This morning, Thunderful Group published three press releases. Firstly, the company announced another restructuring program, aiming for cost savings of SEK40-45m for the full year 2026, with SEK6-8m expected already in 2025. The company stated that one of its most important releases for 2025, Lost in Random: The Eternal Die, has seen weaker-than-expected sales, resulting in publishing revenue of SEK38m for Q2. While this is in line with our expectations, we have likely underestimated the level of investment that went into the game. It is also worth highlighting that our estimates for upcoming titles have been relatively conservative, given the underperformance of recent releases. In addition, we have already factored in additional capital injections in our forecasts, meaning that meeting our expectations does not necessarily imply that any single game launch would be considered successful. Thunderful also disclosed that net debt stood at SEK85m at the end of June, up from approximately SEK50m in Q1, indicating that Q2 was another weak quarter in terms of cash flow. Although the cost reduction program will result in further staff reductions, the company’s announced game pipeline remains unchanged.
