Market (Overall)·Updated Mar 17, 2026 by Thunderful
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 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.