Thunderful’s Q3 report shows decline in profits and revenue

According to Acting CEO Anders Maiqvist, the firm is back on profit-generating levels after three quarters.
Green thunderful logo

Thunderful’s financial report for Q3 2022 was released recently, and it shows a decline in profit and revenue alike. Thunderful is a Swedish publisher and distributor, currently led by Acting CEO Anders Maiqvist.

Q3, which is the three months ending on September 30, 2022, saw an overall revenue of SEK 703.4 million ($67.8 million), down 4.8% year-over-year. The firm’s distribution revenue dropped by 8.5% to SEK 585.6 million ($56.5 million) and the profits dropped by 76.5% to SEK 11.4 million ($1.1 million). The company’s revenue increased by 19%, to SEK 117.8 million ($11.4 million). 

From January to September, the firm’s revenue increased by 0.7% to SEK 1.8 billion ($173.6 million).

Acting CEO Anders Maiqvist was promoted to his current position after former CEO Brjann Sigurgeirsson stepped down. Maiqvist said that the Q3 results put the company back on profit-generating levels.

According to the report, Thunderful’s distribution business which encompasses Amo Toys, Nordic Game Supply, and Nintendo’s Nordic distributor Bergsala was much of the reason behind the decline.

The revenue from the games segment of the company is increasing. Games launched in Q3 generated SEK 10 million ($964,209). This number is the highest amount recorded since the company started recording this figure separately.

Cursed to Gold and Hell Pie were reported to be the biggest drivers of that increase. Lego Bricktales and The Last Hero of Nostalgaia both launched in October, and reportedly generated more revenue for Q4 than all Q3 launches.

Maiqvist also commented on the acquisition of Robot Teddy and Coatsink:

“Since it was acquired in the fourth quarter of 2021, Robot Teddy has become one of Thunderful Group’s most profitable subsidiaries, and Coatsink has accounted for a significant proportion of Thunderful Games’ profitability in every quarter since its acquisition.”

Thunderful also reported that it has acquired Somerville developer Jumpship. 

NEXT: Newzoo expects games market to declıne 4.3% ın 2022

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