Nitro Games (NITRO) Q3 2024 earnings summary

Executive summary

• Revenue for Jan–Sep 2024 grew 40% year-over-year to €8.3M, with four consecutive profitable quarters and a strong cash position.

• EBITDA improved to €1.9M from -€2.5M, and net result turned positive at €541K versus -€3.6M year-over-year.

• Focus remains on action and shooter games, expanding B2B services, and scaling up key projects.

• B2B service business deepens long-term collaborations, notably with Digital Extremes and Netflix.

• Cash position remains strong despite debt reduction and acquisition fee payments.

Financial highlights

• Q3 2024 revenue was €2.75M, up 7% year-over-year; Jan–Sep 2024 revenue nearly matched the previous full year.

• EBITDA margin improved to 22.3% after prior year dips due to launch investments and fundraising costs.

• No development costs capitalized in 2024, resulting in a healthier P&L and improved balance sheet.

• Equity ratio rose to 33.1% from 18.9% at 2023 year-end.

• Net cash from operating activities was €440K, with cash and equivalents at €2.1M at period end.

Outlook and guidance

• Management targets continued profitability and growth, focusing on expanding the game portfolio and B2B services.

• Short-term focus remains on profitability, while building a pipeline for long-term opportunities.