MindArk (MNDRK) Q4 2024 earnings summary

Executive summary

• Q4 2024 turnover was 23.7 MSEK, down from 46.3 MSEK in Q4 2023, mainly due to a one-off accounting policy change and decreased user activity.

• Operating profit for Q4 2024 was 3 MSEK, compared to 26 MSEK in Q4 2023; profit before tax was -845 KSEK versus 32 MSEK last year.

• For the full year 2024, turnover reached 90.7 MSEK (down from 122 MSEK), with operating profit at 9.5 MSEK (20.3 MSEK in 2023).

• Cash and short-term investments at year-end totaled 33.5 MSEK, with no interest-bearing debt.

• The company completed the liquidation of all subsidiaries and will no longer report consolidated financials.

Financial highlights

• Q4 2024 earnings per share were 0.02 SEK (0.89 SEK in Q4 2023); full-year EPS was 0.15 SEK (0.60 SEK in 2023).

• Operating expenses for Q4 were 26.2 MSEK, stable year-over-year; depreciation increased due to higher capitalized development costs.

• Financial items in Q4 were -3.9 MSEK, mainly from negative currency adjustments on unconsumed user holdings.

• Provision for unspent user funds at year-end was 35.2 MSEK.

Outlook and guidance

• Management expects revenue to recover as new technological infrastructure and updates are integrated.

• The Howling Universe update launched in early 2025 has been well received, supporting optimism for future growth.