Nitro Games (NITRO) Q3 2025 earnings summary

Executive summary

• Achieved profitability in Q3 2025 despite industry turmoil and a 23% year-over-year revenue decline, reflecting cost discipline, operational efficiency, and adaptability.

• Portfolio rebalanced: reduced investment in older titles, four new MVPs in development, and new partnerships established, including with Starbreeze and VOID Interactive.

• Focus on action and shooter games, expanding into cross-platform and B2B service business.

Financial highlights

• Q3 2025 revenue: €2.1M (down 23% YoY); Jan–Sep 2025 revenue: €6.3M (down 25% YoY).

• Q3 2025 EBITDA: €532K (vs. €754K YoY); Q3 2025 EBIT: €173K (vs. €313K YoY); Q3 2025 net result: €149K (vs. €262K YoY); Q3 2025 EPS: €0.01 (flat YoY).

• Operating expenses, personnel costs, and depreciation all lower than the previous year.

• Positive bottom line and cash flow neutral for Q3, despite lower revenues.

Outlook and guidance

• No formal forward-looking financial guidance provided, but management expects to start 2026 from a leaner, more resilient base, focusing on profitability and growth from new partnerships and MVP projects.

• Resilient business model and flexible staffing position the company to capitalize on future opportunities.