Nitro Games achieved a record‑breaking 2024, with revenues climbing 29 % to €11.4 million and EBITDA surging 241 % to €2.4 million, largely driven by the launch of its own IPs such as Autogun Heroes and NERF Superblast, alongside high‑profile collaborations with Warframe and Netflix. The company’s balance sheet strengthened through the amortisation of €1.8 million in capitalised costs, repayment of €1.4 million in debt, and a €0.3 million raise from Business Finland, while expanding its portfolio across PC, web, mobile and console platforms to meet cross‑platform demand.
Strategically, Nitro has implemented its NG Platform to cut development time and cost by maximising code reuse and employing a data‑driven MVP process that validates core gameplay before full production. This approach reduces risk, shortens time‑to‑market and creates reusable assets that can be leveraged internally or sold to partners, ensuring protection of investments even if a single title underperforms.
Governance is anchored by an experienced executive team—Matti, CTO Samppa Rönkä, COO Jussi Immonen and CSO Antti Villanen—supported by robust audit arrangements (MOORE Idman Oy) and clear remuneration, related‑party, and insider policies. Share ownership remains highly dispersed, with the top ten shareholders holding just 51 % and management owning 12.7 %. Personnel rose modestly to 50 employees, with salaries and bonuses driving a 12.2 % increase in personnel costs.
Financially, the company turned a €3.28 million loss in 2023 into a €475 k profit in 2024, largely due to a €2.1 million revenue increase from service‑based contracts (90 % of sales). Operating profit rose to €654 k after significant cost reductions, while cash fell from €3.83 million to €2.02 million due to higher financing outflows and asset investment. No dividend is planned, with the full profit retained in earnings.
The report confirms strong liquidity and low default risk, with no material credit‑loss provisions or impairment identified. Nitro’s financial assets total €3.25 bn, primarily cash and receivables, against liabilities of €3.91 bn, resulting in net debt of €1.60 bn (gearing 67 %). The auditor’s opinion affirms that the statements present a true and fair view in accordance with IFRS and EU statutory requirements.
