Thunderful Reports Steady Q1 Revenue Despite Mixed Segment Performance

Thunderful has released its financial report for the first quarter of 2023, showing revenue largely in line with the previous year. Key figures include net revenue of SEK 555.4 million ($53.7 million), representing a 1.7% year-on-year increase, with the Distribution segment contributing SEK 448 million ($43.2 million) and the Games segment contributing SEK 107 million ($10.3 million). Gross profit stood at SEK 245.7 million ($23.7 million), up 8.3% year-on-year. Acting CEO Anders Maiqvist highlighted a 28% organic sales growth in the games segment during Q1 2023. Although the distribution segment's revenue declined by 3% to SEK 448 million ($43.2 million), it saw a 28% year-on-year profit increase. In contrast, the games segment's revenue rose by 30% to SEK 107 million ($10.3 million). Looking ahead, Maiqvist announced plans to accelerate new releases, including titles such as Planet of Lana, SteamWorld Build, and Viewfinder. The company also reported a slight increase in IP Building revenue from new releases during the quarter, while catalogue sales of games were significantly higher than in the comparison quarter, partly due to the release of 22 new games in 2022. A further 13 game releases are planned over the next three quarters. Notable game releases during the quarter included Vendir: Plague of Lies and Jurassic World: Aftermath Collection. Additionally, Thunderful recently promoted Claire Boissiere to vice president, who will also continue as studio director at Jumpship, following the company's acquisition by Thunderful in November 2022.