 million in Q4; SEK -43.6 million for the year.

Outlook and guidance

• The company’s future is now within the Atari ecosystem, with Atari planning to consolidate and develop the business and its assets.

• Cost-saving and restructuring measures are expected to yield SEK 25-30 million in annual savings from 2026.