Thunderful Group Q2 2025 Presentation

Key insights

7 takeaways

01
Thunderful Group has proposed a 50 MSEK directed share issue to Atari, which would result in Atari becoming an approximately 82% majority shareholder, subject to EGM approval on August 28.See it on page 24
02
Q2 2025 net revenue fell 29% year-over-year to 58.9 MSEK, with an adjusted EBITDA of -23.2 MSEK and an EBIT of -51.3 MSEK.See it on page 13
03
The company is undergoing further restructuring and cost-savings across development studios, publishing teams, and group operations to address strained liquidity, which stood at 32 MSEK at the end of Q2.See it on page 9
04
Headcount has been reduced by 36% compared to Q2 2024, with 208 full-time equivalents remaining at the end of the quarter and further reductions planned for Q3 2025.See it on page 14
05
The Publishing segment reported a 35.2% revenue decline to 37.6 MSEK, impacted by the limited commercial success of 'Lost in Random: The Eternal Die'.See it on page 12
06
Co-development and services revenue decreased 14.9% to 21.3 MSEK due to project delivery phasing, though the company continues to maintain collaborations with clients such as Meta and Sony Pictures.See it on page 13
07
Net debt increased to 86 MSEK during the quarter, with cash flow from operating activities after working capital changes totaling -27.3 MSEK.See it on page 15

Summary

• Q&A MARTIN WALFISZ MIKAEL FALKNER BALANCED MIX OF EXTERNAL AND INTERNAL DEVELOPMENT COMBINED WITH STRONG CO-DEVELOPMENT SERVICES PUBLISHING CO-DEVELOPMENT & SERVICES • Development, marketing, distribution and • The ideation, planning, and development of game commercialisation of digital games and intellectual projects in collaboration with external partners and properties (IPs).