Thunderful

Annual Report 2024

• Thunderful Group reported a net loss of SEK 887.5 million in 2024, driven by SEK 444 million in asset impairments and significant restructuring costs that resulted in an operating margin of -46.9%.
• The company executed a major strategic pivot toward a pure gaming focus, involving a 20% workforce reduction and the divestment of non-gaming assets to halve interest-bearing net debt.
• Net revenue declined 23.8% to SEK 292.8 million, while adjusted EBITA fell to a loss of SEK 383.9 million as the firm transitioned toward higher-margin publishing and co-development models.