Nitro Games Oyj: Interim Report January – March 2024

JANUARY – MARCH 2024

• Revenues (Jan – Mar): 2,674 KEUR (1,742 KEUR).
• EBITDA: 599 KEUR (- 214 KEUR).
• EBIT: 159 KEUR (- 462 KEUR).
• Net result: 107 KEUR (- 361 KEUR).
• Earnings per share (EPS): 0,0 (-0,03).
• Cash and cash equivalents: 3,283 KEUR, and 1,503 KEUR of short-term receivables (31 March 2024).

(Unless otherwise stated, the comparison figures in brackets refer to the corresponding period in the previous year.)

SIGNIFICANT EVENTS DURING JANUARY– MARCH 2024

• The company announced 4th January 2024 that appointed Jussi Immonen as Chief Commercial Officer (CCO).
• Signed approx. 3.5 million EUR expansion to the development agreement with Digital Extremes.
• Signed publishing agreement for Autogun Heroes with Supersonic from Unity
• Nitro Games changed the payment terms of the convertible bond with Nordisk Games.

SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD

No post-period events.

Report highlights

“We started our year well as we delivered yet another profitable quarter with revenue growth. Our revenues grew 54 % to 2.7 million EUR and our EBITDA improved 380 % to 0.6 million EUR. These strong improvements are a result of the persistent work we did last year both in terms of cost control and building new revenue streams. Our games business made concrete improvements as we finalized the launch phase with Autogun Heroes and started the collaboration with our new partner Supersonic. Our B2B service business continued strong, and we secured yet another follow-up order from Digital Extremes.”

says Jussi Tähtinen, CEO of Nitro Games

Webcast with Teleconference, Q1 / 2024

The Company will do a presentation after the release of the report. Participants can join this presentation via a Webcast. Participants can send questions to the presenters via email below.

29 April 2024 09:30 (Europe/Stockholm)

Details of event:https://financialhearings.com/event/46661
Language: English
Activity: Webcast
Webcast: https://ir.financialhearings.com/nitro-games-q1-2024

Questions via email: info@nitrogames.com

For more information:

Jussi Tähtinen, CEO & Co-Founder
Phone: +358 44 388 1071
Email: jussi@nitrogames.com

This company announcement contains information that Nitro Games Oyj is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication by aforementioned contact person on 29 April 2024 at 09:00 (EEST).

Nitro Games in brief:

Nitro Games is a mobile game developer and publisher. Nitro Games team is a multinational group of mobile gaming professionals that has the expertise from development to publishing to live-operations. The Company focuses on producing high quality mobile games mostly for the mid-core audience. Nitro Games is specialized in the category of shooter games. With Nitro Games’ powerful NG Platform and the NG MVP process, the Company is able to carry out market validation with its games during development. Nitro Games has developed several games such as Autogun Heroes, NERF: Superblast, Lootland, Heroes of Warland, Medals of War, Raids of Glory. The company offers its services also to selected customers and has developed several successful projects to leading mobile gaming companies.

Nitro Games’ shares are listed on Nasdaq First North Growth Market with the ticker NITRO. The Certified Adviser is FNCA Sweden AB, info@fnca.se.

www.nitrogames.com

Finnish Business ID: FI21348196