Nitro Games FY2025 Q1 Earnings Release

Interim
Report
JANUARY–MARCH 2025 NITRO GAMES OYJ

Reporting period January–March 2025

Revenue (Jan–Mar): 2,434 KEUR (2,674 KEUR).

EBITDA: 416 KEUR (599 KEUR).

EBIT: 87 KEUR (159 KEUR).

Net result: 58 KEUR (107 KEUR).

Earnings per share (EPS) 0.00 (0.00)

Cash and cash equivalents: 1,090 KEUR, and 1,412 KEUR
of short-term receivables (31 March 2025).
(Unless otherwise stated, the comparison figures in brackets refer to the
corresponding period in the previous year.)
Significant events during
January–March 2025

Netflix has cancelled the unannounced game project with Nitro Games.
Significant events after
the reporting period

No post-period events.
Other events

Nitro Games releases a public demo of Autogun Heroes: Supercharged.

Nitro Games announces a new game Pistolo launching at Pistolo.com.

Nitro Games to deliver a new action shooter game for an iGaming platform.
– SAYS JUSSI TÄHTINEN,
CEO OF NITRO GAMES.
Profitability continues
“We’ve had an eventful start to the year. We succeeded in making good
progress with our game portfolio, while at the same time we also faced
some setbacks in our B2B service business.Thanks to our portfolio strategy
and our ability to adapt quickly to changes, we maintained financial stability
and delivered yet another profitable quarter. Our revenues came in at EUR
2.4 million, about EUR 0.2 million less than in Q1 last year, and our EBITDA
landed at EUR 0.4 million, which is also EUR 0.2 million less than in Q1\
last
year. We now continue forward with our plan for the year as we seek to grow
our game portfolio, expand to new platforms, and use the momentum we’ve
built to create increasing long-term value. We are also actively working on
new B2B opportunities and see strong demand in the category of Action
& Shooter games from potential new partners.I’m excited to see Nitro
reaching new heights in 2025 as we approach several exciting milestones.”
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INTERIM REPORT
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Nitro Games is a game developer and publisher, backed by
a multinational team of gaming professionals with expertise
spanning game development, publishing, and live operations.
Specializing in action and shooter games, Nitro Games is
dedicated to creating high-quality experiences for a global
audience. With recent titles like Autogun Heroes and
NERF: Superblast, the company has built a strong portfolio
of engaging and innovative games. Nitro Games also has a
proven history of collaborating with leading brands and
companies, offering tailored development and publishing
services to select partners.
About Nitro Games
Nitro Games’ shares are listed on Nasdaq First North Growth Market
with the ticker NITRO. The Certified Adviser is FNCA Sweden AB.
www.nitrogames.com
Finnish Business ID: FI21348196

Key performance indicators
Jan-Mar 2025 Jan-Mar
2024 Full Year
2024
Revenue (EUR thousand) 2,434.32,673.711,392.1
Operating profit/loss (EBIT) (EUR thousand) 86.9158.8 654.2
Operating profit/loss % (EBIT %) 3.6 %5.9 %5.7 %
EBITDA (EUR thousand) 416.1599.02,414.3
EBITDA % 17.1 %22.4 %21.2 %
Net profit /loss (EUR thousand) 58.4107.1 475.3
Equity ratio (%) 37.0 %22.4 %32.5 %
Number of shares, average 24,924,36424,924,36424,924,364
Number of shares, average diluted 24,924,36424,927,36424,924,364
Number of shares at the end of the period 24,924,36424,924,36424,924,364
Number of share options 2,483,9702,555,8962,528,618
Number of special rights 178,2692,000,139 693,663 
Equity per share (EUR) 0.100.070.10
Earnings per share (EUR) undiluted 0.000.00 0.02
Earnings per share (EUR) diluted 0.000.00 0.02
Net debt (EUR thousand) 3,143.94,878.3 3,139.4
Number of employees, average 5046 47
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JANUARY–MARCH 2025 NITRO GAMES OYJ

A WORD FROM JUSSI TÄHTINEN, CEO
Profitability continues
We’ve had an eventful start to the year. We succeeded in making good progress with
our game portfolio, while at the same time we also faced some setbacks in our B2B
service business. Thanks to our portfolio strategy and our ability to adapt quickly
to changes, we maintained financial stability and delivered yet another profitable
quarter. Our revenues came in at EUR 2.4 million , and our EBITDA landed at EUR 0.4
million, both approximately EUR 0.2 million less than in Q1 last year. We now continue
forward with our plan for the year as we seek to grow our game portfolio, expand
to new platforms, and use the momentum we’ve built to create increasing long-term
value. We are also actively working on new B2B opportunities and see strong demand
in the category of Action & Shooter games from potential new partners.
We’re targeting growth in our game portfolio this year, focusing on three key
areas: new games, new partnerships, and new platforms. Our portfolio changed
quite a bit during the first quarter. Netflix cancelled the unannounced project we
had, which reflected negatively in our financial performance during the quarter.
However, it also allowed us to increase our focus on our own game portfolio and
introduce new games. Pistolo was worked on during Q1 and launched soon after
in April on an iGaming platform. This is a great example of how we can build new
opportunities and achieve a fast time-to-market by leveraging our previous work.
This also allowed us to enter a whole new domain for us, and we’re excited to
explore its business potential. Autogun Heroes: Supercharged proceeded to closed
group testing during the quarter and to public demo testing after the peri\
od. Parallel
to this, we’re busy developing the game toward a launch on PC via Steam. Autogun
Heroes also continues on mobile and web. We worked on new updates for the game
while building toward future platform expansions. We launched a major update after
the quarter, including an improved new player experience. We are now measuring
the impact of that update as we seek to scale the game further. Naturally, we also continued our long-term collaboration on Warframe mobile together with Digital
Extremes. Overall, this is solid progress for our portfolio and well aligned with our
goals for the year. We’re excited to move forward with many great milestones ahead.
There’s also a lot going on behind the scenes. In addition to our already announced
games, we’re continuing our efforts to grow the portfolio in new ways. We have
several new initiatives brewing internally, as we explore the potential in new games
that can take us to new heights. On top of our own development, we are also
exploring opportunities to expand our multi-platform capabilities. Additionally,
our continuous improvement is reflected in the potential new B2B projects we are
currently exploring. The B2B market has seen difficult times over the past few years,
but we’re pleased to see Nitro and our offering being a strong match for increasing
demand. Naturally, not all opportunities will materialize, and some games may be
cancelled before they’re even announced – but we remain confident in our goals to
grow the portfolio this year with new titles.
Overall, while the year didn’t start exactly as planned, we’re still on track to deliver on
our goals and make 2025 a great year for Nitro. We’re actively expanding our game
portfolio, strengthening our team, and benefiting from our scalable staffing model
that enables us to respond quickly to changes. We are seeking to continue leveraging
our financial stability and profitability to explore new long-term opportunities. I’m
excited to see Nitro reaching new heights in 2025 as we approach several exciting
milestones.
– JUSSI TÄHTINEN, CEO OF NITRO GAMES
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– JUSSI TÄHTINEN
CEO OF NITRO GAMES
INTERIM REPORT JANUARY–MARCH 2025 NITRO GAMES OYJ
6
There’s also a lot going on behind the scenes. In addition to our already
announced games, we’re continuing our efforts to grow the portfolio in
new ways. We have several new initiatives brewing internally, as we explore
the potential in new games that can take us to new heights. We’re also
looking to leverage our financial position and growing multi-platform
capabilities by exploring opportunities from other game developers.
Additionally, our continuous improvement is reflected in the
potential new B2B projects we are currently exploring. The
B2B market has seen difficult times over the past few years,
but we’re pleased to see Nitro and our offering being a
strong match for increasing demand. Naturally, not all
opportunities will materialize, and some games may be
cancelled before they’re even announced – but we remain
confident in our goals to grow the portfolio this year with new titles.
Overall, while the year didn’t start exactly as planned, we’re still on
track to deliver on our goals and make 2025 a great year for Nitro.
We’re actively expanding our game portfolio, strengthening our team,
and benefiting from our scalable staffing model that enables us to respond
quickly to changes. We are seeking to continue leveraging our financial stability
and profitability to explore new long-term opportunities. I’m excited to see
Nitro reaching new heights in 2025 as we approach several exciting milestones.”
CEO’s comment:

Significant events during January–March 2025

Netflix cancelled the unannounced game project with Nitro Games.
Netflix cancelled the project with Nitro Games, originally communicated on 8 November 2023.
The project is now expected to be concluded in early 2025, approximately 9 months earlier than
anticipated, resulting in approximately 70% of the order value projected materializing.
Significant events after the reporting period

None.
Other events
Nitro Games released a public demo of Autogun Heroes: Supercharged. Nitro Games
announced the public demo of their upcoming retro-inspired shoot ‘em up adventure, Autogun
Heroes: Supercharged. Available now on Steam, this early preview gives players the chance to
experience high-octane, explosive gameplay ahead of the full launch. The game is a love letter
to classic retro titles and the players who keep the genre alive.
Nitro Games announced a new game launching at Pistolo.com. Nitro Games announced that
its new game, Pistolo, has been launched worldwide on the iGaming platform at pistolo.com.
Pistolo is a browser-based action shooter game where players hunt monsters to gain rewards.
These rewards can then also be used to play other games available at pistolo.com.
Nitro Games to deliver a new action shooter game for an iGaming platform. Nitro Games has
signed an agreement with an iGaming platform (“Platform”). With this agreement, Nitro Games
provides the Platform with a new action shooter game. The Platform pays th\
e development
costs, estimated to be approximately 0.5 million EUR. Nitro Games is also entitled to a small
revenue share, subject to the commercial performance of the game on the platform after
commercial release. The first game project is ongoing and expected to be completed in 2025.
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INTERIM REPORT
JANUARY–MARCH 2025 NITRO GAMES OYJ

Revenues & Result
Revenue for the period January–March 2025 was 2,434 KEUR (2,674 KEUR),
representing a year-on-year decrease of 9.0 %. Other operating income amounted
to 0.0 KEUR (0.2 KEUR). EBITDA totaled 416 KEUR (599 KEUR), and EBIT\
; operating
profit before financial items, was 87 KEUR (159 KEUR). The net result for the period
was 58 KEUR (107 KEUR).
COST STRUCTURE:
The materials and services expenses were -630 KEUR (-717 KEUR) during January–
March 2025. These costs primarily consist of third-party expenses related to game
development and maintenance, including outsourced services. Additionally, they
cover game marketing expenses, such as user acquisition (UA) costs, which play a
crucial role in attracting new players and expanding the company’s user base.
The Personnel expenses were -935 KEUR (-887 KEUR) during January–March 2025.
This cost includes wages and salaries and social security expenses.
The other operating expenses (OPEX) were -453 KEUR (-471 KEUR) during January–
March 2025. These costs include third – party expenses related to accounting, office
rents, legal fees, stock market expenses, computer hardware and software (incl.
analytics software), travel expenses, other office costs, and miscellaneous.
(Numbers in brackets refer to the corresponding year-on-year period) Q1/2024
Q1/2025
REVENUE (KEUR)
EBITDA (KEUR)
12/23
11/23
10/23
9/23
8/23
7/23
6/23
5/23
4/23
3/23
2/23
1/23
7 247,90
-2 340,40
2 635,50
2021 2022-2 611,80
-4 000,00
-2 000,00
0,00
2 000,00
4 000,00
6 000,00
8 000,00
0
500
1,000
1,500
2,000
2,500
3,000
3,35
3,40
3,45
3,50
3,55
3,60
3,65
3,70
3,75
3,80
3,85
3,90
-3,000
-1,000 1,000
3,000
5,000
7,000
9,000
11,000
REVENUE (KEUR)
EBITDA (KEUR)
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JANUARY–MARCH 2025 NITRO GAMES OYJ

Cash flow and financial position
EUR thousand Jan-Mar
2025 Jan-Mar
2024 Full Year
2024
Net cash from operating activities -120.7101.9538.7
Net cash used in investing activities -229.4-600.0-1,200.0
Net cash from financing activities -575.9-45.1-1,148.4
Change in cash and cash equivalents -926.0-543.1-1,809.7
Cash and cash equivalents at the beginning of the period 2,016.2
3,825.83,825.8
Cash and cash equivalents at the end of the period 1,090.2
3,282.72,016.2
Investments and Depreciation
Part of the expenses from games in production were expensed as costs. Part of the
costs from the development of the shooter game projects, and related technology
are capitalized during the period against expected future profits. The company has
a tight focus on the category of shooter games and utilizes reusable technology
and game features. This allows Nitro Games to take advantage of development
activities done in previous projects when working on a new game.
New development costs were capitalized from January to March by a total of 229
KEUR (0 KEUR). This includes third party costs related to game development and
maintenance (outsourced services), personnel costs, and other costs, which are
directly related to the game projects. These capitalized development costs are
amortized over a five (5) year period on a straight-line basis.
Depreciations were done according to the depreciation plan, consisting mostly of
capitalized development costs from previous years. The depreciations amounted to
a total of 329 KEUR (440 KEUR) January to March 2025.
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JANUARY–MARCH 2025 NITRO GAMES OYJ

Market
Nitro Games is a game developer and publisher operating in the global gaming
market. Specializing in action and shooter games, Nitro Games is dedicated to
creating high-quality experiences for a global audience. The company also has a
proven history of collaborating with leading brands and companies, offering tailored
development and publishing services to select partners. In 2024, the glo\
bal games
market was estimated to be worth around USD 187.7 billion, which is approximately
2.1 percent higher compared to the previous year. Mobile games represent 49
percent of the global games market with USD 92.6 billion, Console games represent
28 percent with USD 51.9 billion and PC games represent 23 percent with USD 43.2
billion. The total games market is expected to grow with a CAGR (2022-2027) of
+3.1% and is expected to reach USD 213.3 billion in 2027.
Source: Newzoo 2024
Personnel
Jan-Mar 2025 Jan-Mar
2024 Change,

% Full Year
2024
Employees (average for the period) 49.746.0 8.047.0
Employees (end of period) 49.045.0 8.950.0
From January to March 2025, Nitro Games’s average number of employees was 49.7 (46).
Related Party Transactions
Nitro Games’ related parties include its potential subsidiaries, associates, key
management personnel and their close family members and entities under t\
heir
control, as well as entities with significant influence over Nitro Games.

Jussi Tähtinen, CEO of Nitro Games, acquired 20,100 shares of the company on
the market (volume weighted average price was SEK 2.792).
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INTERIM REPORT
JANUARY–MARCH 2025 NITRO GAMES OYJ

The Share and Shareholders ShareholdersNumber
of shares % of shares
and votes
1 Försäkringsaktiebolaget Avanza Pension 3,441,59813.81
2 Jonsson Jimmy 1,429,6685.74
3 Dino Patti Holding ApS 1,253,5695.03
4 Ivarsson Alexander 1,197,3754.80
5 Nikkola Matti 11,091,378 4.38
6 Biehl Johan 2848,004 3.40
7 Nordnet Pensionsförsäkring AB 766,4933.08
8 Johansson Andreas 763,5513.06
9 Mattsson Emil 700,0002.81
10 Advenimus AB 3639,335 2.57
Others 12,793,39351.33
The total number of shares 24,924,364100.00
Nitro Games’ shares are traded on Nasdaq First North Stockholm since
June 16, 2017.
On March 31, 2025, Nitro Games share capital amounted to 80 KEUR, and the
number of shares was 24,924,364. Each share entitles its shareholder to one vote
in the general meeting. The shares have no nominal value. Nitro Games does not
own its own shares.
The shareholdings of the 10 largest shareholders are presented in the table below:
1 Including Oy AjoRanta Group AB, which is fully owned by Matti Nikkola (CFO).
2 Chairman of the Board.
3 Currently owned by Susana Meza Graham, who serves as a board member.
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JANUARY–MARCH 2025 NITRO GAMES OYJ

Calculation of Earnings per Share
Jan-Mar 2025 Jan-Mar
2024 Full Year
2024
Net profit /loss (EUR thousand) 58.4107.1 475.3
Number of shares, average 24,924,36424,924,36424,924,364
Number of shares, average diluted 24,924,36424,927,36424,924,364
Number of shares at the end of the period 24,924,36424,924,36424,924,364
Number of Share options 2,483,9702,555,8962,528,618
Number of Special Right 178,2692,000,139 693,663 
Equity per share (EUR) 0.100.070.10
Earnings per share (EUR) undiluted 0.000.00 0.02
Earnings per share (EUR) diluted 0.000.00 0.02
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JANUARY–MARCH 2025 NITRO GAMES OYJ

Review
This report has not been reviewed by the company’s auditors.
Certified Adviser
Nitro Games’ Certified Adviser is FNCA Sweden AB, info@fnca.se, +468 528 00399.
Investor Contact
The latest information on the company is published on the company’s website
www.nitrogames.com/investors. The company can be contacted by email
jussi@nitrogames.com, or by phone +358 44 388 1071.
Financial Calendar

Interim Report (Jan-Mar) 2025, 28 April 2025

Annual General Meeting 2025, 19 May 2025

Half-Year Report 2025, 18 August 2025

Interim Report (Jan-Sep) 2025, 27 September 2025

End-Year Report (Jan-Dec) 2025, 23 February 2026

Annual Report 2025, 20 April 2026
Note
This company announcement contains information that Nitro Games Oyj is
obliged to make public pursuant to the EU Market Abuse Regulation. The
information was submitted for publication by contact person mentioned
below on 28 April 2025 at 09:00 (EEST).
For Further Information,
Please Contact:
Jussi Tähtinen
CEO, Co-founder
+358 44 388 1071
jussi@nitrogames.com
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JANUARY–MARCH 2025 NITRO GAMES OYJ

Board Declaration
The Board of Directors and the Chief Executive Officer hereby
certify that this Interim Report gives a true and fair view of
the company’s and the group’s operations, financial position,
and results of operations, and describes significant risks and
uncertainties faced by the company.
Kotka, Finland, 28 April 2025
Johan Biehl
Chairman
Antti Villanen
Susana Meza Graham
Jussi Tähtinen
CEO

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JANUARY–MARCH 2025 NITRO GAMES OYJ

Statement of Profit or Loss
Statement of profit or loss and other comprehensive income
EURNoteJan-Mar
2025 Jan-Mar
2024 Full Year
2024
Revenue 62,434,303 2,673,72111,392,070
Other operating income 0161 842
Materials and services -629,658-716,748-3,133,063
Employee benefits expense -935,093-886,798-4,004,718
Depreciation and amortization -329,227-440,206-1,760,114
Other operating expenses -453,412-471,361-1,840,837
Operating profit 86,914158,770 654,179
Finance income and expenses -28,561-51,621-178,853
Profit before tax 58,353107,148 475,326
Income tax expense 8000
Profit/loss for the period 58,353107,148 475,326
Total comprehensive income for the period, net of tax 58,353
107,148 475,326
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JANUARY–MARCH 2025 NITRO GAMES OYJ

Statement of Finacial Position
EURNote Mar 31 2025Mar 31 2024 Dec 31 2024
EQUITY AND LIABILITIES
Equity Issued capital 80,00080,00080,000
Reserves 30,472,95130,581,24430,674,985
Retained earnings -28,126,619-28,914,847-28,845,885
Profit (loss) for the period 58,353107,148 475,326
Total equity 2,484,6851,853,5462,384,427
Liabilities Non-current liabilities 2,871,0722,773,2692,873,230
Interest-bearing loans and borrowings 2,800,8262,514,7152,800,826
Contingent consideration liabilities 0176,000 0
Trade and other payables 5563,096 556
Lease liabilities 69,69079,45871,848
Current liabilities 1,362,9955,387,7442,282,281
Trade and other payables 325,5061,121,925 340,638
Interest-bearing loans and borrowings 025,000 0
Contingent consideration liabilities 176,0001,771,795 689,765
Lease liabilities 42,71352,97252,028
Other current financial liabilities 72,43265,94780,989
Contract liability 01,750,000 200,000
Accrued liabilities 746,344600,105918,862
Total liabilities 4,234,0688,161,0135,155,512
Total equity and liabilities 6,718,75310,014,559 7,539,938
EUR Note Mar 31 2025Mar 31 2024 Dec 31 2024
ASSETS
Non-current assets 3,873,7915,228,918 3,962,856
Intangible assets 73,589,662 4,922,903 3,667,554
Right-of-use assets 107,004127,390 118,177
Non-current receivables 31,66133,161 31,661
Deferred tax assets 145,464145,464 145,464
Current assets 2,844,9624,785,6413,577,082
Trade receivables 1,411,6971,096,496 1,200,566
Prepayments and accrued income 343,105406,452 360,364
Cash and cash equivalents 1,090,1603,282,693 2,016,152
Total assets 6,718,75310,014,559 7,539,938
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JANUARY–MARCH 2025 NITRO GAMES OYJ

Statement of
Cash Flows
EUR thousand Jan-Mar 2025Jan-Mar 2024Full Year 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/loss for the financial year 58.4107.1 475.3
Adjustments for: 0.00.00.0
Depreciation and amortization 329.2440.21,760.1
Deferred income taxes 0.00.00.0
Financial income and expenses 20.651.6178.9
Operating expenses non-cash 55.941.7137.7
Cash from operations before changes in operating assets and liabilities 464.0640.72,552.0
Change in operating assets and liabilities: Accounts receivables -211.1-383.6 -487.7
Prepaid expenses and other assets 14.176.9121.6
Accounts payable -15.1-800.0-1,583.8
Accrued and other current liabilities -172.5-32.1286.6
Other long-term liabilities -200.0600.0-350.0
Net cash from operating activities (A) -120.7101.9538.7
CASH FLOWS FROM INVESTING ACTIVITIES Purchase of tangible and intangible assets -229.4-600.0-1,200.0
Net cash used in investing activities (B) -229.4-600.0-1,200.0
CASH FLOWS FROM FINANCING ACTIVITIES Repayments of finance lease liabilities -15.0-16.1-62.0
Proceeds from and repayments of borrowings -527.6-18.0-1,046.8
Cash payments for the interest portion of lease liabilities -2.1-2.2 -8.3
Interest paid on the long-term borrowings -31.3-8.7-31.3
Proceeds from issue of share capital 0.00.00.0
Net cash from/(used in) financing activities (C) -575.9-45.1-1,148.4
Change in cash and cash equivalents (A + B + C) increase (+) / decrease (-) -926.0-543.1-1,809.7
Cash and cash equivalents at beginning of period 2,016.23,825.8 3,825.8
Cash and cash equivalents at end of period 1,090.23,282.72,016.2
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JANUARY–MARCH 2025 NITRO GAMES OYJ

Statement of
Changes in Equity EUR thousand Share
capital Invested unrestricted
equity reserve Retained
earnings Total
equity
Equity as at 1 Jan 2025 8030,675 -28,371 2,384
Profit (loss) for the period 5858
Share-based payments -202245 43
Equity as at 31 Mar 2025 8030,473 -28,068 2,485
Equity as at 1 Jan 2024 8030,913 -29,307 1,686
Profit (loss) for the period 107107
Share-based payments -332257-75
Other adjustments 135135
Equity as at 31 Mar 2024 8030,581 -28,808 1,853
Equity as at 1 Jan 2024 8030,913 -29,307 1,686
Profit (loss) for the period 475475
Share-based payments -238461223
Equity as at 31 Dec 2024 8030,675 -28,371 2,384
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Notes to the financial statements
1. Company information
Nitro Games Oyj (hereafter ‘Nitro Games’ or the ‘Company’), is a Finnish mobile
games developer and publisher. The company is experienced in developing games
for the global gaming market. The company’s headquarters are in Kotka, Finland,
and it also has an office in Helsinki, the capital of Finland. The company was the first
Finnish mobile gaming company listed at the Swedish Nasdaq First North Growth
Market in Stockholm on June 16, 2017.
2. Basis of preparation
These condensed interim financial statements (‘interim financial statements’) for the
three months ended 31 March 2025 have been prepared in accordance with IAS 34
Interim Financial Reporting and should be read in conjunction with the Company’s
last annual financial statements as at and for the year ended 31 December 2024
(‘last annual financial statements’). They do not include all the information required
for a complete set of financial statements prepared in accordance with IFRS
Accounting Standards. However, selected explanatory notes are included to explain
events and transactions that are significant to an understanding of the changes in
the Company’s financial position and performance since the last annual financial
statements.
These interim financial statements were authorized for issue by the Company’s
board of directors on 28 April 2025.
3. Significant accounting policies
The Interim Financial Statements have been prepared in accordance with the
accounting policies adopted in the Company’s most recent annual financial
statements for the year ended 31 December 2024.
4. New and amended standards and interpretations
There are no standards that are not yet in effect that would be expected to have
a material impact on the entity in the current or future reporting periods and on
foreseeable future transactions.
5. Estimates and judgements
When preparing the Interim Financial Statements, management undertakes
a number of judgements, estimates and assumptions about recognition and
measurement of assets, liabilities, income and expenses. The actual results may
differ from the judgements, estimates and assumptions made by management.
The judgements, estimates and assumptions applied in the Interim Financial
Statements, including the key sources of estimation uncertainty, were the same as
those applied in the Company’s last annual financial statements for the year ended
31 December 2024.
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JANUARY–MARCH 2025 NITRO GAMES OYJ

6 Revenue and segment information
Disaggregation of revenue
The operation is divided into two business areas: Games business; the development
and publishing of mobile games for international distribution and Servic\
e business;
the selling of expertise in game development and publishing as a service to
international gaming companies.
Revenue from operations
Jan-Mar 2025 Jan-Mar 2024
Revenue
Revenue from operations 2,434,3022,673,721
Game business 75,699263,113
Service business 2,358,6032,410,608
Revenue by geographical market
The geographical breakdown of revenue is presented based on the location of the
customers. All the revenue shown above has been recognized at a point in time.

Jan-Mar 2025 Jan-Mar 2024
Revenue per market area 2,434,3022,673,721
EU 39,085261,861
North America 2,344,8052,410,608
United Kingdom 1,0810
Other 49,3311,252
7 Impairment of tangible and intangible assets
The Company reviews the carrying amounts of its tangible and intangible assets on
an annual basis (or more frequently if events or changes in circumstances indicate a
potential impairment) to determine if there are any indications that the assets have
decreased in value. If any such indications exist, the recoverable amount is set to
determine the need to recognize an impairment. The Company has not observed
any indication of impairment in the company’s assets in periods covered by this
interim report.
8 Tax expenses
Accounting policy
The income tax expense in profit or loss comprises both current tax and change in
deferred taxes. Income taxes are recognized in profit or loss.
Where tax positions are uncertain, accruals are recorded within income tax liabilities
for management’s best estimate of the ultimate liability expected to arise based on
the specific circumstances, Company’s interpretation of the tax laws and historical
experience.
Current tax
The current income tax expense for the reporting period is nil, as the taxable
income for the period has been fully offset by tax losses carried forward from
previous years in accordance with applicable tax regulations. Further details on the
tax losses we refer to Nitro Game Oyj’s latest audited financial statement dated
31.12.2024
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INTERIM REPORT
JANUARY–MARCH 2025 NITRO GAMES OYJ

Ticker: NITRO
FI21348196
nitrogames.com/investors
For Further information, please contact:
Jussi Tähtinen
CEO, Co-Founder
+358 44 388 1071
jussi@nitrogames.com Kotka office
Juha Vainion katu 2
FI-48100 Kotka
Finland Helsinki office
Kaisaniemenkatu 2B, 5th floor
FI-00100 Helsinki
Finland
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