Beyond Frames (BEYOND) Q4 2024 earnings summary

Executive summary

• Achieved record annual revenue of 175.8 MSEK in 2024, up 28.4% year-over-year and 609% compared to 2022, with Q4 sales of 43.3 MSEK, a 7.1% increase from Q4 2023.

• Maintained strong recurring sales and paid milestones despite VR market challenges, with growth driven by successful game launches, especially Ghosts of Tabor, and milestone payments from ongoing projects.

• Despite revenue growth, reported a full-year loss after financial items of -19.3 MSEK, widening from -7.7 MSEK in 2023.

• Ended Q4 with 7.4 MSEK in cash, down from 21.8 MSEK a year earlier; a 10.2 MSEK share issue was completed in January 2025 to strengthen liquidity.

• Major game launches and updates, including Ghosts of Tabor, Down the Rabbit Hole Flattened, and the announcement of a TMNT VR game, drove portfolio and operational diversity.

Financial highlights

• Full-year EBITDA reached 12.6 MSEK, a 28% increase from last year; Q4 EBITDA was 3.6 MSEK.

• EBIT showed an operating loss of 4.1 MSEK for Q4 and 19.2 MSEK for the year, mainly due to early depreciation of development costs.

• Q4 profit after financial items was -4.4 MSEK; full-year profit after financial items was -19.3 MSEK.

• Cash flow after working capital changes was 18.5 MSEK; net cash burn for the year was 14.5 MSEK.

• Equity attributable to shareholders at year-end was 63.5 MSEK (3.62 SEK/share), down from 81.9 MSEK (4.77 SEK/share) a year earlier.

Outlook and guidance

• Multiple new titles are in development, with releases planned through H1 2026, including the Teenage Mutant Ninja Turtles VR game.

• Revenue expectations for the Turtles game are 350–700 MSEK over three years.

• Management expects continued strong catalog and new title revenues in 2025, with optimism for strategic opportunities amid a challenging economic climate.

• Actively exploring additional financing options to support growth and manage market volatility.