Nitro Games Plc (NITRO) AI Stock Analysis

Nitro Games Plc

(Nasdaq OMX AB:NITRO)

Select Model

Rating:61Neutral

Price Target:SEK 1.50▲(13.21% Upside)

Action:reiterated

Date:10/27/26

The score is driven primarily by a genuinely improved financial profile: positive and cash-backed profits, a sharply deleveraged balance sheet (0.44x debt-to-equity) and positive free cash flow after years of burn. A deeply discounted P/E of 1.79 adds valuation support. These strengths are tempered by a shrinking top line, volatile gross margins and very small absolute scale, plus a decidedly weak technical picture with the price below all major moving averages and negative MACD. Low beta (0.19) limits market-driven volatility, but sustaining the re-rating requires a return to revenue growth.

Positive Factors

Profitability turnaroundThe shift from heavy losses in 2022–2023 to strong TTM operating and net performance indicates meaningful stabilization. If margins remain healthy, profitability can support reinvestment in live games, content updates, and publishing activity while improving resilience.

Negative Factors

Declining revenuePersistent top-line weakness is a fundamental concern because mobile-game economics depend on sustaining player engagement and monetization. Declining revenue can constrain investment in content and marketing, making it harder to rebuild growth and maintain scale.

Nitro Games Plc (NITRO) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 33.02M
Dividend Yield: ―
Average Volume (3M): 58.54K
Price to Earnings (P/E): 2.3
Beta (1Y): 0.15
Revenue Growth: -36.26%
EPS Growth: ―
Country: Sweden
Employees: 42
Sector: General
Sector Strength: 55
Industry: Electronic Gaming & Multimedia

Nitro Games Plc Business Overview & Revenue Model

Company Description

Nitro Games Oyj is a global developer and publisher, focusing on creating and distributing games for mobile devices worldwide. Beyond its own titles, the company also provides contract-based development services for external clients. Founded in 2007,...

How the Company Makes Money

Nitro Games primarily makes money from operating free-to-play mobile games ("games-as-a-service") where players download and play at no upfront cost and a subset of users purchase optional digital items. The core revenue stream is in-game purchases (...

Nitro Games Plc Financial Statement Overview

Summary

Nitro Games has executed a credible turnaround: TTM net margin of 23%, operating margin of 24%, and operating cash flow of €2.3M (about 2.3x net income) confirm earnings are cash-backed. Leverage has collapsed from 7.3x debt-to-equity in 2022 to 0.44x, with equity funding 59% of assets. The offset is scale and direction — revenue has fallen from the €11.4M 2024 peak to €8.5M in 2025 and remains down 11% on a TTM basis, gross margins are volatile (44%–77%), and absolute earnings, equity and cash flow are small, leaving little margin for error.

Income Statement

63Positive

Balance Sheet

65Positive

Cash Flow

68Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	6.10M	8.47M	11.39M	8.84M	7.25M	2.64M
Gross Profit	4.02M	6.56M	8.26M	4.38M	3.19M	1.51M
EBITDA	2.59M	1.66M	2.41M	-1.72M	-2.80M	―
Net Income	1.13M	140.59K	475.33K	-3.28M	―	―
Balance Sheet
Total Assets	5.86M	6.25M	7.54M	10.67M	7.95M	7.02M
Cash, Cash Equivalents and Short-Term Investments	1.11M	1.52M	2.02M	3.83M	1.60M	3.74M
Total Debt	1.64M	2.92M	2.92M	2.68M	3.69M	1.72M
Total Liabilities	2.42M	3.62M	5.16M	8.98M	7.44M	3.12M
Stockholders Equity	3.44M	2.62M	2.38M	1.69M	507.67K	3.90M
Cash Flow
Free Cash Flow	1.26M	284.43K	-661.30K	-2.70M	-4.12M	-2.93M
Operating Cash Flow	2.34M	1.40M	538.70K	-537.10K	-2.92M	-2.38M
Investing Cash Flow	-1.08M	-1.12M	-1.20M	-2.11M	-1.20M	-545.50K
Financing Cash Flow	-1.35M	-788.21K	-1.15M	4.88M	1.98M	3.68M

Nitro Games Plc Technical Analysis

Technical Analysis SentimentNegative

Last Price1.32

Price Trends

50DMA1.85Negative

100DMA2.05Negative

200DMA1.79Negative

Market Momentum

MACD-0.17Positive

RSI31.07Neutral

STOCH21.93Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:NITRO, the sentiment is Negative. The current price of 1.32 is below the 20-day moving average (MA) of 1.55, below the 50-day MA of 1.85, and below the 200-day MA of 1.79, indicating a bearish trend. The MACD of -0.17 indicates Positive momentum. The RSI at 31.07 is Neutral, neither overbought nor oversold. The STOCH value of 21.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:NITRO.

Nitro Games Plc Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

SE:NITRO against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:MAGI	66Neutral	SEK 238.45M	268.66	0.31%	―	-4.32%	―
SE:NITRO	61Neutral	SEK 33.02M	2.31	―	―	-36.26%	―
SE:EG7	58Neutral	SEK 1.25B	-0.67	―	―	-11.07%	-734.06%
SE:G5EN	57Neutral	SEK 482.21M	20.87	5.13%	3.08%	-19.67%	-68.42%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
SE:QIIWI	46Neutral	SEK 38.94M	-11.38	-21.84%	―	0.55%	39.82%
SE:SF	45Neutral	SEK 3.20B	-1.60	―	―	-11.82%	73.35%

* General Sector Average

Performance Comparison

SE:NITRO and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:NITRO	Nitro Games Plc	1.32	-0.17	-11.55%
SE:G5EN	G5 Entertainment AB	64.90	-25.64	-28.32%
SE:QIIWI	Qiiwi Games AB	4.21	1.03	32.39%
SE:MAGI	MAG Interactive AB	9.00	0.10	1.12%
SE:SF	Stillfront Group AB	6.17	-0.26	-4.04%
SE:EG7	Enad Global 7 AB	14.12	-2.22	-13.59%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 27, 2026

Nitro Games Plc AI Stock Analysis