Thunderful Sees 15% Profit Increase to $106.3 Million in 2022

Thunderful Group has unveiled its full-year financial results for 2022, revealing a notable increase in profits despite a slight decline in revenues. The company's gross profit reached SEK 1.1 billion ($106.3 million) for the year, representing a 15% year-over-year increase. Total revenues stood at SEK 3.03 billion ($292.8 million), down 3.5% from the previous year. The games segment, although accounting for less than a quarter of the company's revenues, demonstrated significant growth driven by successful Q4 releases. Key highlights from the report include: Q4 total revenue of SEK 1.2 billion ($115.9 million), a 9.2% decrease from the previous year, and games revenue of SEK 199.4 million ($19.3 million), up 96%. The full-year net revenue was SEK 3.03 billion ($292.8 million), with a profit of SEK 1.1 billion ($106.3 million), marking a 15.3% increase. Top-selling games in Q4 included Lego Bricktales, The Last Hero of Nostalgaia, and Somerville, with the latter's developer, Jumpship, being acquired by Thunderful. The company has also acquired Studio Fizbin, the developer of Say No! More. Acting CEO Anders Maiqvist expressed the company's intention to expand its developer portfolio further, citing improved cash flow as a key factor. While the games segment remains a smaller portion of Thunderful's overall business, the company's distribution operations, particularly Bergsala, continue to drive significant revenue. Bergsala alone accounted for nearly 50% of Thunderful Group's Q4 revenues and 43% of full-year revenues. Maiqvist acknowledged that new game releases have not met expectations since the company's public listing in 2020. However, the creation of additional revenue streams and quarterly profit growth have positioned the company for a positive outlook in the year ahead.