Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to kr2.49, the stock trades at a trailing P/E ratio of 35.9x. Average trailing P/E is 27x in the Entertainment industry in Sweden. Total loss to shareholders of 39% over the past three years. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to kr2.28, the stock trades at a trailing P/E ratio of 32.8x. Average trailing P/E is 23x in the Entertainment industry in Sweden. Total loss to shareholders of 49% over the past three years. Annonce • Jun 16
Nitro Games Receives Approx. EUR 0.3 Million Funding From Business Finland Nitro Games has received a positive decision from Business Finland to receive approximately EUR 0.3 million of funding for a Business development project. Business Finland has approved the total cost estimate of EUR 876,909 for a Business development project. This positive decision on funding from Business Finland is a maximum of EUR 306,918 (35% of approved total costs for the project). The estimated project duration is May 1, 2026 – June 30, 2027. The funding will be in the form of a grant. The approved funding is to be received against reports of project progress during the project. The project is closely tied to Nitro Games’ strategy and the development of the game portfolio. The project supports further development of the technology and business models associated with the game portfolio. Business Finland is a government agency and an accelerator of global growth. Business Finland creates new growth by helping businesses go global and by supporting and funding innovations. Business Finland was created on January 1, 2018 by the merger of two organizations: Finpro, which offered services for internationalization, investments and tourism promotion, and Tekes, which offered funding for innovation activities. Business Finland aims to develop Finland to be the most attractive and competitive innovation environment in which companies are able to grow, change, and succeed. Annonce • May 23
Nitro Games Announces Warhammer 40,000: Boltgun Boom Coming to Mobile Nitro Games announced Warhammer 40,000: Boltgun Boom coming to mobile in 2026. Pre-registration now open for a shooter mobile game based on the Warhammer 40,000 universe by Games Workshop. The crusade comes to mobile in this new adaptation of the smash hit boomer shooter series originally developed by Auroch Digital for PC and console platforms. Purge with speed and strike with precision in this premium retro FPS featuring different chapters of the Boltgun series. Pre-registration is now open on both Apple App Store and Google Play. The game is set for release in 2026. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr1.79, the stock trades at a trailing P/E ratio of 26.2x. Average trailing P/E is 21x in the Entertainment industry in Sweden. Total loss to shareholders of 84% over the past three years. Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to kr1.59, the stock trades at a trailing P/E ratio of 26.7x. Average trailing P/E is 15x in the Entertainment industry in Sweden. Total loss to shareholders of 88% over the past three years. Annonce • Apr 25
Nitro Games Oyj, Annual General Meeting, May 18, 2026 Nitro Games Oyj, Annual General Meeting, May 18, 2026, at 10:00 FLE Standard Time. Location: nitro games plc kotka office, juha vainion katu 2, 48100 kotka, Finland Board Change • Apr 23
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Chairman of the Board Carl Magnus Biehl was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Apr 22
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 35% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (kr33.3m market cap, or US$3.61m). Minor Risks High level of debt (49% net debt to equity). Share price has been volatile over the past 3 months (12% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.6% net profit margin). Reported Earnings • Apr 22
Full year 2025 earnings released: EPS: €0.006 (vs €0.019 in FY 2024) Full year 2025 results: EPS: €0.006 (down from €0.019 in FY 2024). Revenue: €8.47m (down 26% from FY 2024). Net income: €137.5k (down 71% from FY 2024). Profit margin: 1.6% (down from 4.2% in FY 2024). Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Entertainment industry in Sweden. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has fallen by 54% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Mar 20
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to kr1.40. The fair value is estimated to be kr1.84, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.6% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 6.1% per annum. Earnings are also forecast to grow by 43% per annum over the same time period. Reported Earnings • Feb 17
Full year 2025 earnings released: EPS: €0.006 (vs €0.019 in FY 2024) Full year 2025 results: EPS: €0.006 (down from €0.019 in FY 2024). Revenue: €8.47m (down 26% from FY 2024). Net income: €137.5k (down 71% from FY 2024). Profit margin: 1.6% (down from 4.2% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Entertainment industry in Sweden. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has fallen by 49% per year, which means it is significantly lagging earnings. New Risk • Jan 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 8.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (kr34.8m market cap, or US$3.78m). Minor Risk Share price has been volatile over the past 3 months (8.3% average weekly change). Annonce • Jan 01
Nitro Games Oyj Appoints Antti Ruonala as Chief Operating Officer and Milka Tarkiainen as Chief People Officer, Effective January 1, 2026 Nitro Games Oyj announced that long-term team members Antti Ruonala and Milka Tarkiainen have been promoted and join the Management starting January 1, 2026. Antti Ruonala, COO (Chief Operating Officer), born 1990, B.SC. in business. Antti joined Nitro Games in 2014 where he has held several key leadership roles scaling the company's business and operations. He has over a decade of experience from business development, strategic partnerships and operations. Before joining Nitro Games Antti worked as a Consultant for Cursor Oy and in sales at Olvi Oyj. Milka Tarkiainen, CPO (Chief People Officer), born 1986. Milka is a seasoned People Operations professional. She joined Nitro Games in 2017, evolving into her current leadership role in PeopleOps driving strategic HR leadership at Nitro Games. With a multifaceted background spanning HR management, office administration, marketing coordination, and organizational support functions, Milka has cultivated a broad operational perspective that enhances employee experience and organizational performance. Reported Earnings • Oct 28
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: €2.12m (down 23% from 3Q 2024). Net income: €149.3k (down 43% from 3Q 2024). Profit margin: 7.1% (down from 9.5% in 3Q 2024). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Entertainment industry in Sweden. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has fallen by 54% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Aug 21
Co-Founder recently bought kr56k worth of stock On the 18th of August, Jussi Tahtinen bought around 35k shares on-market at roughly kr1.59 per share. This transaction increased Jussi's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Jussi's only on-market trade for the last 12 months. Annonce • Aug 20
Nitro Games Oyj to Report Q1, 2027 Results on Apr 26, 2027 Nitro Games Oyj announced that they will report Q1, 2027 results on Apr 26, 2027 Reported Earnings • Aug 19
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €1.70m (down 42% from 2Q 2024). Net loss: €459.8k (down 368% from profit in 2Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 13% growth forecast for the Entertainment industry in Sweden. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has fallen by 57% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to kr1.68, the stock trades at a trailing P/E ratio of 8.8x. Average forward P/E is 12x in the Entertainment industry in Sweden. Total loss to shareholders of 92% over the past three years. Annonce • Jul 21
Nitro Games Oyj to Report Q3, 2025 Results on Oct 27, 2025 Nitro Games Oyj announced that they will report Q3, 2025 results on Oct 27, 2025 Annonce • Jun 25
Nitro Games Announces Autogun Heroes Launch on Discord Nitro Games announced that Autogun Heroes is now globally available to play on Discord. Discord, the leading platform for online gaming communities, boasts over 500 million registered users and approximately 150 million monthly active users and is currently integrating gaming more deeply into the platform. The Discord version of the game is optimized for instant play, allowing users to launch and play directly within Discord with no downloads or installations needed. The game is free-to-play, supported by in-game purchases to enhance the player experience. Nitro Games serves as both the publisher and developer of the game. Annonce • Jun 10
Nitro Games Announces Development Update Nitro Games shares new updates on the progress of the Autogun Heroes brand and its platform expansion strategy. Several announcements are made regarding the Autogun Heroes brand and the ongoing plans for expanding to new platforms. The big-screen game Autogun Heroes: Supercharged is currently featured in the ongoing Steam Next Fest starting tonight. Next Fest is an event celebrating upcoming PC games on the Steam platform, and includes a brand-new demo version of Autogun Heroes: Supercharged. The mobile version of Autogun Heroes was previously published on mobile app stores by Supersonic from Unity. On June 9, 2025, Nitro Announces that it has resumed the publishing responsibilities for the mobile version of Autogun Heroes following a mutual agreement with Supersonic from Unity. With the conclusion of this agreement, the game has returned home to Nitro, which will now lead the next phase on both mobile platforms and planned expansion to new platforms as recently annouced. Meanwhile, the web version remains available on Crazy Games and on the official game website. Moving forward, Nitro Games plans to continue expanding the Autogun Heroes brand across more platforms. The company also shares that a new, unannounced game within the Autogun Heroes universe is currently in development. This new game aims to appeal to a broader, more casual audience. Annonce • May 20
Nitro Games Oyj Elects Jimmy Jönsson as New Member to its Board of Directors, Effective 19 May 2025 Nitro Games Oyj at its Annual General Meeting held on 19 May 2025, elected Jimmy Jönsson as new member to the Board of Directors. New Risk • Apr 29
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 11% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). High level of non-cash earnings (35% accrual ratio). Market cap is less than US$10m (kr39.4m market cap, or US$4.09m). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). Reported Earnings • Apr 24
Full year 2024 earnings released: EPS: €0.019 (vs €0.19 loss in FY 2023) Full year 2024 results: EPS: €0.019 (up from €0.19 loss in FY 2023). Revenue: €11.4m (up 29% from FY 2023). Net income: €475.3k (up €3.76m from FY 2023). Profit margin: 4.2% (up from net loss in FY 2023). The move to profitability was primarily driven by higher revenue. Revenue is expected to decline by 1.6% p.a. on average during the next 3 years, while revenues in the Entertainment industry in Sweden are expected to grow by 1.7%. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 53% per year, which means it is significantly lagging earnings. Board Change • Apr 23
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 1 highly experienced director. Independent Director Susana Graham was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annonce • Apr 14
Nitro Games Releases A Public Demo of Autogun Heroes: Supercharged Nitro Games has announced the public demo of their upcoming retro-inspired shoot 'em up adventure, Autogun Heroes: Supercharged. Available now on Steam, this early preview gives players the chance to experience high-octane, explosive gameplay ahead of the full launch. The game is a love letter to classic retro titles and the players who keep the genre alive. Autogun Heroes: Supercharged represents an exciting new chapter in the ever-growing Autogun Heroes universe and builds on the success of the award-winning mobile game. This time, Gus and his squad are targeting PC, bringing classic arcade-style action to both longtime fans and newcomers in a brand-new adventure. Autogun Heroes: Super charged blends tight, responsive controls with fun, skill-based platforming and classic 2D arcade-style gameplay perfectly tuned for PC. Annonce • Apr 11
Nitro Games Announces A New Game Launching Nitro Games announced that its new game, Pistolo, has been launched worldwide on the iGaming platform at Pistolo.com. Pistolo is a browser-based action shooter game where players hunt monsters to gain rewards. These rewards can then also be used to play other games available at pistolo.com. The game is playable instantly in a browser without a separate download and is available globally starting April 11, 2025. Nitro Games acts as the developer of the game. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment deteriorates as stock falls 31% After last week's 31% share price decline to kr1.88, the stock trades at a trailing P/E ratio of 8.9x. Average forward P/E is 12x in the Entertainment industry in Sweden. Total loss to shareholders of 89% over the past three years. New Risk • Feb 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 8.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (64% accrual ratio). Market cap is less than US$10m (kr65.3m market cap, or US$6.13m). Minor Risk Share price has been volatile over the past 3 months (8.5% average weekly change). Reported Earnings • Feb 17
Full year 2024 earnings released: EPS: €0.019 (vs €0.19 loss in FY 2023) Full year 2024 results: EPS: €0.019 (up from €0.19 loss in FY 2023). Revenue: €11.4m (up 29% from FY 2023). Net income: €475.3k (up €3.76m from FY 2023). Profit margin: 4.2% (up from net loss in FY 2023). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 9.5% growth forecast for the Entertainment industry in Sweden. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 44% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr2.94, the stock trades at a trailing P/E ratio of 7.7x. Average forward P/E is 10x in the Entertainment industry in Sweden. Total loss to shareholders of 85% over the past three years. Annonce • Jan 14
Nitro Games Oyj to Report Fiscal Year 2025 Final Results on Apr 20, 2026 Nitro Games Oyj announced that they will report fiscal year 2025 final results on Apr 20, 2026 Annonce • Dec 12
Nitro Games Announces Autogun Heroes: Supercharged Nitro Games has announced Autogun Heroes: Supercharged, a skill-based shoot 'em up game crafted specifically for PC fans. This upcoming release marks the next milestone in the platform expansion of Autogun Heroes. Originally debuting on mobile in 2023 and expanding to web games in 2024, Gus and the hero squad are now setting their sights on conquering the PC platform with this exciting new game. Autogun Heroes: Supercharged. is an action-packed 2D shoot-'em-up that combines skill-based platforming with tight, responsive controls. Players will assemble a diverse roster of heroes, each equipped with unique abilities, to fight back against alien invaders across a variety of distinct game worlds. Dodge. Roll. Dominate! The Steam store page for the game is now live. The release date is yet to be announced. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr2.66, the stock trades at a trailing P/E ratio of 6.8x. Average forward P/E is 13x in the Entertainment industry in Sweden. Total loss to shareholders of 92% over the past three years. Annonce • Oct 29
Nitro Games Oyj to Report Nine Months, 2025 Results on Sep 27, 2025 Nitro Games Oyj announced that they will report nine months, 2025 results on Sep 27, 2025 Reported Earnings • Oct 29
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: €2.75m (up 7.0% from 3Q 2023). Net income: €262.0k (up €2.40m from 3Q 2023). Profit margin: 9.5% (up from net loss in 3Q 2023). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Entertainment industry in Sweden. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 59% per year, which means it is significantly lagging earnings. New Risk • Sep 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (kr55.8m market cap, or US$5.49m). Minor Risk Share price has been volatile over the past 3 months (10% average weekly change). Annonce • Sep 19
Morgan Habedank Leaves the Board of Nitro Games Nitro Games Oyj announced Morgan Habedank leaves the board immediately for personal reasons. Reported Earnings • Aug 20
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €2.93m (up 79% from 2Q 2023). Net income: €171.6k (up €1.26m from 2Q 2023). Profit margin: 5.9% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Entertainment industry in Sweden. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 43% per year, which means it is significantly lagging earnings. Breakeven Date Change • May 03
Forecast to breakeven in 2025 The analyst covering Nitro Games Oyj expects the company to break even for the first time. New forecast suggests the company will make a profit of €290.0k in 2025. Average annual earnings growth of 105% is required to achieve expected profit on schedule. Reported Earnings • Apr 30
First quarter 2024 earnings released First quarter 2024 results: Revenue: €2.67m (up 54% from 1Q 2023). Net income: €107.1k (up €467.7k from 1Q 2023). Profit margin: 4.0% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Entertainment industry in Sweden. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Annonce • Apr 05
Nitro Games Completes the Launch Phase of Autogun Heroes Nitro Games announced that it has completed the launch phase of Autogun Heroes and has greenlighted the game to the live phase. The game has now been transferred to publisher Supersonic in the app stores to allow Supersonic to take over the publishing activities for the game. The game is now available globally (excluding China and Russia) for players on both iOS and Android in selected stores under Supersonic from Unity acts as the publisher of the game. Nitro Games will continue to deliver active live services and new game updates, while Supersonic now starts the publishing activities with the game. Reported Earnings • Feb 20
Full year 2023 earnings released: €0.13 loss per share (vs €0.26 loss in FY 2022) Full year 2023 results: €0.13 loss per share (improved from €0.26 loss in FY 2022). Revenue: €8.85m (up 11% from FY 2022). Net loss: €3.28m (loss narrowed 3.6% from FY 2022). Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 4.6% growth forecast for the Entertainment industry in Sweden. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Annonce • Jan 01
Nitro Games Oyj Appoints Jussi Immonen as Chief Commercial Officer Nitro Games Oyj announced that Jussi Immonen, who has worked with Nitro Games since 2018 as a Chief Operating Officer, has been appointed as a Chief Commercial Officer ("CCO") of Nitro Games starting 1 January 2024. In his position as a Chief Commercial Officer Immonen will focus on commercializing the capabilities of the company and the game portfolio. Immonen will also continue as a member of the Management Board. New Risk • Nov 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Swedish stocks, typically moving 15% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€5.0m free cash flow). Share price has been highly volatile over the past 3 months (15% average weekly change). Shareholders have been substantially diluted in the past year (93% increase in shares outstanding). Market cap is less than US$10m (kr77.5m market cap, or US$7.12m). Reported Earnings • Oct 25
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: €2.57m (flat on 3Q 2022). Net loss: €2.14m (loss widened 433% from 3Q 2022). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Entertainment industry in Sweden. New Risk • Oct 23
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -€3.3m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€3.3m free cash flow). Negative equity (-€660k). Shareholders have been substantially diluted in the past year (85% increase in shares outstanding). Market cap is less than US$10m (kr60.1m market cap, or US$5.48m). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€356k net loss in 2 years). Share price has been volatile over the past 3 months (9.9% average weekly change). Reported Earnings • Aug 22
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €1.64m (up 5.4% from 2Q 2022). Net loss: €1.09m (loss narrowed 16% from 2Q 2022). Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Entertainment industry in Sweden. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. New Risk • Aug 07
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 98% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Shareholders have been substantially diluted in the past year (98% increase in shares outstanding). Market cap is less than US$10m (kr99.7m market cap, or US$9.40m). Minor Risks Less than 1 year of cash runway based on current free cash flow (-€3.2m). Currently unprofitable and not forecast to become profitable over next 2 years (€553k net loss in 2 years). New Risk • Jun 14
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr76.2m (US$7.15m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€3.2m free cash flow). Share price has been highly volatile over the past 3 months (19% average weekly change). Market cap is less than US$10m (kr76.2m market cap, or US$7.15m). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (€553k net loss in 2 years). Annonce • Jun 02
Nitro Games Oyj Launches Autogun Heroes Nitro Games Oyj launched Autogun Heroes, a new mobile action game. Warm up fingers, because this game will demand the best from you. Take back the control of an animal-infested world in this next-gen, non-stop 3D shooter platformer with overloaded guns, a team of heroes andblast those aliens in the butt! Bring biggest gun and A game, because the world needs heroes. In Autogun Heroes rampage through levels and unlock new worlds. Collect new, powerful heroes in team and select the best hero for the occasion. The game is now available globally (excluding China and Russia) for players on both iOS and Android in selected stores. Nitro Games acts as the developer and publisher of the game. Board Change • May 24
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Susana Graham was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • May 16
Nitro Games Oyj Approves Election of Morgan Habedank as New Member of the Board Nitro Games Oyj announced that at its AGM held on May 15, 2023, shareholders approved the appointment of Morgan Habedank as new members to the Board of Directors. Major Estimate Revision • Apr 26
Consensus EPS estimates upgraded to €0.10 loss, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from €9.90m to €9.00m. 2023 losses expected to reduce from -€0.20 to -€0.10 per share. Entertainment industry in Sweden expected to see average net income growth of 23% next year. Consensus price target down from kr23.36 to kr20.01. Share price rose 14% to kr13.64 over the past week. Breakeven Date Change • Apr 20
Forecast to breakeven in 2025 The analyst covering Nitro Games Oyj expects the company to break even for the first time. New forecast suggests the company will make a profit of €500.0k in 2025. Average annual earnings growth of 79% is required to achieve expected profit on schedule. Reported Earnings • Feb 14
Full year 2022 earnings released: €0.26 loss per share (vs €0.27 loss in FY 2021) Full year 2022 results: €0.26 loss per share. Revenue: €7.96m (up 150% from FY 2021). Net loss: €3.41m (loss widened 18% from FY 2021). Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Entertainment industry in Sweden. Annonce • Jan 30
Nitro Games Announces Autogun Heroes Nitro Games Oyj has announced a new mobile game: Autogun Heroes. Take back the control of an alien-infested world in this next-gen, non-stop 3D action platformer with overloaded guns, a team of heroes and blast those aliens into another dimension! Visually stunning, immersive gameplay makes feel like are actually inside the game fighting against the nasty villains. Rampage through levels and unlock new worlds. Collect new, powerful heroes in team and select the best hero for the occasion! Discover new, more powerful weapons and gear. Get faster, nastier and more dodgier with different perks! The game is currently in soft launch in selected countries in the Google Play store. The purpose of the soft launch is to measure and optimize the game experience with a limited scale audience. During this period, the team prepares the game to be introduced to larger audiences. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Chairman of the Board Johan Biehl was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 24
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: €2.58m (up 167% from 3Q 2021). Net loss: €401.0k (loss narrowed 37% from 3Q 2021). Revenue is forecast to grow 40% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Entertainment industry in Sweden. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Annonce • Sep 09
Nitro Games Launches Nerf: Superblast Nitro Games Oyj launched NERF: Superblast, a first-person multiplayer action game featuring the incredibly popular NERF blasters from Hasbro. Players can engage in fun matches against other players using their NERF blasters, and battle their way through exciting interactive arenas. The game features several authentic lines of NERF blasters, each with their unique play style, that players can collect and upgrade. All in-game blasters are based on the real-world toys and offer NERF fans the opportunity to battle for supremacy with their favorite blasters in a variety of immersive PvP game modes and arenas. The game is now available globally (excluding China) for players on both iOS and Android. Annonce • Sep 02
Nitro Games Oyj announced that it expects to receive €2 million in funding from Nordisk Games Nitro Games Oyj announed that it has entered into agreement with Nordisk Games for a private placement of convertible loan for proceeds of €2,000,000 on August 31, 2022. The convertible loan has a 24-month maturity and 0 percent annual interest rate. The investor has option to use the convertible loan to subscribe for shares against the unpaid principal of the loan, until the entire loan has been repaid. The transaction is subject to to approval by shareholders at the Extraordinary General Meeting which is expected to be held on September 22, 2022. Reported Earnings • Aug 23
Second quarter 2022 earnings released: €0.10 loss per share (vs €0.072 loss in 2Q 2021) Second quarter 2022 results: €0.10 loss per share (down from €0.072 loss in 2Q 2021). Revenue: €1.56m (up 381% from 2Q 2021). Net loss: €1.30m (loss widened 68% from 2Q 2021). Over the next year, revenue is forecast to grow 72%, compared to a 49% growth forecast for the Entertainment industry in Sweden. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Annonce • Aug 23
Nitro Games Oyj Launches My Life on Snapchat Nitro Games announced that a new mobile game produced for Snapchat has been released. The game is called My Life and it's available now for Snapchatters around the world. My Life is a casual sim -style game where players get to choose a career in anything from arts to medicine, earn money from their profession, and furnish their virtual apartments with trendy or quirky items. Players can visit each others' virtual homes, and connect to create a neighborhood. My Life is an instant game, meaning users can jump into the game immediately, no separate game download is required. It's available exclusively on the Snapchat platform, and features Bitmoji avatars.