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Nitro Games Plc
(NITRO)
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Rating:73Outperform
Price Target:
kr2.50
▼(-0.40% Downside)
Action:Upgraded
Date:09/08/26
Score is driven primarily by improved financial performance (stronger margins, healthier balance sheet, and positive free cash flow), supported by very low valuation (P/E ~2.63). Technicals are neutral-to-mixed (negative MACD and below the 50-day average), and the main fundamental risk is the declining top line (~9% revenue decline TTM) alongside historically volatile results.
Positive Factors
Improved Profitability
The sharp improvement in gross, operating, and net margins indicates materially stronger earnings conversion than in prior loss-making periods. If maintained through live-game operations, this profitability can fund content investment, support resilience, and improve the company’s ability to scale without relying as heavily on external financing.
Negative Factors
Declining Revenue
Falling revenue indicates that current profitability is being generated on a smaller top line rather than through demonstrated expansion. Persistent contraction could limit the scale of Nitro Games’ live-service portfolio, reduce reinvestment capacity, and make margins more vulnerable if fixed operating costs remain substantial.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved Profitability
The sharp improvement in gross, operating, and net margins indicates materially stronger earnings conversion than in prior loss-making periods. If maintained through live-game operations, this profitability can fund content investment, support resilience, and improve the company’s ability to scale without relying as heavily on external financing.
Read all positive factors
Nitro Games Plc (NITRO) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr51.84M
Dividend YieldN/A
Average Volume (3M)48.51K
Price to Earnings (P/E)2.7
Beta (1Y)0.03
Revenue Growth-33.33%
EPS GrowthN/A
CountrySE
Employees42
SectorGeneral
Sector StrengthN/A
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)0.07
Shares Outstanding24,924,364
10 Day Avg. Volume66,713
30 Day Avg. Volume48,513
Financial Highlights & Ratios
PEG Ratio-0.30
Price to Book (P/B)0.75
Price to Sales (P/S)0.23
P/FCF Ratio6.88
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)kr97.58M
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 20...
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 purchase...
Nitro Games Plc Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
74
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.87M | 8.47M | 11.39M | 8.84M | 7.25M | 2.64M |
| Gross Profit | 3.50M | 6.56M | 8.26M | 4.38M | 3.19M | 1.51M |
| EBITDA | 3.05M | 1.66M | 2.41M | -1.72M | -2.80M | ― |
| Net Income | 1.59M | 140.59K | 475.33K | -3.28M | ― | ― |
Balance Sheet | ||||||
| Total Assets | 6.27M | 6.25M | 7.54M | 10.67M | 7.95M | 7.02M |
| Cash, Cash Equivalents and Short-Term Investments | 1.89M | 1.52M | 2.02M | 3.83M | 1.60M | 3.74M |
| Total Debt | 1.66M | 2.92M | 2.92M | 2.68M | 3.69M | 1.72M |
| Total Liabilities | 2.54M | 3.62M | 5.16M | 8.98M | 7.44M | 3.12M |
| Stockholders Equity | 3.74M | 2.62M | 2.38M | 1.69M | 507.67K | 3.90M |
Cash Flow | ||||||
| Free Cash Flow | 2.01M | 284.43K | -661.30K | -2.70M | -4.12M | -2.93M |
| Operating Cash Flow | 2.99M | 1.40M | 538.70K | -537.10K | -2.92M | -2.38M |
| Investing Cash Flow | -1.03M | -1.12M | -1.20M | -2.11M | -1.20M | -545.50K |
| Financing Cash Flow | -1.34M | -788.21K | -1.15M | 4.88M | 1.98M | 3.68M |
Nitro Games Plc Technical Analysis
Neutral
2.51
Price Trends
2.23
Negative
2.05
Positive
1.72
Positive
Market Momentum
-0.03
Negative
47.23
Neutral
47.15
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:NITRO, the sentiment is Neutral. The current price of 2.51 is above the 20-day moving average (MA) of 2.06, above the 50-day MA of 2.23, and above the 200-day MA of 1.72, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 47.23 is Neutral, neither overbought nor oversold. The STOCH value of 47.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:NITRO.
Nitro Games Plc Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | kr51.84M | 2.69 | ― | ― | -33.33% | ― | |
63 Neutral | kr469.58M | 20.32 | 5.13% | 3.16% | -19.67% | -68.42% | |
63 Neutral | kr3.52B | -1.73 | ― | ― | -13.65% | 72.95% | |
56 Neutral | kr1.39B | -0.75 | ― | 18.89% | -11.07% | -734.06% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | kr226.79M | -22.74 | -3.33% | 17.53% | 4.39% | -6331.67% | |
48 Neutral | kr46.15M | -13.49 | -21.84% | ― | 0.55% | 39.82% |
* General Sector Average
SE:NITRO
Nitro Games Plc
2.08
0.56
36.84%
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89.73%
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8.56
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32.55%
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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.