Market (PC & Console)·Updated Mar 2, 2026 by Nintendo
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.
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.
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.
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.
Strategic divestments include the sale of the German publishing subsidiary Headup GmbH and the assets of Nordic Game Supply to reduce net debt.
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.
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.
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.
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.
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.
Strategic divestments include the sale of the German publishing subsidiary Headup GmbH and the assets of Nordic Game Supply to reduce net debt.
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.