Qiiwi Games (QIIWI) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 was 3.49 MSEK, down 21% year-over-year but up 6% sequentially, with Backpacker® Go! contributing 51% of Q3 revenue and driving overall performance.

• EBITDA for Q3 was -0.84 MSEK, improving sequentially but lower than -0.35 MSEK in Q3 2024.

• Net result after tax was -1.58 MSEK, compared to -1.07 MSEK year-over-year.

• Strategic shift towards 'Intellectual Feelgood' and board game-inspired mobile entertainment, refining the New Games strategy.

• On track to achieve positive cash flow, with optimism for break-even in 2026 if current trends continue.

Financial highlights

• Q3 2025 revenue: 3.49 MSEK (Q3 2024: 4.43 MSEK); 9M 2025 revenue: 11.66 MSEK (9M 2024: 15.90 MSEK).

• Q3 EBITDA: -0.84 MSEK (Q3 2024: -0.35 MSEK); 9M EBITDA: -4.17 MSEK (9M 2024: -5.24 MSEK).

• Q3 EBIT: -1.61 MSEK (Q3 2024: -0.99 MSEK); 9M EBIT: -6.86 MSEK (9M 2024: -7.91 MSEK).

• Q3 EPS: -0.17 SEK (Q3 2024: -0.11 SEK); 9M EPS: -0.76 SEK (9M 2024: -0.85 SEK).

• Cash and short-term investments at period end: 13.5 MSEK.

Outlook and guidance

• Continued focus on new game development and live operations to drive future growth.

• Management is optimistic about reaching break-even and positive cash flow if current trends for Backpacker® Go! continue.

• Cost savings are expected to have full effect by year-end.