Qiiwi Games (QIIWI) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 was 4,426 TSEK, down 44% year-over-year, mainly due to lower income from Extreme Makeover and a declining Live Operations portfolio.

• EBITDA improved to -347 TSEK from -4,620 TSEK year-over-year, driven by reduced marketing costs and organizational restructuring.

• Net result after tax for Q3 was -1,074 TSEK, a significant improvement from -6,143 TSEK in Q3 2023.

• The company is preparing for the global launch of Backpacker® Go!, which received financial approval during the quarter.

• Midsomer Murders surpassed 1 million installations, with most users in the US and UK.

Financial highlights

• Q3 2024 revenue: 4,426 TSEK (7,741 TSEK in Q3 2023); nine-month revenue: 15,899 TSEK (17,914 TSEK in 2023).

• Q3 EBITDA: -347 TSEK (-4,620 TSEK in Q3 2023); nine-month EBITDA: -5,240 TSEK (-10,845 TSEK in 2023).

• Q3 EBIT: -995 TSEK (-6,136 TSEK in Q3 2023); nine-month EBIT: -7,907 TSEK (-14,906 TSEK in 2023).

• Q3 net result: -1,074 TSEK (-6,143 TSEK in Q3 2023); nine-month net result: -7,826 TSEK (-15,054 TSEK in 2023).

• Earnings per share for Q3: -0.11 SEK (-0.66 SEK in Q3 2023); nine months: -0.85 SEK (-1.63 SEK in 2023).

Outlook and guidance

• Focus remains on achieving positive cash flow by year-end, with cost base now well positioned for profitability if new titles succeed.

• Global launch of Backpacker® Go! expected late Q4 2024 or early Q1 2025, anticipated as a growth catalyst for 2025.

• Live Operations revenue is expected to stabilize, with new game launches aimed at offsetting declines.