MindArk (MNDRK) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 increased 2.6% year-over-year to 19.9 MSEK, driven by higher activity in Entropia Universe, despite currency headwinds.

• Launch of Entropia Universe on Steam in July 2025 expanded distribution and player acquisition channels.

• Adjusted EBITDA was modestly positive; liquidity remains strong with 24 MSEK in cash and no interest-bearing debt.

• Focus remains on sustainable organic growth, product development, and strengthening the real-cash economy.

Financial highlights

• Q3 2025 turnover: 19.9 MSEK (19.4 MSEK in Q3 2024); 9M 2025 turnover: 58.6 MSEK (66.9 MSEK in 9M 2024).

• Q3 operating profit: -516 TSEK (-87 TSEK); 9M operating profit: -3 MSEK (6.5 MSEK).

• Q3 profit before tax: 171 TSEK (1.1 MSEK); 9M profit before tax: 3.4 MSEK (6.9 MSEK).

• Earnings per share Q3: 0.01 SEK (0.05 SEK); 9M: 0.10 SEK (0.13 SEK).

• Cash and short-term investments: 24 MSEK at period end.

Outlook and guidance

• Management expects continued focus on organic growth, innovation, and commercial expansion.

• Ongoing product development and marketing initiatives are expected to drive future revenue.