FinancialThunderful
Thunderful Group Q1 2025 Interim Report
1 Mar 202525 pages~50 min full read
Thunderful Group reduced its operating loss (EBIT) to SEK 65.7 million in Q1 2025, a significant improvement from the SEK 153.9 million loss recorded in Q1 2024.
Net revenue grew by 7.0% year-over-year to SEK 62.0 million, supported by back-catalog sales in Publishing and work-for-hire projects at Coatsink.
Personnel expenses dropped by 36.5% as the company reduced its total headcount from 355 to 249 employees as part of a broader restructuring effort.
Adjusted EBITDA improved to SEK –9.2 million from SEK –29.4 million, reflecting the impact of the company's leaner operational structure.
The company’s financial stability for the remainder of 2025 is contingent on the commercial performance of upcoming titles, specifically 'Lost in Random: The Eternal Die' and 'Replaced'.
Strategic divestments and debt management included the transfer of all shares in Jumpship Ltd and a directed share issue to Microcuts Holding GmbH to settle earnout obligations.
As of the end of Q1 2025, the group held SEK 83.1 million in cash and unutilised credit facilities.
Thunderful Group’s interim report for the first quarter of 2025, covering January through March, details a period of significant structural transformation following extensive restructuring in 2024. The primary thesis centers on the company’s transition into a leaner, more focused entity specialized in game publishing and co-development after divesting its distribution businesses.
Financial performance shows a 7.0% increase in net revenue to SEK 62.0 million, compared to SEK 58.0 million in the same period the previous year. While the company reported an operating loss (EBIT) of SEK 65.7 million, this represents a substantial improvement from the SEK 153.9 million loss in Q1 2024. The result was impacted by SEK 29.4 million in write-downs of intangible assets. Adjusted EBITDA improved to SEK –9.2 million from SEK –29.4 million, reflecting reduced personnel expenses, which fell 36.5% following a headcount reduction from 355 to 249 employees.
The Publishing segment generated SEK 32.5 million in revenue, driven by back-catalog sales, while the Co-development & Services segment contributed SEK 29.6 million, primarily through work-for-hire projects at Coatsink. Strategic developments during the quarter included the transfer of all shares in Jumpship Ltd to its former owner and a directed share issue to Microcuts Holding GmbH to settle earnout obligations.
Geographically centered in Gothenburg, Sweden, with operations across Europe, the group’s outlook relies on a heavy 2025 release schedule, including titles such as Lost in Random: The Eternal Die and Replaced. Management notes that while the restructuring has stabilized the cost base, future financial stability is highly dependent on the commercial success of these upcoming launches. Cash and unutilised credit facilities stood at SEK 83.1 million at the end of the period.
