Beyond Frames (BEYOND) Q2 2025 earnings summary

Executive summary

• Achieved record EBITDA for both Q2 and H1 2025, driven by cost savings and higher-margin activities, despite lower sales year-over-year.

• Focused on profitability through catalog performance, live service support, and development of TMNT: Empire City.

• Major launches included GORN 2 and Silent North, with GORN 2 performing exceptionally well but sales recognition deferred due to recoupment terms.

• Secured new financing partnerships and expanded project funding models to support ongoing and future projects.

Financial highlights

• Q2 2025 sales: SEK 34.2M (down from SEK 41.2M in Q2 2024); H1 2025 sales: SEK 73.3M (down from SEK 100.8M in H1 2024).

• Q2 2025 EBITDA: SEK 6.0M (up from SEK -0.6M); H1 2025 EBITDA: SEK 9.1M (up 21.8% year-over-year).

• Q2 2025 profit after financial items: SEK -2.9M (improved from SEK -8.8M); H1 2025: SEK -6.7M (improved from SEK -8.2M).

• Cash and cash equivalents at quarter-end: SEK 8.6M (down from SEK 14.3M year-over-year).

• Equity attributable to shareholders: SEK 67.1M (down from SEK 74.6M year-over-year).

Outlook and guidance

• Profitability targeted through maximizing catalog performance, supporting live service titles, and advancing TMNT: Empire City.

• Strategic focus on M&A, partnerships, and adapting to evolving XR distribution platforms.

• Anticipates continued growth in wishlist activity for TMNT: Empire City and expects GORN 2 recoupment to conclude by end of Q3 or early Q4.