Qiiwi Games (QIIWI) Q2 2024 earnings summary

Executive summary

• Revenue for Q2 2024 increased by 8% year-over-year to 5,413 TSEK, driven by Extreme Makeover and a 56% revenue rise in Midsomer Murders.

• Cost-saving measures and reorganization completed, enabling focus on core business for the remainder of the year.

• Major update to Wordington launched post-period, aiming for growth through improved platform integration.

Financial highlights

• Q2 2024 EBITDA was -1,976 TSEK, an improvement from -2,793 TSEK in Q2 2023.

• EBIT for Q2 2024 was -2,966 TSEK, up from -4,010 TSEK year-over-year.

• Net loss after tax for Q2 2024 was -2,908 TSEK, compared to -3,879 TSEK in Q2 2023.

• Earnings per share for Q2 2024 was -0.31 SEK, improved from -0.42 SEK in Q2 2023.

• Cash and short-term investments at period end totaled 19,136 TSEK.

Outlook and guidance

• Focus remains on stabilizing Live Operations portfolio and supporting growth-potential titles.

• Ambition to achieve positive cash flow in the latter part of 2024.

• Wordington update to be evaluated in Q3 for potential growth impact.