Beyond Frames (BEYOND) Q1 2025 earnings summary

Executive summary

• Q1 2025 sales were SEK 39.1m, down 34% year-over-year due to tough comparison with Q1 2024's Ghosts of Tabor re-launch and milestone payments.

• EBITDA was SEK 3.1m, down from SEK 8.0m in Q1 2024; profit after financial items was SEK -3.8m versus SEK 0.7m last year.

• Cash position improved to SEK 14.7m from SEK 7.4m at Q4 2024 end, aided by a SEK 10.2m directed share issue.

• Key launches and milestones included GRIM's Early Access debut, GORN 2's post-quarter launch, and ongoing TMNT VR development.

• Financing secured post-quarter: SEK 25m from Aros Kapital and expanded project financing with Alpha Nordic.

Financial highlights

• Revenue fell 34% year-over-year and 9.5% sequentially; Q1 2024 included SEK 5m more in milestone payments.

• EBITDA margin declined; EBITDA per share was SEK 0.17 (Q1 2024: SEK 0.47).

• Net loss per share was SEK -0.20 (Q1 2024: SEK 0.04).

• Equity per share at quarter-end was SEK 3.77, down from SEK 4.82 a year ago.

• Cash and equivalents at quarter-end were SEK 14.7m (Q1 2024: SEK 20.1m).

Outlook and guidance

• Management expects improved revenue timing from GORN 2 due to its strong early performance.

• XR market expected to grow long-term despite short-term softness from younger, lower-spending demographics.

• Focus remains on securing project funding and monetizing titles to scale operations.