First quarter, January 1 – March 31, 2026
Significant events during the first quarter
Significant events after the period
CEO comments
Dear shareholders,
Q1 represented a solid start to 2026 for Goodbye Kansas, with increased net sales and a positive result. The quarter shows that stronger commercial focus, operational control and clear ownership are translating into improved financial performance. My focus is to build on this progress and continue turning Goodbye Kansas’ creative and technical strengths into a sustainably profitable company that creates long-term shareholder value.
Profitable growth
The most important message from Q1 is that Goodbye Kansas delivered profitable growth. Net sales increased by 25 percent compared with the same quarter last year, and that growth translated into a positive EBITDA result.
This is an important development. Growth alone is not enough. Our focus is on the quality of revenue, not only the level of revenue. We will continue to prioritise projects with the right global clients and repeatable long-term relationships, where client value, pricing and delivery model support sustainable margins. This is how we build a more resilient company: by ensuring that creative excellence and technical capability are matched by a stronger commercial and financial mindset across the organisation.
Key highlights
Games remains the engine of Goodbye Kansas. It is our strongest market position, our clearest commercial foundation and the area where our creative and technical capabilities are most consistently recognised by leading global clients.
The value of our games work also extends beyond one segment. The standards required in high-end game cinematics, performance capture, digital humans, realtime workflows and storytelling strengthen the capabilities we bring into experiential, VFX and animation. In that sense, Games is not only a revenue driver. It is also a capability platform for how we develop and apply our expertise across the business segments.
The order book remained materially above the level reported at the same point last year, after moving down from the record level at year-end as projects progressed into delivery. This gives us a stronger year-on-year position and reinforces the importance of continued sales conversion and order book replenishment.
After the end of the quarter, signed contracts totaled around SEK 46 million. This is an important step in replenishing the order book and supports our confidence in the direction of the business.
Financial discipline
Q1 also showed continued financial discipline. Cash and cash equivalents remained stable compared with the same quarter last year and improved compared with the end of Q4. The company also ended the quarter with a stronger net debt position, supported by cash flow generation and the repayment of debt during the period.
Our approach remains disciplined: future investment must be tied to clear operational or commercial benefit, whether in infrastructure, production efficiency, technology, productisation or business development.
Looking ahead
Looking ahead, our focus is on execution: converting sales opportunities into profitable projects, maintaining project discipline, strengthening delivery accountability and ensuring a clearer connection between the work we win, the way we deliver it and the financial outcome we generate.
Technology, data and AI are key parts of our strategy to increase efficiency, improve margins and strengthen competitiveness. We will continue to adopt tools where they help our teams iterate faster, plan better, reduce friction in production and deliver high-quality work more efficiently, while maintaining creative control and meeting client requirements.
We are also making focused progress on productisation opportunities within our technology base. This work is grounded in areas where Goodbye Kansas already has deep expertise, validated client interest and a clear technical advantage. We will remain disciplined in how we invest, and we see this as an important part of building a more scalable and differentiated business over time.
Looking further ahead, Experiential is an important growth opportunity, supported by our ability to combine visual storytelling, real-time technology and high-fidelity content. VFX and Animation remain important parts of the broader offering, particularly where creative complexity, client value and project economics align with our strengths.
We remain confident in the direction of the business and focused on delivering profitability for the full year. Q1 was a positive step. Our task now is to build from it, with discipline, focus and momentum.
Carsten Myhill
CEO
Goodbye Kansas Group AB
For further information, please contact:
Carsten Myhill, Group CEO, Goodbye Kansas Group
E-mail: carsten.myhill@goodbyekansas.com
Direct: +46 8-556 990 00
About Goodbye Kansas Group
Goodbye Kansas Group is a provider of technology-driven visual content, developing visual effects (VFX), animations, game trailers and In-Game solutions. The Group has some of the world's leading entertainment companies as its clients. Goodbye Kansas Group is headquartered in Stockholm and is listed on the Nasdaq First North Growth Market with Bergs Securities as Certified Adviser.