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Nitro Games Oyj: Interim report January – December 2017

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The interim period January – December 2017

  • Revenues (January – December) increased by 107% to 1,716.1 KEUR (827.9 KEUR on corresponding period 2016).
  • EBITDA amounted to –2,487.9 KEUR (corresponding period 2016: - 574.3 KEUR).
  • EBIT: Operating result before financial items amounted to -3,159.8 KEUR (-1,233.4 KEUR).
  • Net profit: The net result for the period amounted to -3,341.2 KEUR (-1,482.6 KEUR).
  • As of December 31, cash and cash equivalents amounted to 2,367.5 KEUR.
  • The Company wrote down in December old stock from sub-companies, related to obsolete past projects that were no longer producing revenue. This caused a one-off negative effect of -625.0 KEUR.

October – December 2017

  • Revenues (October - December) increased by 652% to 517.0 KEUR (68.8 KEUR on corresponding period 2016).
  • EBITDA amounted to -1,461.1 KEUR (corresponding period 2016: -257.1 KEUR).
  • EBIT: Operating result before financial items amounted to -1,617.7 KEUR (-533.1 KEUR).
  • Net profit: The net result for the period amounted to -1,680.1 KEUR (-771.8 KEUR).
  • The Company wrote down in December old stock from sub-companies, related to obsolete past projects that were no longer producing revenue. This caused a one-off negative effect of -625.0 KEUR.

SIGNIFICANT events during the interim period

  • Medals of War was featured by Apple in 18 countries, including United States from end of September to early October.
  • Nitro Games signed a Game Distribution and Servicing Agreement with Netmarble EMEA to introduce Medals of War to Arabic and Turkish speaking audiences.
  • Nitro Games completed a directed new share issue of 500,000 shares, raising SEK 25 million.
  • Nitro Games and Wargaming agreed on a project scope increase with an amendment to the agreement signed in May 2017, resulting in approximately 0.4 MEUR increased revenue for Nitro Games.
  • Medals of War entered Open Beta on Android and received Early Access featuring from Google.
  • Nitro Games distributed incentive options to management and personnel.
  • Medals of War launch in MEA region started with Netmarble EMEA and received instant featuring.

SIGNIFICANT events after the interim period

  • None.

Report highlights

“We continued strong execution of our new strategy during Q4. This quarter was the strongest in 2017 with increasing growth in revenues. After we started the launch of our first new game, Medals of War, we had an increase in revenues from our Self-publishing business, representing 27% of our total revenues in H2.

The results from Medals of War launch so far are encouraging. With our MVP process, we have improved on our user acquisition efficiency by decreasing the cost of a new install on a monthly basis, while at the same time we’ve increased the monetization of the game. We’ve already succeeded in ROAS positive user acquisition, resulting in our best performing marketing campaigns returning more money than what goes into them. With our continuous efforts in improving the game based on the performance indicators, we’re aiming to increase the scale of these successes and the game itself by expanding on marketing activities resulting in more downloads and revenue.

We are looking forward to continue seeking growth and increasing shareholder value in 2018.” says Jussi Tähtinen, CEO of Nitro Games. 

For more information:

CEO Jussi Tähtinen

Phone: +358 44 388 1071

Email: jussi@nitrogames.com

This company announcement contains information that Nitro Games Plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication by aforementioned contact person on 12 Feb 2018 at 09:00 (EET).

Nitro Games in brief:

Nitro Games is a free-to-play mobile game developer and publisher with a decade of experience in developing games for the mid-core user segment, mostly focusing on the genre of strategy games. The Company focuses on producing games with high production value and high revenue potential for smartphones and tablets. With Nitro Games’ powerful NG Platform and NG MVP-process, the Company is able to do market validation with new game prototypes after only a week of development. Historically, Nitro Games has developed games such as East India Company, Commander: Conquest of the Americas, Pirates of Black Cove and Raids of Glory. Nitro Games’ shares are listed on Nasdaq First North Stockholm with the ticker NITRO, and the company’s Certified Adviser is Augment Partners AB, phone: +46 8 505 651 72. www.nitrogames.com.

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Interim report Nitro Games Medals of War

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