Thunderful Group faces material going-concern uncertainty as of September 30, 2025, with net equity turning negative at SEK 1.13 billion.
02
Atari has become the majority owner following a directed share issue of SEK 50 million, highlighting the company's critical need for external capital.
03
The company reported an operating loss of SEK 288.2 million in Q3 2025, driven primarily by a one-off depreciation and impairment charge of SEK 300 million.
04
Core business operations show signs of stabilization with an adjusted EBITDA of SEK 11.9 million, representing a 16.3% margin despite a 1.3% year-on-year decline in net revenue to SEK 73.3 million.
05
Segment performance is split, with the Publishing arm recording a 7.7% revenue decline and a SEK 30.8 million loss, while Co-development & Services generated a profit of SEK 10.4 million.
06
Liquidity remains tight with cash at the end of September stagnant at SEK 22.6 million, supported by a net financing inflow of SEK 98.4 million from share issuances and overdraft increases.
Insights
01
Thunderful Group faces material going-concern uncertainty as of September 30, 2025, with net equity turning negative at SEK 1.13 billion.
02
Atari has become the majority owner following a directed share issue of SEK 50 million, highlighting the company's critical need for external capital.
03
The company reported an operating loss of SEK 288.2 million in Q3 2025, driven primarily by a one-off depreciation and impairment charge of SEK 300 million.
04
Core business operations show signs of stabilization with an adjusted EBITDA of SEK 11.9 million, representing a 16.3% margin despite a 1.3% year-on-year decline in net revenue to SEK 73.3 million.
05
Segment performance is split, with the Publishing arm recording a 7.7% revenue decline and a SEK 30.8 million loss, while Co-development & Services generated a profit of SEK 10.4 million.
06
Liquidity remains tight with cash at the end of September stagnant at SEK 22.6 million, supported by a net financing inflow of SEK 98.4 million from share issuances and overdraft increases.