Enad Global 7 Interim Report: Jan–Mar 2023

Key insights

6 takeaways

01
Enad Global 7 reported record Q1 2023 net revenue of SEK 571.7 million, a 43% increase year-over-year.See it on page 22
02
The Game segment grew by 86%, driven primarily by the strong performance of Big Blue Bubble’s title, My Singing Monsters.See it on page 20
03
The company eliminated all external bank debt, moving to a net cash position of SEK 447.9 million as of March 31, 2023.See it on page 12
04
Management projects total annual revenue of SEK 2.2 billion for the 2023 fiscal year.See it on page 12
05
While the Service and Fireshine segments experienced revenue declines due to product pipeline timing, the company maintains an optimistic outlook for the remainder of the year.See it on page 8
06
As of March 31, 2023, the organization had 88,603,526 outstanding shares, with ownership concentrated among key stakeholders including Settecento LTD and Jason Epstein.See it on page 27

Summary

Enad Global 7 achieved record-breaking financial results during the first quarter of 2023, characterized by a 43 percent year-over-year increase in net revenue to SEK 571.7 million. This growth was underpinned by a significant 86 percent surge in the Game segment, largely propelled by the exceptional performance of Big Blue Bubble’s title, My Singing Monsters, which emerged as the group’s primary revenue driver. While the Service and Fireshine segments faced temporary revenue declines compared to the same period in 2022, management attributes these fluctuations to product pipeline timing and maintains an optimistic outlook for the remainder of the fiscal year, projecting total annual revenue of SEK 2.2 billion.

The company’s balance sheet strengthened considerably during this period, as the group successfully eliminated all external bank debt. This transition to a net cash position of SEK 447.9 million provides a stable foundation for ongoing operations and strategic initiatives. As of March 31, 2023, the organization maintained 88,603,526 outstanding shares, with ownership concentrated among key stakeholders including Settecento LTD and Jason Epstein.

These results reflect a period of robust operational scaling and financial consolidation for the Sweden-based gaming group. By prioritizing high-performing intellectual property and optimizing capital structure, the firm has positioned itself to navigate the cyclical nature of the global gaming industry. Despite the variance in segment performance, the overall trajectory remains positive, supported by a disciplined approach to debt management and a clear focus on core growth assets throughout the 2023 fiscal year.