Kvix (KVIX) Q3 2024 earnings summary

Executive summary

• Q3 2024 saw net sales rise to 416 KSEK from 250 KSEK year-over-year, driven mainly by mobile gaming revenues.

• Operating loss narrowed to -516 KSEK from -1,812 KSEK, reflecting lower marketing and personnel costs.

• Acquisition of Blast Bit Enterprises AB completed, expanding focus to three platforms: Kvix, Vahlery, and Modern Command Mayhem.

• Modern Command Mayhem outperformed expectations in the US, with strong user engagement and monetization metrics.

Financial highlights

• Q3 net sales: 416 KSEK (250 KSEK in Q3 2023); 9M net sales: 1,028 KSEK (812 KSEK in 9M 2023).

• Q3 operating loss: -516 KSEK (-1,812 KSEK); 9M operating loss: -969 KSEK (-6,064 KSEK).

• Q3 cash flow from operations: -337 KSEK (-1,487 KSEK); 9M: -2,123 KSEK (-4,243 KSEK).

• Q3 EPS: -0.02 SEK (-0.22 SEK); 9M EPS: -0.04 SEK (0.29 SEK).

• Cash and cash equivalents at period end: 448 KSEK (138 KSEK in Q3 2023).

Outlook and guidance

• Strategic focus shifting toward mobile gaming, leveraging in-house expertise and rapid development cycles.

• Anticipates increased revenues and improved cash flow from mobile gaming segment, with less emphasis on Kvix and Vahlery platforms.