Beyond Frames (BEYOND) Q4 2025 earnings summary

Executive summary

• Q4 2025 sales were 28,673 kSEK, down from 43,264 kSEK year-over-year, but EBITDA rose 133% to 8,467 kSEK due to stable recurring income, milestone payments, and cost control.

• Full-year 2025 sales reached 129,980 kSEK, a 26% decrease from 175,834 kSEK in 2024, while EBITDA improved 40% to 17,625 kSEK.

• Profit after financial items for Q4 was 2,338 kSEK (vs. -4,395 kSEK), and for the year -10,412 kSEK (vs. -19,386 kSEK).

• Cash at year-end was 8,865 kSEK, up from 7,364 kSEK a year earlier.

• Major VR title Teenage Mutant Ninja Turtles: Empire City is on track for Spring 2026 release, with strong pre-release recognition.

Financial highlights

• Q4 EBITDA per share was 0.45 SEK (0.21 SEK last year); profit per share after financial items was 0.13 SEK (-0.25 SEK).

• Full-year EBITDA per share was 0.95 SEK (0.72 SEK); profit per share after financial items was -0.56 SEK (-1.10 SEK).

• Operating expenses in Q4 fell 33% year-over-year, mainly due to lower external costs and more efficient staffing.

• Investments in intangible assets for Q4 were 10,554 kSEK, up from 7,359 kSEK.

Outlook and guidance

• Management prioritizes profitability and margin discipline, with adequate liquidity and secured project funding for key releases.

• Anticipates healthy cash levels through cost-saving measures, credit facility access, and expected revenue from TMNT: Empire City.

• Advanced discussions ongoing with major publishers and IP partners for future projects.