Nitro Games sees record Q4 revenue but the year’s net results remain red

Autogun Heroes supported a successful Q4 and pushed Nitro Games to a stronger 2023, but the dev’s not in the green just yet

Nitro Games sees record Q4 revenue but the year’s net results remain red

Mobile game maker and midcore specialist Nitro Games has released its 2023 financial report, revealing a year-on-year revenue rise from €7.25 million to €8.84 million. This was bolstered by a record quarter to round off the year with €2.9 million generated between October and December alone.

The bulk of Q4 revenue came from Autogun Heroes, released in the summer of 2023 with Nitro Games as developer and publisher. Since then - only last week - Nitro struck a deal with Unity’s Supersonic to hand over publishing duties, promotion and more.

However, despite the improvement on 2022, Nitro clearly has some ways to go with net results and more still in the red…

Room to improve

Nitro Games’ EBITDA stood at -€2.8 million in 2022, with the situation improving to -€1.7 million for 2023. Again the fourth quarter 2023 supported this improvement, being €786,000 in the green compared to -€356,000 in Q4 2022.

The company’s net result was -€3.28 million for the whole of 2023, a slight improvement on -€3.7 million in 2022, with earnings per share rising to -€0.19 from a prior -€0.29. They reached €0.01 in the fourth quarter, again demonstrating a continued improvement as the year progressed.

"We ended the year with yet another record quarter. Our revenues reached a new high of €2.9 million with a positive net result of €0.3 million. As a result of the increased revenues and solid cost control, our cash position at the end of the year improved to €3.8 million. Our games business was our main source of growth in 2023, totalling to approx. €2 million in revenues (€0.5 million in 2022). The majority of this revenue came from our new game Autogun Heroes during the second half of the year," said Nitro Games CEO Jussi Tähtinen.

"Overall, the year 2023 was eventful - both for us and for the gaming industry. I am happy with how we eventually navigated through the year and reached many concrete wins resulting in a profitable quarter at the end of the year. I am proud of this milestone and would like to thank all our employees, partners, and shareholders for their continued support throughout the years. I look forward to a great year ahead as we are seeking stable growth."

Nitro Games also ended 2023 with a big new deal, having made a €9 million agreement with Netflix for an upcoming game project. While the title is unknown, it is confirmed to be based on an undisclosed IP, suggesting another of Netflix’s shows is getting a mobile spinoff akin to the Vikings: Valhalla.

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