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Thunderful Group Interim Report January–September 2024

Thunderful Group
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Focus on continued operational improvements as well as investment and cost optimizations

Third quarter July–September 2024

  • Net revenue decreased 8.9 MSEK to 74.3 MSEK (83.2) compared to the same quarter last year.
  • Operating profit (EBIT) decreased 59.3 MSEK to –68.9 MSEK (–9.6), corresponding to an operating margin of –92.8 percent (–11.5). Write-down of capitalised development cost amounted to 11.4 MSEK for the quarter.
  • Adjusted EBITDA decreased 34.8 MSEK to –2.4 MSEK (32.4), corresponding to an adjusted EBITDA margin of –3.2 percent (39.0).
  • Adjusted EBITA decreased 56.1 MSEK to –51.9 MSEK (4.1), corresponding to an adjusted EBITA margin of –69.9 percent (5.0).
  • Profit & loss for the quarter amounted to 7.9 MSEK (24.5), and for continuing operations –17.7 MSEK (21.0).
  • Earnings per share before and after dilution amounted to 0.11 SEK (0.35), and for continuing operations –0.25 SEK (0.30).
  • Cash flow from operating activities amounted to –36.4 MSEK (–61.9), of which discontinued operations amounted to –0.9 MSEK (–124.0).
  • Consolidated cash and cash equivalents together with unutilised credit facilities amounted to 120.4 MSEK (110.6) as of 30 September 2024.
  • Mikael Falkner was appointed as new CFO and will assume his role by 18 November 2024 at the latest, succeeding Per Alnefelt, interim CFO.

The period January–September 2024

  • Net revenue decreased 62.1 MSEK to 215.3 MSEK (277.4) compared to the same period last year.
  • Operating profit (EBIT) decreased 303.3 MSEK to –281.8 MSEK (21.6), corresponding to an operating margin of –130.8 percent (7.8). Write-down of capitalised development cost amounted to 112.1 MSEK for the period.
  • Adjusted EBITDA decreased 165.8 MSEK to –26.4 MSEK (139.4), corresponding to an adjusted EBITDA margin of –12.3 percent (50.2).
  • Adjusted EBITA decreased 295.7 MSEK to –225.0 MSEK (70.7), corresponding to an adjusted EBITA margin of –104.5 percent (25.5).
  • Profit & loss for the period amounted to –390.5 MSEK (–22.4), and for continuing operations –212.3 MSEK (–26.3).
  • Earnings per share before and after dilution amounted to –5.56 SEK (–0.32), and for continuing operations –3.02 SEK (–0.37).
  • Cash flow from operating activities amounted to 218.8 MSEK (11.2), of which discontinued operations amounted to 300.6 MSEK (–143.0).

Events after the end of the quarter
Thunderful Group announced that they will implement a strategic restructuring program within its publishing segment. This program involves increased focus on publishing third-party games and a reduction of investments in internal game projects. The program will result in a workforce reduction of 80–100 employees and the discontinuation of certain internal game projects. Annual cost savings are estimated at 80–90 MSEK, while write-downs of capitalised game development expenditure, goodwill and game rights, are expected to amount to 220–240 MSEK.
 
Webcast November 14, 2024, 15:00 CET (replaces previously communicated time 09:00).
The Q3 report for 2024 is presented and thereafter there is an opportunity to ask questions. Questions can be posed in writing via the webcast. A recorded version of the presentation will also be available on Thunderful Group's website. The presentation will be held in English. The presentation will be moderated by Anton Hoof, analyst at Redeye.
 
To access the webcast, please click on the link below:
https://www.redeye.se/events/1044922/live-q-thunderful-group-2

For more information, please contact:
Martin Walfisz, CEO, Thunderful Group, +46 705 37 19 10, IR@thunderfulgroup.com
Per Alnefelt, interim CFO Thunderful Group, +46 727 17 02 17

This information is information that Thunderful Group AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-11-14 07:30 CET.

About Thunderful Group
Thunderful Group focuses on publishing and developing high-quality digital games for PC and console platforms. Headquartered in Gothenburg, Sweden, Thunderful Group spans a significant portion of the game industry value chain through its two main operating segments: Publishing and Co-Development & Services. The group encompasses a global games publishing business, eight game studios with various creative and technological expertise, and a services business. The segments work synergistically to develop, market, and support a diverse portfolio of gaming experiences. Thunderful Group is listed on Nasdaq First North Premier. FNCA Sweden AB is appointed Certified Adviser.

Attachments
Thunderful Group Interim Report Q3 2024

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