A quarter marked by restructuring and strategic overview

First quarter January–March 2024

  • Net revenue decreased 149.9 MSEK to 391.7 MSEK (541.6*).
  • Operating profit (EBIT) decreased 203.6 MSEK to –184.4 MSEK (19.2), corresponding to an operating margin of –47.1 percent (3.5). Write-down of capitalised development cost amounted to 72.4 MSEK.
  • Adjusted EBITDA decreased 101.5 MSEK to –28.9 MSEK (72.6), corresponding to an adjusted EBITDA margin of –7.4 percent (13.4).
  • Adjusted EBITA decreased 193.6 MSEK to –141.1 MSEK (52.5), corresponding to an adjusted EBITA margin of –36.0 percent (9.7).
  • Profit & loss for the quarter amounted to –236.2 MSEK (13.5).
  • Earnings per share after dilution amounted to –3.36 SEK (0.19).
  • Cash flow from operating activities amounted to –155.6 MSEK (64.4).
  • Consolidated cash and cash equivalents together with unutilized credit facilities amounted to 130.9 MSEK (329.3) as of 31 March 2024.
  • Thunderful Group announced that the company will be implementing a restructuring programme to boost its longterm competitiveness. The programme aims to reduce costs and increase the focus on areas with the best potential for future growth and profitability, and is expected to save SEK 90–110 million per year.
  • Thunderful Group entered into an agreement regarding the transfer of all shares in its German publishing subsidiary, Headup GmbH.
  • The distribution agreement regarding Nintendo products in the Nordics and The Baltics were extended by another two years, until March 2026.

* Income related to marketing activities has been reclassed from net revenue to other income in the prior periods.
 
Events after the end of the quarter

  • Per Alnefelt assumed his role as interim CFO for Thunderful Group effective 8 April 2024, succeeded Henrik Lundkvist.
  • Thunderful Group entered into an agreement to divest the operations and assets of Nordic Game Supply for a puchase price corresponding to the book value of the inventory with an agreed discount. The buyer is a company owned by Henrik Mathiasen, CEO of Bergsala AB and acting CEO of Nordic Game Supply.

Telephone conference
Thunderful Group invites to a webcast May 15, 2024, 09.00 CEST. The Interim Report for Q1 2024 is presented and thereafter there is an opportunity to ask questions. Questions can be posed in writing via the webcast. A recorded version of the presentation will also be available on Thunderful Group's website. The presentation will be held in English and will be moderated by Anton Hoff, analyst at Redeye.
 
Link to webcast:
https://ir.financialhearings.com/thunderful-group-q1-report-2024

For more information, please contact:
Martin Walfisz, CEO, Thunderful Group, +46 705 37 19 10
Per Alnefelt, Interim CFO, Thunderful Group, +46 727 17 02 17

About Thunderful Group
Thunderful Group is a group of companies that develops, publishes and invests in games, while also distributing Nintendo products, games, game accessories and toys. It is headquartered in Gothenburg, Sweden, with offices in the United Kingdom, Spain, Germany, Denmark, Finland and Norway. The Group's overall goal is to provide high-quality entertainment products for people of all ages. Thunderful Group is listed on Nasdaq First North Premier. FNCA Sweden AB is appointed Certified Adviser.

This information is information that Thunderful Group AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-05-15 07:30 CEST.

Attachments
ThunderfulGroup ENG Q1 2024

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