Kvix (KVIX) Q3 2025 earnings summary

Executive summary

• Q3 2025 saw net sales rise to 3.0 MSEK from 0.4 MSEK year-over-year, driven by increased player activity in Modern Command Mayhem.

• Operating result for Q3 was -1.0 MSEK, down from -0.5 MSEK last year, mainly due to higher marketing and user acquisition costs.

• For the nine months, net sales reached 9.2 MSEK, up from 1.0 MSEK, with a positive operating result of 1.5 MSEK compared to -1.0 MSEK.

• A periodization error in marketing costs affected quarterly results but not the nine-month total.

Financial highlights

• Q3 net sales: 3.0 MSEK (0.4 MSEK last year); nine months: 9.2 MSEK (1.0 MSEK).

• Q3 operating result: -1.0 MSEK (-0.5 MSEK); nine months: 1.5 MSEK (-1.0 MSEK).

• Q3 EPS: -0.04 SEK (-0.02 SEK); nine months: 0.07 SEK (-0.04 SEK).

• Cash flow from operations Q3: 0.3 MSEK (-0.3 MSEK); cash at period end: 0.5 MSEK (0.4 MSEK).

• ARPDAU Q3: 5.79 SEK; CAC: 39.90 SEK; DAU: 6,712.

Outlook and guidance

• Marketing investments are expected to continue increasing to drive revenue growth.

• Retention and monetization metrics are stable and comparable to established games in the genre.

• The game is approaching the point where it can cover group costs, with growth limited by working capital.