Qiiwi Games (QIIWI) Q4 2024 earnings summary

Executive summary

• Achieved positive EBITDA and net profit after tax in Q4 2024, reversing previous negative trends, driven by cost optimization, a realized gain from fund investments, and the global launch of Backpacker® Go!

• Global launch of Backpacker® Go! in December 2024 became the largest revenue contributor.

• Significant cost reductions and a strategic shift toward profitability and new game development throughout 2024.

Financial highlights

• Q4 2024 revenue was 3.96 MSEK, down from 7.87 MSEK year-over-year; full-year 2024 revenue was 19.86 MSEK.

• EBITDA improved to 0.37 MSEK from -6.65 MSEK in Q4 2023.

• EBIT was -0.35 MSEK, a significant improvement from -13.19 MSEK in Q4 2023.

• Net profit after tax reached 0.8 MSEK, first positive result since Q1 2021.

• Earnings per share were +0.09 SEK, compared to -1.4 SEK in Q4 2023.

Outlook and guidance

• Continued focus on profitability, new game launches, and leveraging the board game platform developed for Backpacker® Go!

• Emphasis on cost control, data-driven investments, and creativity.

• Ongoing optimization of user acquisition investments due to recent declines in campaign performance.

• Plans to develop additional new games and expand the use of board game mechanics.