Mobile game developer and midcore specialist Nitro Games has announced its 2023 financial report, showcasing a significant increase in revenue from €7.25 million to €8.84 million compared to the previous year. This growth was largely driven by a record-breaking quarter, with the company generating €2.9 million in revenue between October and December alone.
The release of Autogun Heroes in the summer of 2023, which saw Nitro Games serving as both the developer and publisher, contributed substantially to the Q4 revenue. In a recent development, Nitro Games has handed over publishing responsibilities, promotion, and more for Autogun Heroes to Unity’s Supersonic through a recent partnership.
Despite the positive progress in 2023, Nitro Games still has room to improve, particularly in net results which are still in the red.
Financial Insights
Nitro Games’ 2022 EBITDA stood at -€2.8 million, with a notable improvement in 2023, reducing to -€1.7 million. Similarly, the fourth quarter of 2023 showed a significant turnaround, reaching €786,000 in net income compared to -€356,000 in Q4 2022.
While the company’s net result remained negative at -€3.28 million for the entirety of 2023, there was a slight improvement from -€3.7 million in 2022, with earnings per share rising from -€0.29 to -€0.19. Notably, the company achieved a positive net result of €0.3 million in the fourth quarter, indicating continued progress throughout the year.
Nitro Games CEO Jussi Tähtinen stated, “We ended the year with yet another record quarter. Our revenues reached a new high of €2.9 million with a positive net result of €0.3 million…” He also highlighted the increased cash position and the fact that the games business was the primary driver of growth in 2023, especially with the success of Autogun Heroes.
2023 was a significant year for Nitro Games, culminating in a major agreement with Netflix valued at €9 million for an upcoming game project based on an undisclosed IP. This signals another venture into developing a mobile game spinoff from one of Netflix’s shows, following the success of Vikings: Valhalla.
