Announcement • Dec 22
Atari Moves to Take Full Control of Thunderful and Pursue Delisting Atari on December 19, 2025 announced plans to acquire a further 18% stake in Swedish digital games publisher Thunderful Group AB through a directed share issue, increasing its ownership to 90.2% pending shareholder approval. The SEK 35 million share issuance, subject to approval at an Extraordinary General Meeting on 26 January 2026, involves 350 million new shares priced at SEK 0.10 per share, a 46% discount to the 18 December 2025 closing price. Upon completion, Atari will seek to delist Thunderful from Nasdaq First North Growth Market in Stockholm. This transaction follows Atari's initial investment in August 2025 and supports its multi-year transformation strategy. After delisting of Thunderful's shares, Atari will launch an offer to acquire all remaining shares at SEK0.30 per share, representing a 61% premium to the 18 December 2025 closing price and a 100% premium to the August 2025 directed share issue price. Atari will also initiate a compulsory redemption procedure under the Swedish Companies Act to reach full ownership. The redemption price will match the offer price of SEK 0.30 per share. The transaction will be financed using Atari's own resources or a potential new loan from IRATA LLC, the holding company of Atari chairman and CEO Wade Rosen. New Risk • Nov 17
New major risk - Revenue and earnings growth Earnings have declined by 66% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. 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 (-kr112m free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 66% per year over the past 5 years. Shareholders have been substantially diluted in the past year (480% increase in shares outstanding). Market cap is less than US$10m (kr84.8m market cap, or US$8.99m). Reported Earnings • Nov 14
Third quarter 2025 earnings released: kr1.45 loss per share (vs kr0.25 loss in 3Q 2024) Third quarter 2025 results: kr1.45 loss per share (further deteriorated from kr0.25 loss in 3Q 2024). Revenue: kr82.6m (up 11% from 3Q 2024). Net loss: kr283.2m (loss widened kr265.5m from 3Q 2024). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Electronic industry in Sweden. New Risk • Nov 04
New major risk - Revenue and earnings growth Earnings have declined by 69% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. 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 (-kr166m free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 69% per year over the past 5 years. Shareholders have been substantially diluted in the past year (480% increase in shares outstanding). Market cap is less than US$10m (kr87.3m market cap, or US$9.13m). Board Change • Oct 29
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (4 non-independent directors). Director Owe Bergsten is the most experienced director on the board, commencing their role in 2019. Independent Director Magdalena Andersson was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. New Risk • Jul 29
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 21% 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 Share price has been highly volatile over the past 3 months (21% average weekly change). Market cap is less than US$10m (kr18.0m market cap, or US$1.86m). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (kr44m net loss in 2 years). Announcement • May 28
Thunderful Group AB Appoints Brjann Sigurgeirsson as Ordinary Board Members Thunderful Group AB at its AGM held on 27 May 2025 appointed Brjann Sigurgeirsson as ordinary board members. Reported Earnings • May 16
First quarter 2025 earnings released: kr0.52 loss per share (vs kr1.86 loss in 1Q 2024) First quarter 2025 results: kr0.52 loss per share (improved from kr1.86 loss in 1Q 2024). Revenue: kr76.3m (down 15% from 1Q 2024). Net loss: kr36.8m (loss narrowed 72% from 1Q 2024). Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Electronic industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 29 percentage points per year, which is a significant difference in performance. Announcement • Apr 30
Thunderful Group AB to Report Fiscal Year 2025 Results on Feb 18, 2026 Thunderful Group AB announced that they will report fiscal year 2025 results on Feb 18, 2026 Announcement • Apr 26
Thunderful Group AB, Annual General Meeting, May 27, 2025 Thunderful Group AB, Annual General Meeting, May 27, 2025, at 14:00 W. Europe Standard Time. Location: at setterwalls law firm in gothenburg, sankt eriksgatan 5, 411 05 gothenburg Sweden Announcement • Apr 24
Thunderful Group AB Announces Resignation of Adolf Kristjansson as Board Member Thunderful Group AB announced that board member Adolf Kristjansson, at his own request and due to other commitments, has decided to resign from the board of Thunderful. Reported Earnings • Feb 14
Full year 2024 earnings released: kr9.47 loss per share (vs kr8.67 loss in FY 2023) Full year 2024 results: kr9.47 loss per share (further deteriorated from kr8.67 loss in FY 2023). Revenue: kr295.3m (down 90% from FY 2023). Net loss: kr665.6m (loss widened 9.2% from FY 2023). Revenue is forecast to grow 2.3% p.a. on average during the next 2 years, compared to a 7.9% growth forecast for the Electronic industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 35 percentage points per year, which is a significant difference in performance. New Risk • Feb 13
New major risk - Revenue and earnings growth Earnings have declined by 74% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 74% per year over the past 5 years. Market cap is less than US$10m (kr51.9m market cap, or US$4.79m). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr58m net loss in 2 years). Share price has been volatile over the past 3 months (10% average weekly change). Announcement • Feb 11
Dino Patti completed the acquisition of Jumpship Limited from Thunderful Group AB (OM:THUNDR). Dino Patti agreed to acquire Jumpship Limited from Thunderful Group AB (OM:THUNDR) on January 15, 2025. Furthermore, the Company shall, in connection with the transfer of ownership of the shares to the Buyer, waive all loans it has provided to Jumpship Limited. As of December 19, 2024, these loans amounted to £1.3545 million.
The transfer of the shares in Jumpship Limited to the Buyer was conditional upon the shareholders' approval at the general meeting with the required majority. As of February 10, 2025, The deal has been approved by shareholders of Jumpship Limited.
Dino Patti completed the acquisition of Jumpship Limited from Thunderful Group AB (OM:THUNDR) on February 10, 2025. Reported Earnings • Nov 15
Third quarter 2024 earnings released: kr0.25 loss per share (vs kr0.35 profit in 3Q 2023) Third quarter 2024 results: kr0.25 loss per share (down from kr0.35 profit in 3Q 2023). Revenue: kr74.8m (down 88% from 3Q 2023). Net loss: kr17.7m (down 172% from profit in 3Q 2023). Revenue is expected to decline by 46% p.a. on average during the next 3 years, while revenues in the Electronic industry in Sweden are expected to grow by 8.0%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 36 percentage points per year, which is a significant difference in performance. New Risk • Oct 27
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: kr757m Forecast net loss in 2 years: kr4.5m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Market cap is less than US$10m (kr81.5m market cap, or US$7.67m). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (kr4.5m net loss in 2 years). New Risk • Aug 28
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr98.4m (US$9.65m) 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 Risk Market cap is less than US$10m (kr98.4m market cap, or US$9.65m). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr4.3m net loss in 2 years). Share price has been volatile over the past 3 months (10% average weekly change). New Risk • Aug 23
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: kr757m Forecast net loss in 2 years: kr4.3m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr4.3m net loss in 2 years). Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (kr106.3m market cap, or US$10.3m). Reported Earnings • Aug 22
Second quarter 2024 earnings released: kr0.57 loss per share (vs kr0.86 loss in 2Q 2023) Second quarter 2024 results: kr0.57 loss per share (improved from kr0.86 loss in 2Q 2023). Revenue: kr111.5m (down 83% from 2Q 2023). Net loss: kr40.4m (loss narrowed 33% from 2Q 2023). Revenue is expected to decline by 55% p.a. on average during the next 3 years, while revenues in the Electronic industry in Sweden are expected to grow by 8.6%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 43 percentage points per year, which is a significant difference in performance. Announcement • Aug 22
Thunderful Group AB (publ) Announces Executive Changes Thunderful Group AB (publ) announced the appointment of Jennie Wilund as Executive Vice President of Operations. Jennie is well acquainted with the group after having worked closely with the executive management team as a consultant. In her new permanent role, she will help with overseeing the effective operation of all group-level functions, executive initiatives, and long-term business planning. Jennie Wilund's experience in the gaming industry is vast, ranging from mobile games to AAA titles, and includes working in executive positions at renowned companies such as Toca Boca, Avalanche Studios and Glorious Games Group (formerly Stardoll). In addition to Jennie Wilund joining the group, as part of Thunderful's ambition to strengthen its publishing operations, Kathrin Strangfeld, who has held several executive positions at Thunderful, moves into the role of EVP of Publishing. She is joined by Johan Mannerhill and Thomas Luecking who have held senior management roles within Thunderful and now both take on roles as VPs of Product Management. The purpose of these organisational changes is to establish a stronger foundation for Thunderful's publishing department, with a focus on raising the bar for all products in terms of critical acclaim, commercial success, and operational excellence. Announcement • Jun 27
Thunderful Group AB Announces Board Appointments Thunderful Group AB announced the appointment of Magdalena Rodell Andersson and Adolf Kristjansson as ordinary board members. Announcement • May 23
Bergsala NDP AB agreed to acquire Amo Toys AB and Bergsala Aktiebolag and Thunderful Solutions AB and Thunderful 1 AB from Thunderful Group AB (OM:THUNDR) for approximately SEK 630 million. Bergsala NDP AB agreed to acquire Amo Toys AB and Bergsala Aktiebolag and Thunderful Solutions AB and Thunderful 1 AB from Thunderful Group AB (OM:THUNDR) for approximately SEK 630 million on May 21, 2024. As part of the consideration, SEK 595 million will be paid in cash at closing and the remaining SEK 39 million will be payable in cash on June 30, 2025. Following purchase price adjustments related to core net working capital and transaction costs, the expected net cash proceeds including the deferred payment are estimated to amount to approximately SEK 610 million. Owe Bergsten, through Bergsala Holding AB, will enter into a customary lock-up undertaking restricting the ability to make certain dispositions in respect of Bergsala Holding AB’s shares in Thunderful Group during a period of 360 days from the completion of the transaction. In connection with the transaction, Thunderful Group will fully amortise its existing revolving credit facility of €55 million with Danske Bank. As part of the transaction, Thunderful will obtain a new MEUR 10.5 undrawn revolving credit facility from Danske Bank, with final maturity in June 2025.
Closing of the transaction is conditional on the approval of shareholders of Thunderful Group at a general meeting with at least nine-tenths of both the votes cast and the shares represented at the meeting, the subsidiaries receive necessary waivers from certain partners, the buyer receiving necessary financing for the purpose of paying the agreed purchase price, Thunderful Group obtaining €10.5 million undrawn revolving credit facility from Danske Bank and other customary conditions. Closing of the transaction will take place as soon as the conditions for the transaction are fulfilled and is expected to occur on June 28, 2024. ABG Sundal Collier AB acted as financial advisor, Setterwalls Advokatbyrå Ab acted as legal advisor, PricewaterhouseCoopers Sweden acted as accountant to Thunderful Group AB (OM:THUNDR) and Bdo Syd Ab acted as fairness opinion provider to the Board of Directors of Thunderful Group. Reported Earnings • May 16
First quarter 2024 earnings released: kr3.36 loss per share (vs kr0.19 profit in 1Q 2023) First quarter 2024 results: kr3.36 loss per share (down from kr0.19 profit in 1Q 2023). Revenue: kr455.9m (down 23% from 1Q 2023). Net loss: kr236.2m (down kr249.7m from profit in 1Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 8.0% growth forecast for the Electronic industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 35 percentage points per year, which is a significant difference in performance. Announcement • Apr 27
Handelsselskabet af 15 Marts 2024 A/S entered into an agreement to acquire Nordic Game Supply A/S from Thunderful Group AB (OM:THUNDR) for SEK 76 million. Handelsselskabet af 15 Marts 2024 A/S entered into an agreement to acquire Nordic Game Supply A/S from Thunderful Group AB (OM:THUNDR) for SEK 76 million on April 26, 2024. Under the terms of agreement, The purchase price payable by the Purchaser upon completion of the Transaction will be determined based on the book value of the inventory recorded as of the banking day prior to the date the transaction is completed ("Effective Time") adjusted for an effective discount of 28%. At the time of signing the Transaction, the book value of the registered inventory is SEK 106 million, which means a preliminary purchase price of SEK 76 million. In addition, the Buyer will pay 100% of the order value for orders that are in transit (i.e., items not delivered to the specified storage facility at the time of the Effective Time). The buyer will take over Nordic Game Supply's business relationships with customers and suppliers of Nordic Game Supply. The buyer will take over the relevant trademarks and IP rights associated with Nordic Game Supply. The buyer takes over personnel from Nordic Game Supply. After completion of the Transaction, it is the intention that Nordic Game Supply will cease its operations as soon as possible. As part of the evaluation, the Company has been in dialogue with a handful of potential buyers. The terms of the Transaction with the Buyer have been deemed to represent the best option for Thunderful Group and its shareholders.The transaction is subject to approval by the shareholders of Thunderful Group at a general meeting which will be called separately from this press release. There are no other conditions for completing the Transaction. Completion of the Transaction will take place as soon as possible after approval by the general meeting. The Transaction will have a positive impact on the Company's operating cash flows immediately following the completion of the Transaction. The transaction proceeds will result in reduced net debt for the Company. As the purchase price will be based on the book value of the inventory after an agreed discount, the Company assesses that the Transaction will have a negative impact on the Company's EBIT of approximately 34 MSEK for the second quarter of 2024.The Board of Directors of Thunderful Group has appointed BDO Deal Advisory as an independent thirdparty advisor, who have arm's length evaluated the transaction. ABG Sundal Collier acts as financial advisor to Thunderful Group in connection with the Transaction. Gorrissen Federspiel and Setterwalls are acting as legal advisors to Thunderful Group in connection with the Transaction. Announcement • Apr 05
Thunderful Group Appoints Per Alnefelt as Interim CFO, Effective from April 8, 2024 Thunderful Group has appointed Per Alnefelt as interim CFO. Per succeeds Henrik Lundkvist who, as previously communicated, has resigned from the position as CFO. Per will assume his new position from April 8 and Henrik Lundkvist will be available for handover during a transition period. Per brings more than 30 years' experience and has a long career in executive management positions in Swedish listed companies as well as in global international companies. Per has among others held CFO positions at Tobin Properties AB (publ), Fujitsu Siemens Computers Nordic Region and Letsbuyit.com (publ). Announcement • Apr 03
Thunderful Group AB Announces Resignation of Henrik Lundkvist as Chief Financial Officer, Until July 3, 2024, at the Latest Thunderful Group AB announced that Henrik Lundkvist, at his request, has chosen to end his employment as Chief Financial Officer (CFO) for new opportunities outside the company. The recruitment process for a new CFO will begin immediately and Henrik Lundkvist will remain as the company's CFO until July 3, 2024, at the latest. Major Estimate Revision • Mar 07
Consensus EPS estimates fall by 54% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from kr2.58b to kr2.55b. EPS estimate also fell from kr1.64 per share to kr0.76 per share. Net income forecast to grow 98% next year vs 32% growth forecast for Electronic industry in Sweden. Consensus price target down from kr9.50 to kr8.50. Share price rose 8.5% to kr3.66 over the past week. Reported Earnings • Feb 23
Full year 2023 earnings released: kr8.67 loss per share (vs kr1.73 profit in FY 2022) Full year 2023 results: kr8.67 loss per share (down from kr1.73 profit in FY 2022). Revenue: kr3.15b (flat on FY 2022). Net loss: kr609.4m (down kr730.6m from profit in FY 2022). Revenue is expected to decline by 3.5% p.a. on average during the next 2 years, while revenues in the Electronic industry in Sweden are expected to grow by 7.7%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 13 percentage points per year, which is a significant difference in performance. Announcement • Feb 15
Thunderful Group AB Provides Earnings Guidance for the Fourth Quarter of the Year 2023 Thunderful Group AB provided earnings guidance for the fourth quarter of the year 2023. For the year, the company expects that the consolidated revenues will amount to approximately SEK 953 Million and LBIT in the fourth quarter of 2023 to be approximately SEK 678 Million. Valuation Update With 7 Day Price Move • Feb 15
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to kr3.50, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 14x in the Electronic industry in Sweden. Total loss to shareholders of 96% over the past three years. New Risk • Feb 01
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 9.0% 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: Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Market cap is less than US$100m (kr326.1m market cap, or US$31.2m). Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to kr4.61, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 13x in the Electronic industry in Sweden. Total loss to shareholders of 94% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr9.13 per share. Buying Opportunity • Nov 17
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 65%. The fair value is estimated to be kr7.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 9.2%. Revenue is forecast to decline by 7.0% in 2 years. Earnings is forecast to grow by 30% in the next 2 years. Announcement • Oct 24
Thunderful Group AB Appoints Henrik Lundkvist as Chief Financial Officer Thunderful Group AB announced that the company has appointed Henrik Lundkvist as Chief Financial Officer (CFO). Henrik has extensive experience from executive positions, including being CFO for the publicly listed company Probi AB. Thunderful Group's interim CFO, Annette Colin, will remain with the company for a period to ensure a smooth transition. Henrik Lundkvist has a strong background in finance with many years of experience from building and leading finance organizations within various companies and business sectors. He began his career as an auditor at EY, subsequently held leading positions at E.ON and worked as CFO for GCE, one of Europe's leading companies in gas equipment. Since 2019, Henrik has held the role of CFO for the biotech company Probi AB, which he is now leaving to join Thunderful Group. Henrik Lundkvist will assume the role of CFO no later than January 1, 2024. Announcement • Aug 29
Thunderful Group AB Appoints Annette Colin as Interim CFO Thunderful Group AB has appointed Annette Colin as interim CFO. Annette succeeds Lennart Sparud who, as previously communicated, has resigned from the position as CFO. Annette will assume her new position from and Lennart Sparud will continue to work alongside her to complete the handover during a transition period. Annette brings more than 30 years' experience and has a long career in executive management positions in global international companies. Annette has among others held CFO positions at Boule Diagnostics AB (publ), Biotage AB (publ), Stille AB (publ) and Observe Medical International (publ). The search for a permanent CFO for Thunderful Group continues. Announcement • Aug 25
Thunderful Group Announces Release Date for Several Game Releases Including SteamWorld Build Thunderful Group has announced that the game SteamWorld Build will launch on PC, Xbox, PlayStation and Nintendo Switch on December 1, 2023. The game will also be available from day one on Xbox Game Pass. Thunderful has also announced release dates for three more games in 2023 at Gamescom. During Gamescom, Thunderful has announced the release dates for four games, including which will be released on December 1, 2023 for PC, Xbox, Sony and Nintendo SteamWorld Build Switch. The game will also be Available on Xbox Game Pass from the same day. SteamWorld Build is the latest addition to the award-winning, multi-million selling SteamWorld franchise. The game, in which build and manage a western mining town populated by steam-driven robots, is developed by the internal studio The Station, based in Karlsham, Sweden. Thunderful-owned game development studio Coatsink's platform adventure has been Astronimo announced for release on Steam Early Access on September 27, 2023. is also developed Islanders VR by Coatsink and the game will be released on Oculus Quest 2 and Quest Pro on September 28, 2023. Finally, from Thunderful's pipeline of externally developed games will launch on October 4, Wordless. 2023 on PC, Xbox, PlayStation, PlayStation and Nintendo Switch. Major Estimate Revision • Aug 24
Consensus EPS estimates fall by 78%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from kr3.16b to kr3.19b. EPS estimate fell from kr2.33 to kr0.50 per share. Net income forecast to grow 6.0% next year vs 16% growth forecast for Electronic industry in Sweden. Consensus price target down from kr34.00 to kr26.50. Share price fell 37% to kr10.08 over the past week. Announcement • Aug 22
Lennart Sparud Announces to End His Employment as CFO of Thunderful Group AB Thunderful Group AB announced that Lennart Sparud has chosen to end his employment as CFO for new challenges outside the company. The recruitment process for a new CFO began immediately. Reported Earnings • Aug 22
Second quarter 2023 earnings released: kr0.86 loss per share (vs kr0.31 loss in 2Q 2022) Second quarter 2023 results: kr0.86 loss per share (further deteriorated from kr0.31 loss in 2Q 2022). Revenue: kr776.5m (up 28% from 2Q 2022). Net loss: kr60.4m (loss widened 177% from 2Q 2022). Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Electronic industry in Sweden. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment deteriorates as stock falls 35% After last week's 35% share price decline to kr10.52, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 13x in the Electronic industry in Sweden. Total loss to shareholders of 51% over the past year. Announcement • Jul 25
Thunderful Group AB Appoints Martin Walfisz as CEO Thunderful Group AB announced that Martin Walfisz assumes his role as CEO. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr17.08, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 14x in the Electronic industry in Sweden. Total loss to shareholders of 18% over the past year. Simply Wall St's valuation model estimates the intrinsic value at kr30.26 per share. Announcement • Jul 01
Thunderful Group AB Announces Resignation of Lennart Sparud as Chief Financial Officer Thunderful Group AB announced that Lennart Sparud, at his own request, has chosen to end his employment as Chief Financial Officer for new challenges outside the company. The recruitment process for a new CFO will begin immediately and Lennart Sparud will remain as the company's CFO until December 30 2023 at the latest. Board Change • Jun 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Director Owe Bergsten is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • May 30
Thunderful Group AB Announces CEO Changes Thunderful Group AB announced that the Board of Directors decided to appoint Martin Walfisz as new CEO. Martin is currently Board Member in Thunderful and will begin his duties as the new CEO no later than 1 September 2023. He succeeds Anders Maiqvist, Acting CEO since 10 August 2022. Martin is an experienced games industry entrepreneur, executive and advisor of leading companies in the Nordic and European games industry. Martin founded his first game company, Massive Entertainment, and grew it from zero to 150 people during his twelve years at the helm. It is one of Europe's premier development studios and when Ubisoft acquired the studio in 2008, Martin decided to leave to focus on other commitments. In 2016 Martin joined Nordisk Film to establish a new M&A division, Nordisk Games, focusing on investing in game companies across Europe. During his time as Senior Partner and Chief Strategy Officer, he provided strategic support to the executive leadership teams of the group companies, such as Avalanche Studios Group (SE), Supermassive Games (UK), Star Stable (SE), MercurySteam (ES) and Raw Fury (SE). Martin also established Nordisk Games' central support services team, actively helping the studios improve their production and publishing operations. Recent Insider Transactions • May 28
Chairman of the Board recently bought kr233k worth of stock On the 25th of May, Patrick Svensk bought around 15k shares on-market at roughly kr15.50 per share. This transaction increased Patrick'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 Patrick's only on-market trade for the last 12 months. Major Estimate Revision • May 23
Consensus EPS estimates fall by 26%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from kr3.00b to kr3.17b. EPS estimate fell from kr3.33 to kr2.48 per share. Net income forecast to grow 47% next year vs 33% growth forecast for Electronic industry in Sweden. Consensus price target of kr34.00 unchanged from last update. Share price fell 7.1% to kr15.78 over the past week. Announcement • May 18
Thunderful Group AB Announces Executive Changes Thunderful Group AB at its annual general meeting held on May 17, 2023 approved election of Martin Walfisz, Sara Bach and Patrick Svensk as ordinary Board members. Patrick Svensk was elected as chairman of the Board. Reported Earnings • Apr 30
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: kr1.73 (down from kr1.91 in FY 2021). Revenue: kr3.13b (down 2.1% from FY 2021). Net income: kr121.2m (down 8.3% from FY 2021). Profit margin: 3.9% (down from 4.1% in FY 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) exceeded analyst estimates by 69%. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Electronic industry in Sweden. Major Estimate Revision • Mar 03
Consensus EPS estimates increase by 11%, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from kr3.13b to kr3.08b. EPS estimate rose from kr2.59 to kr2.88. Net income forecast to grow 66% next year vs 46% growth forecast for Electronic industry in Sweden. Consensus price target up from kr33.00 to kr35.50. Share price fell 4.5% to kr18.48 over the past week. Reported Earnings • Feb 22
Third quarter 2022 earnings released: EPS: kr0.16 (vs kr0.70 in 3Q 2021) Third quarter 2022 results: EPS: kr0.16 (down from kr0.70 in 3Q 2021). Revenue: kr724.1m (down 3.7% from 3Q 2021). Net income: kr11.4m (down 77% from 3Q 2021). Profit margin: 1.6% (down from 6.5% in 3Q 2021). Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Electronic industry in Sweden. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to kr19.82, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 18x in the Electronic industry in Sweden. Total loss to shareholders of 53% over the past year. Announcement • Feb 15
Thunderful Group AB to Report Fiscal Year 2022 Results on Feb 22, 2023 Thunderful Group AB announced that they will report fiscal year 2022 results at 7:30 AM, Central European Standard Time on Feb 22, 2023 Announcement • Feb 02
Thunderful Group AB Presents New SteamWorld Game in Addition to Already Strong Lineup Thunderful Group AB has presented SteamWorld Build, a new game in the acclaimed SteamWorld series to be released in 2023. The game is destined for all consoles as well as PC and joins a lineup of high-profile games already announced. Thunderful announced SteamWorld Build, the latest addition to the award-winning, multi-million selling SteamWorld franchise, in a digital event published Monday January 23. The game, in which build and manage a western mining town populated by steam-driven robots, is developed by the internal studio The Station, based in Karlshamn, Sweden. Thunderful will release SteamWorld Build on PC and all consoles later this year. Major Estimate Revision • Dec 07
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from kr0.93 to kr1.07. Revenue forecast steady at kr3.08b. Net income forecast to grow 307% next year vs 50% growth forecast for Electronic industry in Sweden. Consensus price target down from kr38.50 to kr33.00. Share price was steady at kr16.80 over the past week. Price Target Changed • Dec 06
Price target decreased to kr33.00 Down from kr40.50, the current price target is an average from 2 analysts. New target price is 100% above last closing price of kr16.50. Stock is down 71% over the past year. The company is forecast to post earnings per share of kr0.93 for next year compared to kr1.91 last year. Major Estimate Revision • Nov 22
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from kr3.18b to kr3.05b. EPS estimate also fell from kr1.13 per share to kr0.93 per share. Net income forecast to grow 297% next year vs 93% growth forecast for Electronic industry in Sweden. Consensus price target of kr38.50 unchanged from last update. Share price fell 5.7% to kr17.44 over the past week. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: kr0.16 (vs kr0.70 in 3Q 2021) Third quarter 2022 results: EPS: kr0.16 (down from kr0.70 in 3Q 2021). Revenue: kr834.0m (up 11% from 3Q 2021). Net income: kr11.4m (down 77% from 3Q 2021). Profit margin: 1.4% (down from 6.5% in 3Q 2021). Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Electronic industry in Sweden. Board Change • Nov 16
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. No independent directors (5 non-independent directors). Director Owe Bergsten is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Announcement • Oct 31
Thunderful Group AB, Annual General Meeting, May 17, 2023 Thunderful Group AB, Annual General Meeting, May 17, 2023. Major Estimate Revision • Aug 17
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from kr3.17b to kr3.20b. EPS estimate fell from kr2.00 to kr1.18 per share. Net income forecast to grow 84% next year vs 39% growth forecast for Electronic industry in Sweden. Consensus price target down from kr47.50 to kr40.50. Share price rose 6.4% to kr21.42 over the past week. Reported Earnings • Aug 11
Second quarter 2022 earnings released: kr0.31 loss per share (vs kr0.30 profit in 2Q 2021) Second quarter 2022 results: kr0.31 loss per share (down from kr0.30 profit in 2Q 2021). Revenue: kr618.7m (up 12% from 2Q 2021). Net loss: kr21.8m (down 207% from profit in 2Q 2021). Over the next year, revenue is expected to shrink by 2.2% compared to a 14% growth forecast for the industry in Sweden. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improved over the past week After last week's 16% share price gain to kr20.84, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 18x in the Electronic industry in Sweden. Total loss to shareholders of 66% over the past year. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment deteriorated over the past week After last week's 15% share price decline to kr20.04, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 19x in the Electronic industry in Sweden. Total loss to shareholders of 68% over the past year. Major Estimate Revision • May 31
Consensus EPS estimates fall by 24% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from kr3.22b to kr3.17b. EPS estimate also fell from kr2.64 per share to kr2.00 per share. Net income forecast to grow 32% next year vs 41% growth forecast for Electronic industry in Sweden. Consensus price target of kr47.50 unchanged from last update. Share price rose 15% to kr24.04 over the past week. Reported Earnings • May 19
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: kr0.016 (down from kr0.19 in 1Q 2021). Revenue: kr609.6m (up 11% from 1Q 2021). Net income: kr1.10m (down 92% from 1Q 2021). Profit margin: 0.2% (down from 2.4% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.3%. Earnings per share (EPS) missed analyst estimates by 6.9%. Over the next year, revenue is forecast to stay flat compared to a 17% growth forecast for the industry in Sweden. Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorated over the past week After last week's 28% share price decline to kr21.88, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 19x in the Electronic industry in Sweden. Total loss to shareholders of 67% over the past year.