Nitro Games, a mobile game developer specializing in midcore titles, recently released its financial report for 2023, unveiling a significant year-on-year increase in revenue from €7.25 million to €8.84 million. This surge was fueled by a record-breaking fourth quarter, which saw €2.9 million in revenue generated between October and December alone.

The standout performer in Q4 was Autogun Heroes, launched by Nitro Games during the summer of 2023. Just last week, Nitro Games finalized a deal with Unity’s Supersonic to transfer publishing responsibilities, promotion, and more for the game.

Despite these positive strides compared to 2022, Nitro Games still faces challenges, particularly in achieving profitability. In 2022, the company reported an EBITDA of -€2.8 million, which improved to -€1.7 million in 2023. The fourth quarter of 2023 played a significant role in this improvement, with earnings of €786,000 compared to a loss of -€356,000 in Q4 2022.

For the entire year, Nitro Games reported a net result of -€3.28 million in 2023, a slight improvement from -€3.7 million in 2022. However, earnings per share showed progress, increasing from -€0.29 to -€0.19. Notably, in the fourth quarter, earnings per share reached €0.01, indicating ongoing improvement throughout the year.

CEO Jussi Tähtinen expressed satisfaction with the company’s performance, highlighting the record-breaking quarter and improved cash position. He also announced a significant partnership with Netflix, involving a €9 million agreement for an upcoming mobile game based on an undisclosed IP, signaling Nitro Games’ continued growth and expansion.

In conclusion, while Nitro Games faced challenges in 2023, the company demonstrated resilience and achieved significant milestones, positioning itself for stable growth in the future.

Source: adapted from an article by Aaron Astle, News Editor for PocketGamer.biz.