Nitro Games (NITRO) Q2 2024 earnings summary

Executive summary

• Revenue for Jan–Jun 2024 grew 66% year-over-year to €5.6M, with EBITDA improving to €1.1M from -€1.0M, and net result turning positive at €279K from -€1.4M.

• Achieved record revenues in the first half of 2024, with a focus on stable growth and profitability, avoiding the need for external funding.

• Maintained business momentum and operational efficiency despite a slow industry environment and limited new investments.

• Continued to strengthen the team with senior talent without increasing internal headcount; average number of employees was 46, down from 49 year-over-year.

• Profitability achieved through cost control and focus on core projects, with a strong cash position of €3.1M at period end.

Financial highlights

• Jan–Jun 2024: Revenue €5.6M (up 66%), EBITDA €1.1M (up 212%), EBIT €225K, net result €279K, EPS €0.01.

• Q2 2024: Revenue €2.9M (up 79%), EBITDA €505K, EBIT €65K, net result €172K, EPS €0.01.

• Record revenues achieved in both Q1 and Q2 2024, with a strong cash position of €3.1 million at the end of H1.

• Equity ratio improved to 24.9% from -7.4% year-over-year and 18.9% at end-2023.

• Net debt reduced to €4.1M from €7.5M year-over-year; cash flow from operations positive at €313K for H1 2024.

Outlook and guidance

• Focus remains on stable growth, improving P&L, systematic debt reduction, and expanding the game portfolio.

• No formal financial guidance or forecasts provided, but continued investment in games portfolio and business development is planned.

• Emphasis on controlled, step-by-step investments rather than large upfront spending.

• Plans to increase activity in the game portfolio and pursue new collaborations, especially in action and shooter games.