FinancialThunderful

Thunderful Group Q2 2025 Earnings Release

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Key insights

6 takeaways · ~2 min read

01
Atari SA is set to become the majority owner of Thunderful Group by acquiring an 81.7 percent stake through a SEK 50 million directed share issue.See it on page 14
02
Thunderful Group reported a 29.1 percent decline in Q2 2025 net revenue to SEK 58.9 million, resulting in a negative adjusted EBITDA of SEK -23.1 million.See it on page 24
03
The company is implementing a restructuring program to reduce annual operating costs by SEK 40–45 million by 2026.See it on page 2
04
Thunderful Group is divesting its distribution segment to focus exclusively on core publishing activities as part of its strategic pivot.See it on page 14
05
CEO Martin Walfisz will step down by the end of 2025 as the company undergoes a leadership transition alongside its ownership change.See it on page 4
06
First-half 2025 net revenue fell 14.3 percent to SEK 120.9 million, driven primarily by the underperformance of recent game releases.See it on page 4

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Summary

Thunderful Group faces a period of significant financial instability and structural transformation as it navigates a sharp downturn in its publishing operations. During the second quarter of 2025, net revenue plummeted by 29.1 percent to SEK 58.9 million, contributing to a negative adjusted EBITDA of SEK -23.1 million. This decline reflects broader performance issues throughout the first half of the year, where net revenue fell 14.3 percent to SEK 120.9 million. The primary driver of these losses is the underperformance of recent game releases, which has necessitated a fundamental shift in the company’s operational strategy and ownership structure.

To mitigate ongoing liquidity risks and stabilize the business, the company is executing a comprehensive restructuring program designed to reduce annual operating costs by SEK 40–45 million by 2026. This financial pivot is accompanied by a major change in corporate governance, as Atari SA prepares to acquire an 81.7 percent stake in the firm through a directed share issue of SEK 50 million. This recapitalization effectively installs Atari as the new majority owner, marking a definitive transition for the organization as it moves away from its previous financial targets and divests its distribution segment to focus on core publishing activities.

The leadership team is also undergoing a transition, with CEO Martin Walfisz set to step down by the end of the year. While these measures aim to restore fiscal health, the company’s future remains heavily contingent on the commercial viability of its upcoming game pipeline. By shedding legacy segments and consolidating under new ownership, the organization seeks to navigate its current financial distress and establish a sustainable path forward within the competitive global gaming market.