Announcement • Aug 23
Next Games to Delist from Nasdaq First North Growth Market The ownership of all shares of Next Games Oyj (Next Games Corporation) has been transferred to the redeemer, Netflix, Inc, in the redemption process. The shares of Next Games Corporation will be traded for the last time on 22, August 2022. Announcement • Aug 20
Trading in the Shares of Next Games Corporation Suspended on Nasdaq Helsinki First North Marketplace Trading in the shares of Next Games Oyj (Next Games Corporation) was suspended on the Nasdaq Helsinki First North marketplace on August 19, 2022 at 14:30 EET related to delisting process. Announcement • Aug 09
Next Games Corporation Applies for the Delisting of Its Shares from the First North Growth Market Finland Marketplace Next Games Oyj (Next Games Corporation) applied for the delisting of its shares from the First North Growth Market Finland marketplace. The Board of Directors of Next Games Corporation (“Next Games”) has on August 8, 2022 decided to apply for the termination of multilateral trading in Next Games’ shares and for the delisting of Next Games’ shares from the First North Growth Market Finland marketplace’s list (“First North”). As announced earlier, Netflix Inc. (“Netflix”) has with its application to the Redemption Board of the Finland Chamber of Commerce dated May 9, 2022 commenced redemption proceedings pursuant to Chapter 18 of the Finnish Limited Liability Companies Act to redeem all minority shares in Next Games. Netflix holds more than nine tenths (9/10) of all shares and votes in Next Games. Netflix has the right to redeem all shares held by minority shareholders of Next Games. Subject to the approval of the arbitral tribunal appointed to resolve the matter, Netflix has the right to acquire all shares held by the minority shareholders by placing a security for the payment of the redemption price. Next Games will as soon as possible file an application for the termination of trading and for the delisting with Nasdaq Helsinki Ltd. In the application, Next Games will apply for the termination of trading and delisting as soon as possible after Netflix has received title to all Next Games shares subject to redemption in the redemption proceedings. Announcement • May 06
Next Games Oyj Announces Board Appointments Next Games Oyj at its Annual General Meeting held on May 5, 2022 resolved that the number of members of the Board of Directors is three. Emily Catlin, Madeleine de Cock Buning and Reg Thompson were elected as members of the Board of Directors and the Board of Directors appointed Reg Thompson as the Chair from among its members. Announcement • Apr 13
Netflix Intends to Apply for the Shares in Next Games to Be Delisted from First North Growth Market Finland Netflix Inc. (“Netflix” or the “Offeror) and Next Games Oyj ("Next Games Corporation" or “Next Games” or the “Company”) announced on March 2, 2022 the entry into a combination agreement, pursuant to which the Offeror has made a voluntary recommended public cash tender offer for all issued and outstanding shares (the “Shares") and stock options (the “Stock Options”) in the Company that are not held by the Company or its subsidiary (the “Tender Offer”). The offer period under the Tender Offer commenced on March 14, 2022 at 9:30 a.m. (Finnish time) and expired on April 8, 2022 at 4:00 p.m. (Finnish time). As communicated earlier, the Offeror intends to apply for the shares in Next Games to be delisted from First North Growth Market Finland maintained by Nasdaq Helsinki Ltd. (“First North”) as soon as permitted and reasonably practicable under applicable laws and regulations and the rules First North. As the Offeror’s holding in Next Games will exceed 90% of the Shares and voting rights of the Company, the Offeror will initiate compulsory redemption proceedings to acquire the remaining Shares in accordance with Chapter 18, Section 1 of the Finnish Companies Act. Major Estimate Revision • Mar 09
Consensus revenue estimates fall by 23% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from €54.1m to €41.5m. Forecast losses increased from -€0.03 to -€0.10 per share. Entertainment industry in Finland expected to see average net income growth of 29% next year. Consensus price target up from €1.20 to €2.10. Share price was steady at €2.03 over the past week. Reported Earnings • Mar 03
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: €0.18 loss per share (down from €0.14 loss in FY 2020). Revenue: €25.2m (down 7.4% from FY 2020). Net loss: €5.30m (loss widened 36% from FY 2020). Revenue missed analyst estimates by 18%. Earnings per share (EPS) exceeded analyst estimates by 67%. Over the next year, revenue is forecast to grow 115%, compared to a 42% growth forecast for the industry in Finland. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Feb 12
Next Games Oyj to Report Fiscal Year 2021 Results on Mar 14, 2022 Next Games Oyj announced that they will report fiscal year 2021 results on Mar 14, 2022 Major Estimate Revision • Dec 17
Consensus estimates of losses per share improve by 15% The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from €29.5m to €30.8m. EPS estimate increased from -€0.13 per share to -€0.11 per share. Entertainment industry in Finland expected to see average net income growth of 31% next year. Consensus price target of €1.38 unchanged from last update. Share price rose 3.8% to €1.03 over the past week. Price Target Changed • Dec 06
Price target decreased to €1.20 Down from €1.53, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of €1.24. Stock is down 53% over the past year. The company is forecast to post a net loss per share of €0.13 next year compared to a net loss per share of €0.14 last year. Major Estimate Revision • Dec 06
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from €36.9m to €29.5m. EPS estimate increased from -€0.14 to -€0.13 per share. Entertainment industry in Finland expected to see average net income growth of 31% next year. Consensus price target of €1.40 unchanged from last update. Share price fell 7.6% to €1.24 over the past week. Announcement • Dec 05
Next Games Oyj Withdraws Outlook for 2021 Next Games withdraws its outlook for 2021, originally published on 19 February 2021. Previously issued outlook is no longer probable and in effect. The company has made a strategic decision to postpone certain planned and significant marketing investments, and thus part of 2021 expected revenue growth from Stranger Things: Puzzle Tales will, according to the company’s estimate, be generated closer with the release of season 4 of the Stranger Things series, expected to happen in 2022. Next Games has sound financial reasoning to postpone the investments as returns are expected to be higher at that point in time, due to both expected higher average revenue per daily active user (ARPDAU) and lower effective cost per install (eCPI). The company continues to invest significantly in Stranger Things: Puzzle Tales development and its marketing. Stranger Things: Puzzle Tales will however contribute to revenues in 2021, but the company's previously issued outlook is no longer probable and in effect. Both of the company’s The Walking Dead Games have performed as expected in 2021. Additionally, Next Games is conducting multiple contractual and partnership negotiations, some of which may have a financial impact on the fiscal year 2021. However, it is uncertain if such negotiations will be concluded during Fourth Quarter 2021. For these reasons, the company cannot reliably give a revenue and profitability outlook for the year 2021. The previous outlook for 2021: Next Games expects revenues to grow to at least EUR 40 million in 2021. The Company is targeting profitable growth with full-year EBITDA positive in 2021. Reported Earnings • Aug 18
First half 2021 earnings released: €0.069 loss per share (vs €0.064 loss in 1H 2020) The company reported a poor first half result with increased losses, weaker revenues and weaker control over costs. First half 2021 results: Revenue: €12.3m (down 15% from 1H 2020). Net loss: €2.00m (loss widened 11% from 1H 2020). Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Announcement • Mar 20
Next Games Oyj has completed a Follow-on Equity Offering in the amount of €4.242 million. Next Games Oyj has completed a Follow-on Equity Offering in the amount of €4.242 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 2,020,000
Price\Range: €2.1 Reported Earnings • Feb 20
Full year 2020 earnings released: €0.14 loss per share (vs €0.41 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: €27.2m (down 22% from FY 2019). Net loss: €3.90m (loss narrowed 53% from FY 2019). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 20
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) exceeded analyst estimates by 15%. Over the next year, revenue is forecast to grow 80%, compared to a 37% growth forecast for the Entertainment industry in Finland. Is New 90 Day High Low • Jan 27
New 90-day high: €2.66 The company is up 64% from its price of €1.63 on 29 October 2020. The Finnish market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.84 per share. Is New 90 Day High Low • Dec 04
New 90-day high: €2.56 The company is up 84% from its price of €1.40 on 04 September 2020. The Finnish market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.86 per share. Price Target Changed • Nov 28
Price target raised to €1.53 Up from €1.33, the current price target is an average from 4 analysts. The new target price is 27% below the current share price of €2.11. As of last close, the stock is up 151% over the past year. Announcement • Nov 25
Next Games Announces Changes to its Management Team Next Games has appointed from within the organization Matias Ärje, Joonas Laakso and Yiannis Alexopoulos as new members to its Management Team. Teemu Huuhtanen(CEO), Annina Salvén(CFO) and Saara Bergström(CMO) will continue in the management team in their respective roles. The new members of the Management Team: Matias Ärje, born 1976, student of technology, has been appointed as Chief Technology Officer (CTO) and a member of the Management Team. Prior to his appointment, Ärje acted as Director of Technology. Joonas Laakso, born 1978, BA (Arts, Media, Design Management), has been appointed as Chief People and Culture Officer (CPCO) and a member of the Management Team. Laakso has worked in various positions at Next Games since 2015, prior to his appointment he acted as Director of Development. Yiannis Alexopoulos, born 1983, MBA, LL.B., has been appointed as Chief Growth Officer (CGO) and a member of the Management Team. Alexopoulos has acted as Marketing Director since he joined Next Games in 2018. Kalle Hiitola, previously CTO at Next Games, will focus on R&D and game development and assumes a new role as Head of New Games. He will continue in the management team. Joonas Viitala, Chief Operating Officer will leave Next Games and pursue new opportunities outside the organization. His last day will be 7th of December. The above changes will be effective immediately. All the members of the Management Team report to the CEO. Announcement • Aug 28
Next Games Oyj Provides Update on Its Full Year 2020 Revenue Guidance Next Games Oyj provided update on its full year 2020 revenue guidance. For the year, the company decided to remove its full year 2020 revenue guidance due to company believes that under current market conditions, games are no longer launched in a binary manner, they are scaled and grown over time. The speed of scaling games is dependent on multiple factors. 
