Nitro Games (NITRO) Q4 2024 earnings summary

Executive summary

• Achieved record financial performance in 2024, with revenue up 29% year-over-year to €11.4M and EBITDA margin at 21%, maintaining profitability into 2024.

• Profitability maintained throughout 2024, with net result of €475K compared to a loss of €3.3M in 2023.

• Expanded game portfolio, launched Autogun Heroes on web (CrazyGames), and announced Autogun Heroes: Supercharged for PC.

• Collaborated with major brands (Warframe, NERF, Netflix) and secured B2B orders totaling €9.4M.

• Maintained operational stability and cost control despite industry turbulence, leveraging a scalable, partner-driven business model.

Financial highlights

• Full-year revenue: €11.4M (2023: €8.8M), EBITDA: €2.41M (2023: -€1.72M), EBIT: €654K (2023: -€3.03M), and net result: €475K (2023: -€3.28M).

• Five consecutive years of growth since 2020, with stable team size and improved financial health.

• Paid down significant loans and improved balance sheet health, aided by capitalized development cost depreciations.

• EPS: €0.02 (2023: -€0.19), Q4 revenue: €3.05M, Q4 EBITDA: €556K, Q4 EBIT: €117K, Q4 net result: €78K.

• No new capitalized development costs in 2024; amortization of €1.76M.

Outlook and guidance

• Well-positioned for 2025 with financial stability, focusing on growing the game portfolio, expanding products, and forming new partnerships.

• Emphasis on operational efficiency, process improvement, and leveraging global partnerships for profitability.

• No forward-looking financial guidance provided, but intent to maintain financial stability and pursue new revenue streams.

• No dividend proposed; profit to be retained for future growth.