Thunderful Labels 2024 as a Year of Transformation with 14.5% YoY Decline in Net Revenue

Thunderful has announced the completion of its transition into a pure-play gaming company, as reflected in its Q2 2024 financial report and year-to-date performance. The company describes the start of 2024 as highly eventful, marked by an intense transformation into a dedicated video game publisher and developer. Following the divestment of its distribution operations, Thunderful's board has decided to withdraw its existing financial targets. The company did not report any significant events after the quarter's end. Key highlights for the three months ending June 30, 2024, include: net revenue of 83.1 MSEK, down 14.5% year-over-year; gross profit of 66 MSEK, a 31.1% decrease from the previous year; and a gross margin of 79.4%, compared to 98.5% in Q2 2023. For the January-June 2024 period: net revenue was 141.1 MSEK, a 27.4% decline; gross profit was 107.1 MSEK, down 40.4%; and the gross margin was 75.9%, compared to 92.5% in the same period of 2023. During the first half of 2024, Thunderful divested several companies, including HeadUp, Nordic Game Supply, Bergsala, and Amo Toys, resulting in the reporting of two new business segments with proforma figures for the corresponding 2023 period. CEO Martin Walfisz stated, 'As of the end of Q2 2024, Thunderful Group has transformed into a streamlined company focused solely on publishing and developing video games for the global market. This year is transitional, with significant changes, but our cost-saving measures and improvement initiatives are starting to yield results. Thunderful's future success will depend on striking the right balance between commercial strategy, our talented workforce, and enhanced processes and structures. Although 2024 is a transitional year and we still face challenges, we approach them with renewed optimism and a strong focus.'