Q2 2026 Nitro Games Oyj Earnings Call

August 17, 2026

Speaker #1: Hello, hello, hello.

Antti Villanen: Hello. Hello. Hello.

Speaker #2: Good morning, good morron.

Jussi Tähtinen: Good morning. Good morning.

Speaker #1: Greetings from Finland.

Antti Villanen: Greetings from Finland.

Speaker #2: Holiday season is behind us.

Jussi Tähtinen: Holiday season is behind us.

Speaker #1: Yes, yes, yes, yes. Yes, indeed. Indeed.

Antti Villanen: Yes. Yes. Yes. Yes.

Jussi Tähtinen: Back in action.

Antti Villanen: Yes, indeed.

Jussi Tähtinen: We have been already working a few weeks here and are starting the season.

Speaker #2: We've already been working here for a few weeks and are starting the season.

Speaker #1: Indeed, indeed. Although we always say Nitro never sleeps, we also like to enjoy the traditional one-month-ish summer season here in Finland, which is usually the month of July.

Antti Villanen: Indeed. Although, like we always say, Nitro never sleeps, but we like to enjoy the traditional one-month-ish summer season here in Finland, which is usually the month of July.

Jussi Tähtinen: Yeah.

Speaker #1: Of course, there's always a little bit of overlap when different guys are on holidays, but this year, it was a pretty good summer.

Antti Villanen: Of course, there is always a little bit overlap when different guys are on holidays, but this year it was pretty good summer.

Speaker #2: It was a good summer, and both the weather was nice, but the operation went well during the summer also.

Jussi Tähtinen: It was good summer and both in weather was nice, but the operation went well during the summer also.

Speaker #1: Indeed, indeed. So let's get into it. Welcome to the webcast for the second quarter slash first half of the year, and—

Antti Villanen: Indeed. Welcome to the webcast for the Q2/H1 of the year.

Jussi Tähtinen: By the way, we didn't introduce ourselves.

Speaker #2: By the way, we didn't introduce ourselves. This is Yussif, and this is my co-founder and CEO of Nitro Games for 19 years.

Jussi Tähtinen: By the way, we didn't introduce ourselves.

Antti Villanen: How not so like-

Jussi Tähtinen: This is Jussi.

Antti Villanen: Hi.

Jussi Tähtinen: He's my co-founder and CEO of Nitro Games since 19 years.

Speaker #1: Yes, yes, yes. And here's Antti Villanen, Chief Strategy Officer and co-founder here at Nitro Games, and also a board member. So, in—yes, yes, yes.

Antti Villanen: Yes. Here is Antti Villanen, Chief Strategy Officer, co-founder here at Nitro Games, also a board member.

Jussi Tähtinen: Since 19 years.

Antti Villanen: Yes. Nitro, we have been running the show for almost 20 years now, so we are one of the oldest game companies in Finland. Here comes the overview of the report that we just released this morning. Overall, what I would say is that this is pretty well in line with what we are about to do this year and what we have already been doing this year. We have discussed before, this year is all about new growth.

Speaker #1: So, Nitro, we've been running the show for almost 20 years now, so we're one of the oldest game companies in Finland. And, and, and, here comes the overview of the report that we just released this morning.

Speaker #1: And overall, what I would say is that this is pretty well in line with what we're about to do this year and what we have already been doing this year.

Speaker #1: So, like we've discussed before, this year is all about new growth.

Jussi Tähtinen: New growth.

Speaker #2: New growth.

Speaker #1: Yes, so we're investing in a lot of new things. We are favoring and building a sound business, so we're very much focused on the bottom line, making sure that we keep our eyes on profitability.

Antti Villanen: Yes. So we are investing in a lot of new things. We are favoring and building a sound business, so we are very much focused on the bottom line, making sure that we keep our eyes on profitability.

Speaker #1: We make sure that we keep our eyes on cash flow, on the equity, and do these investments in a manner that basically everything is controlled very much.

Jussi Tähtinen: Yeah.

Antti Villanen: We make sure that we keep our eyes on cash flow, on the equity, and do these investments in a manner that basically everything is controlled.

Jussi Tähtinen: Yeah

Antti Villanen: Very much.

Speaker #2: Yeah. And all of those are very core in our new strategy that we started from the beginning of this year. And I think we're going to talk a little bit more about that, but all of it is focusing on a sound business and profitability, and security, cash, and making controlled investments when we need to—when we see a good balance of risk and reward.

Jussi Tähtinen: All of those are very core in our new strategy.

Antti Villanen: Yeah

Jussi Tähtinen: that we started from the beginning of this year, I think we're going to talk a little bit more about that.

Antti Villanen: Yeah.

Jussi Tähtinen: All of the focusing on the sound business and profitability and security, cash, and doing the controlled investments when we see the good balance of risk and reward.

Speaker #1: Yeah, yeah.

Antti Villanen: Yeah.

Speaker #2: All of those are at the very core of our new strategy.

Jussi Tähtinen: All of those are in the very core in our new strategy.

Speaker #1: Yeah, and now during the second quarter, we're happy to share that some of these new investments that we've been working on have started to surface already, one by one.

Antti Villanen: Now during Q2, we're happy to share that some of these new investments that we've been working on have been starting to surface already one by one.

Speaker #1: So, there were some new things surfacing from the game portfolio. We went live with Project RAG for first public testing. We announced that we made a deal with Games Workshop for Warhammer 40,000 Boltgun Boom, coming to mobile this year.

Jussi Tähtinen: Yeah

Antti Villanen: there was some new things surfacing from the game portfolio. We went live with Project Frag for first public testing. We announced that we made a deal with Games Workshop for Warhammer 40,000: Boltgun Boom coming to mobile this year. Then there is also some stuff that we are expecting to surface now during Q3 and then moving forward as well. So definitely not done with the year yet.

Speaker #1: And then, there's also some things that we're expecting to surface now during the third quarter and then moving forward as well. So, definitely not done with the year yet.

Speaker #1: And a big part of the first half, in addition to obviously the operations and what happens with the games, is of course making sure that we make sure that the groundwork for our new strategy spirit on other fronts is well laid.

Antti Villanen: A big part of H1, in addition to obviously the operations and what happens with the games, is of course, making sure that we make sure that the groundwork for our new strategy on other fronts is well laid. So we have been also continuing our work on the balance sheet where step by step we have been getting rid of the debt we had there. So earlier we paid off our loans to our banks and Nordisk Games and so on. Now during the-

Speaker #1: So we've also been continuing our work on the balance sheet, where, step by step, we've been getting rid of the debt we had there.

Speaker #1: So earlier we paid off our loans to our banks and new disc games and so on. And now during the—yes, yes. So, there is a governmental entity that supports companies who do tech and exports and stuff like that.

Jussi Tähtinen: It is time for Business Finland.

Antti Villanen: Yes. So they are a governmental entity that supports companies who do tech and exports and stuff like that. We have had many projects with them along the years. We had two projects where the support was in the form of a soft loan-

Speaker #1: And we've had many projects with them along the years, and we had two projects where the support was in the form of a soft loan, so to speak.

Jussi Tähtinen: Yeah

Antti Villanen: so to speak. The older one of these two was kind of waived

Speaker #1: And now, the older one of these two was kind of like waived during the second quarter. And that means that essentially what was loaned in the balance sheet got kind of like converted into a grant.

Jussi Tähtinen: Yeah

Antti Villanen: during Q2. That means that essentially what was loaned in the balance sheet got converted into a grant.

Jussi Tähtinen: Yep.

Speaker #1: So that obviously helps us in many ways.

Antti Villanen: That obviously helps us in many ways.

Jussi Tähtinen: That is quite normal process within the

Speaker #2: And that is quite a normal process within the Business Finland projects. As we have some of those still left, it would be predictable that we can have a negotiation with them about that.

Jussi Tähtinen: That is quite normal process within the

Antti Villanen: Yeah

Jussi Tähtinen: Business Finland projects.

Antti Villanen: Yeah

Jussi Tähtinen: As we have some of those still left, it would be predictable that we can have a negotiation with them about the

Speaker #1: Yeah.

Antti Villanen: Yeah

Speaker #2: Existing stuff also. There was something new from Business Finland also.

Jussi Tähtinen: existing stuff also.

Antti Villanen: Indeed.

Jussi Tähtinen: There was something new from the Business Finland also.

Speaker #1: Yes, so we also started a new project. This one is a little bit smaller by nature, but it is directly supporting some of the things that we're building this year, especially in the field of mobile gaming and iGaming.

Antti Villanen: Yes. We also started a new project. This one is a little bit smaller by nature, but this is directly supporting some of the things that we are building this year, especially in the field of mobile gaming and iGaming.

Speaker #2: Yeah.

Jussi Tähtinen: Yeah.

Speaker #1: So, a lot of our business development helped. And unlike the two previous projects, this one is a direct grant. So, the funds that we raised from them for this one are a direct grant, not loans.

Antti Villanen: A lot of our business development help. Unlike the two previous projects, this one is directly grant. The funds that we raised from them,

Jussi Tähtinen: Yeah

Antti Villanen: for this one is direct grant, not loans.

Speaker #2: Yeah.

Jussi Tähtinen: Yeah.

Speaker #1: What else? We haven't forgotten our partner business either. So, there was quite a lot of activity on that front during the second quarter. We'll talk more about those as well.

Antti Villanen: What else? We have not forgotten our partner business either. There was quite a lot of activity on that front during Q2. We will talk more about those as well, but we signed a new agreement with a European games developer and publisher.

Speaker #1: But we signed a new agreement with a European games developer and publisher. Yes.

Jussi Tähtinen: Yeah

Antti Villanen: after the quarter.

Jussi Tähtinen: Actually, continuing.

Antti Villanen: Yes

Speaker #2: For the for the existing. And showing that showing that we have like a very, very strong relationships with the with the partners that we are working on, and they are trusting us time after time.

Jussi Tähtinen: order for the existing.

Antti Villanen: Yeah

Jussi Tähtinen: and showing that the, showing that we have very strong relationships with the partners that we are working on, and they are trusting us time after time.

Speaker #1: Yes, indeed, indeed. Very good, very good. Let's go forward then with the report. So, here's all the financials summarized—the income statement as well as the balance sheet.

Antti Villanen: Yes, indeed. Very good. Let's go forward with the report. Here is all the financial summary, the income statement, as well as the balance sheet. I think what is worth mentioning, obviously firstly, continued profitability.

Speaker #1: But I think what's worth mentioning—well, obviously, firstly, continued profitability.

Speaker #2: Doing the sound business—that's very core in our new strategy.

Jussi Tähtinen: Doing the sound business.

Antti Villanen: Yeah.

Jussi Tähtinen: That is very core in our new strategy.

Speaker #1: Yeah, yeah. So we were able to time some of the new investments to the same period when we also got the waiver for the Business Finland loan, which allowed us to continue doing profitable reporting in connection with all the cost control and everything that we're doing.

Antti Villanen: Yeah. We were able to time some of the new investments to the same period when we also got the waiver for the Business Finland loan, which allowed us to continue doing profitable report in connection with all the cost control and everything that we are doing.

Speaker #2: Yeah.

Jussi Tähtinen: Yeah.

Speaker #1: The revenues that came in mostly are still from the partner business, like before, but also an increasing amount comes from the games business as we go forward.

Antti Villanen: The revenues came in mostly still from the partner business like before, but also an increasing amount comes from the games business as we go forward. That is part of the big plan with this strategy period, that we want to increase the role of so-called games revenue as we go forward, and that is why we are investing in also new projects where we take a bigger risk in many ways.

Speaker #1: And that's part of the big plan with this strategy period, that we want to increase the role of so-called games revenue as we go forward.

Speaker #1: And that's why we're investing in new projects where we take bigger risks in many ways. And...

Speaker #2: Still, still keeping the strong cash position. So.

Jussi Tähtinen: Still keeping the strong cash position.

Speaker #1: Yeah. Definitely.

Antti Villanen: Yeah, definitely.

Speaker #2: Investments are controlled, and we are always quite strictly evaluating the risk and reward profile on all and every investment that we do.

Jussi Tähtinen: Investments are controlled, and we are always quite strictly evaluating the risk and reward profile on all and every investment that we do.

Speaker #1: Yeah, yeah. And I think it's worth saying that, moving forward right now, we're obviously investing into things that are happening inside Nitro. So, our own IP—we are investing and looking forward to investing maybe a little bit more even into some partner projects, like co-investing together with the partner.

Antti Villanen: Yeah. I think worth saying about moving forward, right now we are obviously investing into things that are happening inside Nitro. So our own IP. We are investing and looking forward to investing maybe a little bit more even into some partner projects, like co-investing together with the partner. But we are also laying our eyes on some of the external opportunities as well so that we can make sure that we make the most with the cash that we have and how it circulates as we go forward. But overall, key things, we continue to be profitable. We definitely improved on our balance sheet, so reduced a lot of debt there, and maintained our strong cash position.

Speaker #1: But we're also keeping our eyes on some external opportunities as well, so that we can make sure we make the most of the cash we have and how it circulates as we go forward.

Speaker #1: But overall, key things—we've continued to be profitable. We definitely improved on our balance sheet, so reduced a lot of debt there, and maintained our strong cash position.

Speaker #1: So, all in all, well in line with our plans.

Jussi Tähtinen: Yeah.

Antti Villanen: All in all, well in line with our plans.

Speaker #2: As we started our new strategy period from the beginning of this year, we laid down or refined the vision that we have.

Jussi Tähtinen: As we started our new strategy period from the beginning of this year, we laid down or refined the vision that we have.

Speaker #1: Mm-hmm.

Speaker #2: And now it's all about that we want to be recognized from the category-leading games.

Jussi Tähtinen: Now it is all about we want to be recognized from the category-leading games.

Speaker #1: Yes.

Antti Villanen: Yes.

Speaker #2: And category-leading games for us—meaning any subcategory, any subgenre—we want to work with the games that are in those categories and in those subcategories and genres.

Jussi Tähtinen: And category-leading games for us meaning any subcategory, any sub-genre. We want to work with the games that are on those categories and on those sub-categories and genres recognized by players, recognized by industries, and rewarding in terms of the risk-taking.

Speaker #2: Recognized by players, recognized by industries, and rewarding in terms of the risk taking.

Speaker #1: Yeah, indeed. And I think what's very much different this year, and with this new strategy period that we have been enjoying a lot, is that we're in so much better position compared to what we've ever been before.

Antti Villanen: Yeah, indeed. I think what's very much different this year, and with this new strategy period that we have been enjoying a lot, is that we are in so much better position compared to what we've been ever before. So now we're at a point where historically, working with partners has obviously always been in our DNA. We've gotten to work with some of the greatest games out there, and we're super proud about that. But now we're in a position where we can also put some more skin in the game into those projects, and hopefully also see more of the upside materializing for Nitro over the long term. That's what we mean with sound business, that we want to take careful bets and sort of build the future revenue stream step by step.

Speaker #1: So now we're at a point where, historically, working with partners has obviously always been in our DNA. We've gotten to work with some of the greatest games out there, and we're super proud of that.

Speaker #1: But now we're in a position where we can also put some more skin in the game into those projects, and hopefully also see more of the upside materializing for Nitro over the long term.

Speaker #1: And that's what we mean by sound business—that we want to take careful, careful bets and build the future revenue stream step by step.

Speaker #2: And maybe worth mentioning that even our history is from strategy and action and shooter games. Now, with the new strategy, we are also widening.

Jussi Tähtinen: And maybe worth mentioning that even our history from strategy and action and shooter games, now with the new strategy, we are also widening

Antti Villanen: Yeah

Speaker #2: Bit of a bit of a reach. So any platform, cross-platform games, different genres, different audiences, we are looking for those. Opportunities. Maybe a little bit wider than than than before.

Jussi Tähtinen: a bit our reach. So any platform, cross-platform games, different genres, different audiences, we are looking for those opportunities maybe a little bit wider than before.

Speaker #1: Yeah, indeed, definitely. And especially because everything is getting kind of—like, there's so much overlap from one platform to another, from one distribution model to another, and so on.

Antti Villanen: Yeah, indeed, definitely. Especially because everything is getting like there is so much overlap from one platform to another, from one distribution model to another and so on. So it makes perfect sense over time. The roadmap that we have, like I said in the beginning, we are one of the oldest game companies in Finland. We typically operate in these roughly five-year strategy periods. It is not always exactly five, but in that ballpark. Now, like Antti Villanen explained, we just started with this new one. Our eyes are on roughly 2030, where we have set the endpoint for this strategy period. So everything we do today, everything we do this year, we have that horizon until 2030, and that is where we are building the things long-term. Obviously, we will start collecting

Speaker #1: So it makes perfect sense over time. And then, overall, the roadmap that we have, like I said in the beginning, we're one of the oldest game companies in Finland.

Speaker #1: We typically operate in these roughly five-year strategy periods. It's not always exactly five, but in that ballpark. And now, like I explained, we just started with this new one.

Speaker #1: But our eyes are on roughly 2030, where we've set the endpoint for this strategy period. So everything we do today, everything we do this year, we have that horizon until 2030.

Speaker #1: And that's where we're building things long term. Obviously, we will start collecting.

Speaker #2: Yeah, yeah.

Jussi Tähtinen: Yeah

Speaker #1: Roots of the strategy are already one by one, and many ways are already doing that. But that's where the end goal is.

Antti Villanen: fruits of that strategy already one by one, and in many ways are already doing that. That is where the end goal is.

Speaker #2: And all the all the even now in the first first half, all the controlled investments that we have done are towards towards the vision and.

Jussi Tähtinen: Even now in the H1, all the controlled investments that we have done are towards the vision and

Antti Villanen: Yeah

Speaker #2: Driving us to be recognized for category-leading games.

Jussi Tähtinen: driving us into being recognized for category-leading games.

Speaker #1: Indeed, indeed. And none of this would be possible if it were just the two of us. So we've been fortunate enough to build what I consider the greatest team out there.

Antti Villanen: Indeed. None of this would be possible if it was just us two, so we've been fortunate enough to build what I consider the greatest team out there. We have a pretty unique way of working.

Speaker #1: So, we have a pretty unique way of working.

Speaker #2: It's not only our people that are working inside Nitro, but we've been building for more than 15 years a kind of network ecosystem, a platform of studios around the world, people around the world that are working in our projects.

Jussi Tähtinen: It's not only our people that are working inside Nitro, but we've been building for more than 15 years the kind of network, ecosystem, platform of studios around the world, people around the world that are working in our projects. That's been very solid and sound model for us, whether it's scaling up, whether it's scaling down.

Speaker #2: And that's been a very, very solid and sound model for us, whether it's scaling up or scaling down, or whether it's looking for the best talent for this kind of project or that kind of project.

Antti Villanen: Yeah.

Jussi Tähtinen: Whether it's looking for the best talent for this kind of project or that kind of project. Now that we've been running it for 15 years, it feels like being a part of DNA of us.

Speaker #2: And now that we've been running it for 15 years, it feels like it's part of the DNA of.

Speaker #1: Yeah, yeah. Like, if working with partners is part of our DNA, it also applies to development partners, and partner freelancers, and everything that you might have.

Antti Villanen: Yeah. If working with partners is part of our DNA, it also applies to development partners and partner freelancers and everything that you might have. I think this is clearly visible also in our P&L, where we are, in many ways, doing more, but with less and with way better quality. That's largely due to us just becoming better and better in managing all of these things and figuring out what's the optimal and ideal way of doing things. Like I said, great team, great people. That's what's behind all of these things, and that's how we believe that moving forward as well. We still have a lot of room to introduce new opportunities.

Speaker #1: And I think this is clearly visible also in our P&L, where we are, in many ways, doing more but with less and with way better quality.

Speaker #1: And that's largely due to us just becoming better and better at managing all of these things and figuring out what's the optimal and ideal way of doing things.

Speaker #1: So like said, behind all of all of these things. And that's how we believe that moving forward as well. We still have a lot to room, lot of room to introduce new opportunities.

Jussi Tähtinen: Yeah

Speaker #1: This year. And speaking of the opportunities and games and stuff, if we have a quick look into our games portfolio—so, we have Nitro Originals, GameSpace, and our IPs.

Antti Villanen: this year. Speaking of the opportunities in games and stuff, if we have a quick look into our games portfolio, we have Nitro Originals games based on our IPs and games that we quite often mostly self-finance. Then we have Nitro Partners where we work with partner IP, with some of the biggest brands in this space or in the field of gaming. In the Nitro Originals portfolio, we were able to announce something new during Q2. There is obviously a lot more going on. We are building quite a lot of different things. Project Frag, also known as Wolf Commando, we started the first public testing in June. We have been really happy with the reception we have seen on that front. It is clear that what we are building and players instantly get it and so on.

Speaker #1: And games that we quite often mostly self-finance. And then we have Nitro Partners, where we work with partner IPs, with some of the biggest brands in this space or in the field of gaming.

Speaker #1: And in the Nitro Originals portfolio, we were able to announce something new during the second quarter. So there's obviously a lot more going on.

Speaker #1: We're building quite a lot of different things. But Project Frag, also known as Wolf Commando, we started the first public testing in June. We've been really happy with the reception we've seen on that front.

Speaker #1: It's clear what we're building, and players instantly get it.

Speaker #2: It resonates. It resonates very well for the target audience.

Jussi Tähtinen: It resonates-

Antti Villanen: Yeah

Jussi Tähtinen: resonates very well for the target players.

Speaker #1: Yeah, yeah. And now we continue on that front. So I think this week, today, we start as part of the Ukrainian Games Fest. A considerable part of the development team is based in Ukraine.

Antti Villanen: Yeah. Now we continue on that front. I think this week, today, we start as part of the Ukrainian Games Festival. A considerable part of the development team is based in Ukraine, so we are happy to be part of that, supporting that event. Parallel to that, we keep developing the game towards the launch that sometime next year, maybe. Let us see. Then we have Ethereal Gaming. We announced a partnership that we are developing some games together with them, and basically Nitro develops, they distribute, and they-

Speaker #1: So we're happy to be part of that, supporting that event. And then, parallel to that, we keep developing the game towards the launch, which is sometime next year, maybe.

Speaker #1: Let's see. Then we have Ethereal Gaming. We announced a partnership that we're developing some games together with them. And basically, Nitro develops, distributes, and they—.

Speaker #2: There's a little bit of a new category for us.

Jussi Tähtinen: A little bit of new category for us.

Speaker #1: Yeah.

Antti Villanen: Yeah.

Speaker #2: Even though we already have a pistolo in our gaming world, it's a bit of a new category. But it seems that our model is working in that category.

Jussi Tähtinen: Even though we have already Pistolo

Antti Villanen: Yeah

Jussi Tähtinen: in iGaming world. But a bit of a new category, but seems that our model is working on that category

Speaker #1: Yeah.

Speaker #2: On that category also. And.

Antti Villanen: Yeah

Jussi Tähtinen: that category also.

Speaker #1: Yes.

Antti Villanen: Yes

Speaker #2: Now we have a few horses running on that track.

Jussi Tähtinen: now we have a few horses running on that track.

Speaker #1: Indeed, indeed. So, the first game we're seeking to release soon—right now, we're in, I guess you could call it, a pre-release phase.

Antti Villanen: Indeed. The first game we are seeking to release soon. We are right now in the, I guess you can call it a pre-release phase, and already now it is clear to us that Ethereal has demonstrated pretty good sort of placement power, if you will. So they have connections to many of the different online iGaming game sites out there.

Speaker #1: And already, already now, it's clear to us that Ethereal has demonstrated pretty good sort of placement power, if you will. So they have connections to many of the different online gaming sites out there.

Speaker #2: The biggest biggest ones.

Jussi Tähtinen: The biggest ones.

Speaker #1: Yes, and they basically then are in charge of distributing the game to many of these different sites. So it's very much a different model compared to what we had with Pistolo, where we did an exclusive take for one exclusive partner.

Antti Villanen: Yes. They basically then are in charge of distributing the game to many of these different sites. So it is very much a different model compared to what we have with Pistolo, where we did an exclusive take for one exclusive partner. First game coming out soon, and then we are already working on the second one and so on. So I am very happy with how that is developing. Then, Autogun Heroes. We were a little bit silent on that front.

Speaker #1: And the first game is coming out soon, and we are already working on the second one, and so on. So, very happy with how that is developing.

Speaker #1: Then, Auto Gun Heroes—we were a little bit silent on that front at the beginning part of the year. But now, towards the summer, we activated when we finally had some time to focus on those.

Jussi Tähtinen: Yeah

Antti Villanen: the beginning part of the year, but now towards the summer, we activated when we finally had some time to focus on those.

Speaker #1: And.

Speaker #2: And we found a great partner for that one.

Jussi Tähtinen: Found a great partner for that one.

Speaker #1: Yes. So with Auto Gun Heroes, they transferred the game to a great team called Hyperkani, who are now taking over the development and publishing activities.

Antti Villanen: Yes. With Autogun Heroes, the mobile and web, we have transferred the game to a great team called Hyperkani, who are now taking over the developing and publishing activities, and we have agreed on a revenue-sharing model with those guys. Basically, they take our IP, much like we operate in Nitro Partners with somebody else's IP, and then they work forward with that game. We are really excited with how that is now starting and expect to see some first more concrete results pretty soon. Then we have Autogun Heroes: Supercharged, a PC Steam game, and as it stands now, we have not yet announced anything, but there are things brewing in the background with that one, too. I am pretty sure that still during the H2 we will be talking more about that avenue as well.

Speaker #1: And we have agreed on our revenue-sharing model with those guys. So basically, they take our IP, much like we operate in Nitro—partners with somebody else's IP.

Speaker #1: And then they work forward with that game. And we're really excited with how that's now starting, and expect to see some first, more concrete results.

Speaker #1: Pretty soon. Then we have Auto Gun Heroes Supercharged, a PC Steam game. And as it stands now, we haven't yet announced anything, but there are things brewing in the background with that one too.

Speaker #1: And I'm pretty sure that's still during the second half. We'll be talking more about that avenue as well.

Speaker #2: Pistolo is there. They're already generating nice, nice little streams, and it seems that they're happy with that one. Of course, there's always something to work on.

Jussi Tähtinen: Pistolo is there.

Antti Villanen: Yes, Pistolo is there.

Jussi Tähtinen: Generating nice little streams.

Antti Villanen: Yeah

Jussi Tähtinen: It seems that the partner and the players are happy with that one. Of course, there is always something to work on, but it is quite steady.

Speaker #2: But it's it's quite.

Speaker #1: Yeah.

Speaker #2: Later. And on our MVP process, there are quite a few new things brewing, and some of them are a little bit further along. There are some playables.

Antti Villanen: Yeah.

Jussi Tähtinen: On our MVP process, there are quite many new things brewing.

Antti Villanen: Indeed

Jussi Tähtinen: some of them a little bit further. There are some playables, there are some in the concept phase, there are some with something that we already

Speaker #2: There are some in the concept phase. There are some with something that we already presented to the partners. And there could be something that we will be announcing.

Antti Villanen: Yeah

Jussi Tähtinen: presented to the partners and there could be something that we will be announcing.

Speaker #1: Yeah, I think it's safe to say that at least something will surface this year still from that one. And, like, next week we're going to be at Gamescom.

Antti Villanen: Yeah. I think it's safe to say that at least something will surface this year

Jussi Tähtinen: Yeah

Antti Villanen: still from that one. Next week we're going to be in Gamescom. That's the

Speaker #1: That's the.

Speaker #2: There are lots of discussions about the gaming show.

Jussi Tähtinen: There are a lot of discussions about the

Antti Villanen: biggest gaming show.

Speaker #1: Gaming show, yes, in Europe. So, I'm happy that every time we go into one of these major trade shows that happen quite a few times per year, we always have something new.

Jussi Tähtinen: Yeah

Antti Villanen: Yes, in Europe. I am happy that every time we go into one of these major trade shows that happen quite a few times per year, we always have something new

Speaker #1: From our portfolio, to demonstrate and show and discuss. So, a lot of activity on that front. But overall, I think Nitro Originals and how things are developing, I think it's pretty damn well in line with our plans.

Jussi Tähtinen: Yeah

Antti Villanen: from our portfolio to demonstrate and show and discuss. A lot of activity on that front.

Jussi Tähtinen: Yeah.

Antti Villanen: Overall I think Nitro Originals and how things are developing, I think it is pretty damn well in line with our plans.

Speaker #1: There are things that we specifically want to focus on ourselves, and there are things that we want to give to somebody else to work on because we don't have the bandwidth for that.

Jussi Tähtinen: Yeah.

Antti Villanen: There are things that we specifically want to focus on on our own. There are things that we want to give to somebody else to work on because we do not have the bandwidth for that. We are expanding to different platforms, different type of distribution models, different business models, and while doing that, we are also still able to build new products.

Speaker #1: We're expanding to different platforms, different types of distribution models, and different business models. And while doing that, we're also still able to build new products.

Speaker #1: And that's that's super cool.

Jussi Tähtinen: Yeah.

Antti Villanen: That is super cool.

Speaker #2: With the control plan reasonable.

Jussi Tähtinen: With the controllable and reasonable risk.

Speaker #1: Yeah.

Antti Villanen: Yeah. Partners.

Speaker #2: Reasonable.

Speaker #1: Yeah. Then, then, then partners, partners.

Jussi Tähtinen: Partners. With Digital Extremes and Starbreeze, we finalized the projects.

Speaker #2: With Digital Extremes and Starbreeze, we finalized the projects. The relationships are very strong with both of them.

Antti Villanen: Yeah.

Jussi Tähtinen: The relationships are very strong with both ones.

Antti Villanen: Yeah.

Jussi Tähtinen: The relationships are very strong with both ones.

Speaker #1: Yeah.

Speaker #2: And there are lots of discussion about the maybe something in the future with the with the both of the both of the partners. And and maybe you say something about the Boltgun.

Antti Villanen: Yeah

Jussi Tähtinen: There are lots of discussion about maybe something in the future.

Jussi Tähtinen: with the both of the partners. Maybe you say something about the Boltgun. I think we hit the 700K

Speaker #2: I think we hit the 700,000 pre-registrations. That is already quite big, considering that it hasn't been launched yet.

Antti Villanen: Yeah

Jussi Tähtinen: pre-registration.

Antti Villanen: Yeah

Jussi Tähtinen: already quite a bit considering that it hasn't been launched.

Speaker #1: Yeah, yeah, this is an opportunity on mobile. So we're bringing the Boltgun franchise to mobile. With this arrangement, we've said that we're going to release the game this year.

Antti Villanen: Yeah. This is an opportunity on mobile. We're bringing the Boltgun franchise to mobile with this arrangement. We've said that we're going to release the game this year, and we're now in the pre-registration phase where on both Google Play and App Store, players can sign up, so pre-order the game. Unlike some of our previous mobile games, this is not free-to-play. This is a free to try premium experience, basically meaning that you get to try the game for free, and then you pay a price to get access to the game.

Speaker #1: And we're now in the pre-registration phase, where on both Google Play and the Apple Store, players can sign up—so kind of like pre-ordering the game.

Speaker #1: And unlike some of our previous mobile games, this is not free to play. This is a so-called 'free to try' premium experience, basically meaning that you get to try the game for free.

Speaker #1: And then you pay a price tag to get access to the game. Yeah, yeah. Unlock is a good word.

Jussi Tähtinen: Unlock it.

Antti Villanen: Yeah, unlock is a good way to put it. This is something that has gotten a lot of attention, maybe even slightly more than we anticipated, which is, of course, fantastic.

Speaker #2: Yeah.

Speaker #1: Way to put it. And this is something that has gotten a lot of attention—maybe even slightly more than we anticipated—which is, of course, fantastic.

Speaker #2: And it's interesting to see how high the kind of pre-registrations are going.

Jussi Tähtinen: It is interesting to see how high the pre-registrations are going before the launch.

Antti Villanen: Yeah.

Jussi Tähtinen: Let us see.

Speaker #1: Yeah. We’ve not only been taking holidays during the summer season, but we’ve also been visiting the platform holders on the U.S. side because of what’s been happening with the pre-registration phase.

Antti Villanen: Yeah. We have been not only taking holidays during the summer season, but we have been also visiting the platform holders on the US side because of what has been happening with the pre-registration phase. So fingers crossed that we will get some strong support from them as well. For a game like this, the key to succeeding the launch is obviously in the quality of the game. So that is something that gets a lot of attention now, but also about the support from the platforms and how their algorithms boost the game and how we get or do not get visibility from there. But so far, we have

Speaker #1: So, fingers crossed that we will get some strong support from them as well. And for a game like this, the key to succeeding at launch is obviously the quality of the game.

Speaker #1: So that's something that gets a lot of attention now. But also, about the support from the platforms and how their algorithms boost the game, and how we get, or don't get, visibility from there.

Speaker #1: So but so far, really.

Speaker #2: Even though the pre-registrations were pretty good, it’s a positive point for them.

Jussi Tähtinen: Even though the pre-registrations

Antti Villanen: Yeah

Jussi Tähtinen: we are pretty good point for the launches.

Speaker #1: Yeah. Yeah.

Speaker #2: 700,000 is already quite a big number.

Antti Villanen: Yeah.

Jussi Tähtinen: 700K is already quite a big number.

Speaker #1: Yeah. Definitely. Definitely.

Antti Villanen: Yeah, definitely.

Jussi Tähtinen: Then we have Void Interactive.

Speaker #2: Then we have a Void Interactive.

Speaker #1: Yes, that's also starting to be a pretty long-term partnership now, so I'm happy with how things are developing on that front. I'm very much looking forward to when we can maybe discuss a little bit more.

Antti Villanen: Yes, that is also starting to be a pretty long-term partnership now.

Jussi Tähtinen: Yeah, it is.

Antti Villanen: Happy with how things are developing on that front and very much looking forward to when we can maybe discuss a little bit more.

Speaker #2: Maybe reveal the game.

Jussi Tähtinen: Maybe reveal the game.

Speaker #1: Yes. See, let's see. Then, then, then, then, then—sorry. Now I got it. So this year, moving forward, what to expect from us? This is exactly the same that we said in the beginning of the year.

Antti Villanen: Yes. Let's see. Then, sorry. Now I got it. This year, moving forward, what to expect from us, this is exactly the same that we said in the beginning of the year because nothing has changed in our plans. We continue to invest in new growth. For us, that means new original games that we are investing in and new partner projects. That means projects that are financed by the partner usually mostly, but Nitro Games is seeking to put more and more skin in the game on that front as well, simply because we are in a happy place that we can.

Speaker #1: Because nothing has changed in our plans, we continue to invest in new growth. For us, that means new original games that we're investing in, as well as new partner projects.

Speaker #1: And that means projects that are usually mostly financed by the partner. But Nitro is seeking to put more and more skin in the game.

Speaker #1: In on that front as well, simply because we're in a happy place that we can.

Speaker #2: I think in both categories, the originals and partner projects, one could expect to hear something during this year.

Jussi Tähtinen: I think in both categories, in the Nitro Originals and Nitro Partners projects, one could expect hearing something during this year.

Speaker #1: Yeah, yeah, yeah. Definitely, definitely. So that's very much on the menu. And on the financial side, since we're talking about a financial report, we keep our focus on sound business and on the bottom line, making sure that we focus on profitability.

Antti Villanen: Yeah. Definitely. So that's very much on the menu. On the financial side, since we're talking about a financial report, we keep our focus on the sound business and on the bottom line, making sure that we focus on profitability, making sure that we manage with our cash and the equity that we have. So that's the direction. Now I think it's time for our traditional Q&A session. We've already received some questions in the email. So let's check out some of that stuff. Obviously, there's questions about the Warhammer 40,000: Boltgun. So there's questions about the revenue-sharing model, the size of the revenue share.

Speaker #1: Making sure that we manage with our cash and the equity that we have. So that's the direction. And now I think it's time for our traditional Q&A.

Speaker #1: Session. And we've already received some questions in the email, so let's check out some of that stuff. Obviously, there are questions about Warhammer 40,000: Boltgun.

Speaker #1: So, there's questions about the revenue sharing model—the size of the revenue share.

Speaker #2: Collaboration.

Jussi Tähtinen: Collaboration

Speaker #1: Deal structure, collaboration—those types of things. So to recap, what we have is a licensing agreement that we've signed with Games Workshop. And, like always, we can't disclose the exact terms, but we are happy with the terms that we have.

Antti Villanen: deal structure, collaboration, those type of things. To recap, what we have is a licensing agreement that we've signed with Games Workshop. Like always, we can't disclose the exact terms because we are happy with the terms that we have, but those are always not shared publicly. But I think it's safe to say that we feel very good about the deal we have. We have a revenue-sharing arrangement, and revenue share is, of course, always subject to the commercial performance of the game. Then the PC and console version of Boltgun that was originally developed by Auroch Digital, a fantastic team. We also have

Speaker #1: But those are always, like you know, not shared publicly. But I think it's safe to say that we feel very good about the deal we have.

Speaker #1: We have a revenue sharing arrangement, and revenue share is, of course, always subject to the commercial performance of the game. And then the PC and console version of Boltgun that was originally, obviously, developed by Orb Digital.

Speaker #1: A fantastic team. And we also have...

Speaker #2: Kind of a very small collaboration with them.

Jussi Tähtinen: very smooth collaboration with them.

Speaker #1: Yeah, and we have an arrangement with them regarding how we've gotten access to them—again, the game license and the source code and everything.

Antti Villanen: Yeah. We have an arrangement with them how we've gotten access to, then again, the game license and the source code and everything. So we're happy with that setup. I think it's safe to say that the setup overall is very good for Nitro as long as the game performs, of course.

Speaker #1: So, we're happy with that setup, and I think it's safe to say that the setup overall is very good for Nitro, as long as the game performs, of course.

Speaker #2: Exactly.

Jussi Tähtinen: Exactly.

Speaker #1: Then there's questions about the future with that one—questions about Boltgun 2 and so on. Obviously, when it comes to those things, our lips are sealed.

Antti Villanen: Then there's questions about the future with that one, questions about Boltgun 2 and so on. Our lips are sealed. But in general, I think it's safe to say that with this free-to-try type of model, it's a little bit maybe like PC games that you release the main game, then building on the success of the release, you release DLCs.

Speaker #1: But in general, I think it's safe to say that with this free-to-try type of model, it's a little bit maybe like PC games where you sort of release the main game.

Speaker #1: Then, building on the success of the release, you release DLCs. Yeah. Yeah. So, overall, they're thinking we aren't any free-to-try game, of course.

Jussi Tähtinen: Sequels.

Antti Villanen: Yes, so that's overall the thinking behind any free-to-try game, of course. Let's see, what else? There's a question about Business Finland. So we had them pay the loan related to the older project. We have the so-called soft loan, and now we still have another one in our balance sheet, which is roughly EUR 1.5 million. There's questions about that. Will that loan get the same treatment? We do not know. These things are always case by case. There are processes related to that because it's governmental funding and so on, but

Speaker #1: Let's see, what else, what else, what else. There's a question about Business Finland. So, we had them waive the loan related to the older project—we have the so-called soft loan.

Speaker #1: And now we still have another one in our balance sheet, which is roughly €1.5 million. And there's questions about that. Will that loan get the same treatment?

Speaker #1: Obviously, we do not know. These things are always case by case. There are processes related to that because it's governmental funding, and so on.

Speaker #1: But.

Speaker #2: As far as the success rate, it has been very good.

Jussi Tähtinen: This far, the success rate has been very good.

Speaker #1: Yes, yes. So, time will tell. And then there's questions about the cash flow, but I think we already discussed that quite a bit.

Antti Villanen: Yes, so time will tell. Then there's questions about the cash flow, but I think we already discussed about that quite a bit. So we are definitely eyeing in on the cash flow and on the bottom line at all times. But this year is about investing, and we seek to continue doing so while staying very mindful to the cash flow and profitability and also equity. We've also gotten some questions about the funding side and so on. We're seeking to manage with the cash and funds we have with the business that runs. Also, like we demonstrated during the quarter, we might go after public financing with very favorable terms like grants and stuff if needed. Coolio. I think that's

Speaker #1: So we are definitely focusing on cash flow and the bottom line at all times. But this year is about investing, and we seek to continue doing so.

Speaker #1: While staying very mindful of the cash flow, profitability, and also equity. We've also gotten some questions about the funding side and so on.

Speaker #1: We're seeking to manage with the cash and funds we have with the business that runs. And also, like we demonstrated during the quarter, we might go after public financing with very favorable terms, like grants and stuff, if needed.

Speaker #1: Coolio. I think that's all this time. And that means that we are nearing the end of this webcast. Thank you for tuning in.

Jussi Tähtinen: That is all the questions.

Antti Villanen: That is all this time, and that means that we are nearing the end of this webcast.

Jussi Tähtinen: Thank you so much.

Antti Villanen: Thank you for tuning in.

Speaker #2: Thanks for the talk. Nitro will be presenting at Gamescom if any of you will be there.

Jussi Tähtinen: Nitro will be present in Gamescom if any of you will be there.

Speaker #1: Yes, indeed. And actually, if one of you is coming, don't hesitate to ping us. We might have a little something for you.

Antti Villanen: Yes, indeed. If one of you is coming, don't hesitate to ping us. We might have a little bit something for you.

Speaker #2: Yeah.

Jussi Tähtinen: Yeah.

Speaker #1: We're doing something fun again. Yes. Until next time. Bye bye.

Antti Villanen: We're doing something fun again.

Jussi Tähtinen: See you soon, Doc.

Antti Villanen: Yes, until next time. Bye-bye.

Jussi Tähtinen: Bye.

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Q2 2026 Nitro Games Oyj Earnings Call

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