Thunderful

Second quarter April–June 2024

• Net revenue decreased 14.1 MSEK to 83.1 MSEK (97.2) compared to the same quarter last year.
• Operating profit (EBIT) decreased 73.6 MSEK to –60.3 MSEK (13.3), corresponding to an operating margin of –72.6 percent (13.7). Write-down of capitalised development cost amounted to 31.4 MSEK for the quarter.
• Adjusted EBITDA decreased 51.5 MSEK to 3.9 MSEK (55.4), corresponding to an adjusted EBITDA margin of 4.7 percent (57.0).
• Adjusted EBITA decreased 73.4 MSEK to –44.9 MSEK (28.4), corresponding to an adjusted EBITA margin of –54.1 percent (29.3).
• Profit & loss for the quarter amounted to –162.2 MSEK (–60.4), and for continuing operations –40.5 MSEK (–37.5).
• Earnings per share before and after dilution amounted to –2.31 SEK (–0.86), and for continuing operations –0.58 SEK (–0.53).
• Cash flow from operating activities amounted to 410.8 MSEK (3.3), of which discontinued operations amounted to 444.1 MSEK (–44.6).
• Consolidated cash and cash equivalents together with unutilized credit facilities amounted to 254.9 MSEK (283.2) as of 30 June 2024.
• Per Alnefelt assumed his role as interim CFO for Thunderful Group effective 8 April 2024, succeeded Henrik Lundkvist.
• Thunderful Group divested 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 Bergsala AB and former CEO of Nordic Game Supply AB.
• Thunderful Group divested the German subsidiary Headup GmbH to the founder of the company; Dieter Schoeller.
• Thunderful Group divested the distribution companies AMOToys AB, Bergsala Aktiebolag, Thunderful 1 AB och Thunderful Solution AB to Bergsala NDP AB. 

The period January–June 2024

• Net revenue decreased 53.2 MSEK to 141.1 MSEK (194.3) compared to the same period last year.
• Operating profit (EBIT) decreased 244.0 MSEK to –212.9 MSEK (31.1), corresponding to an operating margin of –150.9 percent (16.0). Write-down of capitalised development cost amounted to 100.6 MSEK for the period.
• Adjusted EBITDA decreased 131.1 MSEK to –24.1 MSEK (107.0), corresponding to an adjusted EBITDA margin of –17.1 percent (55.1).
• Adjusted EBITA decreased 239.6 MSEK to –173.0 MSEK (66.6), corresponding to an adjusted EBITA margin of –122.7 percent (34.3).
• Profit & loss for the period amounted to –398.4 MSEK (–47.0), and for continuing operations –171.0 MSEK (–23.8).
• Earnings per share before and after dilution amounted to –5.67 SEK (–0.67), and for continuing operations –2.43 SEK (–0.34).
• Cash flow from operating activities amounted to 255.1 MSEK (73.2), of which discontinued operations amounted to 263.8 MSEK (–42.5).

Events after the end of the quarter

• No significant events after the end of the quarter.

Financial targets
The Board of Directors for Thunderful Group has decided to withdraw the financial targets that were originally developed and communicated in connection with the IPO of Thunderful Group in December 2020.
 
In June 2024, Thunderful Group completed the divestment of the Distribution operations to become a pure gaming company. As a consequence, the Board of Directors has concluded that Thunderful Group should withdraw its existing financial targets.
 
The Board of Directors believes that Thunderful Group should communicate new long-term financial targets. Such objectives will be carefully evaluated and communicated when deemed
appropriate.
 
Telephone conference
Thunderful Group invites to a webcast August 21, 2024, 09.00 CEST. The Interim Report for Q2 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://redeye-se.zoom.us/j/87164886731?pwd=INlaQwQGtzkoa2E1P7IbwfhHAdTli6.1