Qiiwi Games (QIIWI) Q1 2025 earnings summary

Executive summary

• Q1 2025 focused on launching Backpacker® Go! and reallocating resources to new games, with high organizational efficiency enabling rapid shifts and cost-saving measures.

• Revenue for Q1 2025 was 4.9 MSEK, down 19% year-over-year but up sequentially, driven by Backpacker® Go! launch.

• EBITDA improved to -1.6 MSEK from -2.9 MSEK year-over-year, but worsened sequentially due to Backpacker® Go! underperformance and lower Live Operations contributions.

• Despite efforts, Backpacker® Go! did not scale as intended, prompting further cost reviews and AI integration.

Financial highlights

• EBIT for Q1 2025 was -2.5 MSEK, improved from -3.9 MSEK year-over-year.

• Net loss after tax was -2.7 MSEK, compared to -3.8 MSEK in Q1 2024.

• EPS improved to -0.29 SEK from -0.42 SEK year-over-year.

• Cash and short-term investments totaled 16.5 MSEK at quarter-end.

• Cash flow from operations was -1.2 MSEK for the quarter.

Outlook and guidance

• Focus remains on finding the next scalable game to drive growth and profitability.

• Prototypes will be evaluated in weeks, not months, with full AI integration in workflows.

• Expectation to move Backpacker® Go! to Live Operations by end of Q2 2025.

• Continued cost-saving initiatives and organizational agility are prioritized.