Thunderful Group Interim Report: Q3 2025

Thunderful Group’s Q3 2025 interim results reveal a company grappling with significant liquidity and profitability pressures while attempting to recover underlying operations. Net revenue fell modestly, registering SEK 73.3 million—down 1.3% year‑on‑year—yet operating profit plunged to a loss of SEK 288.2 million, largely due to a one‑off depreciation and impairment charge of SEK 300 million. Adjusted EBITDA, however, rebounded to a positive SEK 11.9 million (16.3% margin), indicating that core business activities are stabilising after the non‑recurring write‑downs.

Cash flow remains weak, with operating cash at a negative SEK 0.8 million and net debt rising to SEK 70 million. A directed share issue of SEK 50 million has transferred majority ownership to Atari, underscoring the need for external capital. The group’s equity position has deteriorated sharply; total assets sit at SEK 370.3 million against equity of SEK 198.0 million, and net equity has turned negative at SEK 1.13 billion as of 30 September 2025, raising material going‑concern uncertainties highlighted by the auditor’s limited review.

Segment performance is uneven. The Publishing arm suffered a 7.7% revenue decline and posted a loss of SEK 30.8 million (‑25.1% margin), while Co‑development & Services delivered a modest profit of SEK 10.4 million (14.5% margin). Investment outflows, driven by game‑development and publishing rights expenditures, totaled SEK 65.9 million, whereas financing activities generated a net inflow of SEK 98.4 million from share issuances and overdraft increases, keeping cash at the end of September unchanged at SEK 22.6 million.

Overall, Thunderful Group’s Q3 2025 performance underscores a challenging operating environment characterised by declining revenues, substantial non‑recurring charges, and liquidity constraints. While adjusted EBITDA signals a potential turnaround in core operations, the company remains heavily loss‑making on an operating basis and must secure additional capital to address its negative equity position and sustain ongoing development activities.