- 01
Thunderful Group reported a net revenue decline of 27.7% to 391.7 MSEK and an operating loss of 184.4 MSEK for Q1 2024, compared to a 19.2 MSEK profit in the same period last year.
- 02
The company initiated a restructuring program targeting 90–110 MSEK in annual cost savings, which included a 72.4 MSEK write-down following the cancellation or divestment of twelve game projects.
- 03
Revenue in the Games segment dropped 35.5% and the Distribution segment fell 25.7%, driven by weaker demand for Nintendo Switch products and the underperformance of SteamWorld Build.
- 04
Liquidity significantly tightened, with cash and credit facilities decreasing to 130.9 MSEK from 329.3 MSEK year-over-year, necessitating a bank waiver conditional on asset divestments.
- 05
Strategic divestments include the sale of the German publishing subsidiary Headup GmbH and the assets of Nordic Game Supply to reduce net debt.
- 06
Despite broader financial challenges, the Amo Toys division achieved 13.9% growth, and the company extended its Nintendo distribution agreement for the Nordics and Baltics through March 2026.