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Qiiwi Games AB
(QIIWI)
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Rating:46Neutral
Price Target:
kr4.50
▲(102.70% Upside)
Action:Reiterated
Date:09/30/26
The score is primarily held back by weak financial performance: ongoing losses, negative margins, persistent cash burn, and material equity erosion outweigh recent improvements in revenue growth and gross margin. Technicals are mixed (below the 20-day average but above longer-term averages with neutral momentum), while valuation is constrained by a negative P/E that reflects unprofitability.
Positive Factors
Revenue rebound
The recent revenue rebound shows renewed demand for the company’s mobile game portfolio and provides a stronger base for future operating leverage. If sustained through live operations and user engagement, this growth can improve scale economics and support reinvestment in games and marketing.
Negative Factors
Persistent unprofitability
Recurring operating and net losses show that the recent revenue and gross-margin recovery has not yet translated into a sustainable earnings model. Continued unprofitability limits internally funded growth, increases dependence on the existing capital base, and leaves results vulnerable if revenue momentum weakens.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue rebound
The recent revenue rebound shows renewed demand for the company’s mobile game portfolio and provides a stronger base for future operating leverage. If sustained through live operations and user engagement, this growth can improve scale economics and support reinvestment in games and marketing.
Read all positive factors
Qiiwi Games AB (QIIWI) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr38.94M
Dividend YieldN/A
Average Volume (3M)20.95K
Price to Earnings (P/E)―
Beta (1Y)0.39
Revenue Growth0.55%
EPS Growth39.82%
CountrySE
Employees4
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)-0.37
Shares Outstanding9,249,492
10 Day Avg. Volume8,871
30 Day Avg. Volume20,953
Financial Highlights & Ratios
PEG Ratio-0.19
Price to Book (P/B)1.25
Price to Sales (P/S)1.30
P/FCF Ratio-4.41
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)N/A
Qiiwi Games AB Business Overview & Revenue Model
Company Description
Established in 2012 and based in Alingsås, Sweden, Qiiwi Games AB (publ) specializes in conceiving and distributing mobile games. The company primarily targets casual players, concentrating on popular genres such as trivia, match-3, and word/puzzl...
How the Company Makes Money
Qiiwi Games primarily earns revenue through the free-to-play mobile games it develops and operates. Its core monetization is (1) in-app purchases, where players buy virtual goods such as boosts, extra moves/lives, premium currency, or other game-e...
Qiiwi Games AB Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
63
Positive
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 16.64M | 15.27M | 19.86M | 25.79M | 34.38M | 63.00M |
| Gross Profit | 6.56M | -1.57M | 19.33M | 26.36M | 30.74M | 55.81M |
| EBITDA | -1.43M | -4.55M | -3.61M | -17.12M | -6.34M | -5.58M |
| Net Income | -3.43M | -7.92M | -7.03M | -28.04M | -15.53M | -10.87M |
Balance Sheet | ||||||
| Total Assets | 17.52M | 17.39M | 26.11M | 35.42M | 61.16M | 78.76M |
| Cash, Cash Equivalents and Short-Term Investments | 12.32M | 13.21M | 17.92M | 25.17M | 44.99M | 59.52M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 2.57M | 1.51M | 2.13M | 4.52M | 2.08M | 4.54M |
| Stockholders Equity | 14.95M | 15.88M | 23.98M | 30.90M | 59.07M | 71.61M |
Cash Flow | ||||||
| Free Cash Flow | -2.01M | -4.51M | -8.68M | -19.83M | -18.81M | -18.08M |
| Operating Cash Flow | -2.01M | -4.51M | -6.41M | -14.72M | -11.13M | -12.38M |
| Investing Cash Flow | 2.03M | 4.53M | 1.00M | -20.11M | -7.74M | -6.19M |
| Financing Cash Flow | 0.00 | 0.00 | 0.00 | 0.00 | 55.00K | 62.96M |
Qiiwi Games AB Technical Analysis
Negative
2.22
Price Trends
4.92
Negative
3.71
Positive
2.85
Positive
Market Momentum
-0.07
Negative
40.85
Neutral
37.25
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:QIIWI, the sentiment is Negative. The current price of 2.22 is below the 20-day moving average (MA) of 4.41, below the 50-day MA of 4.92, and below the 200-day MA of 2.85, indicating a neutral trend. The MACD of -0.07 indicates Negative momentum. The RSI at 40.85 is Neutral, neither overbought nor oversold. The STOCH value of 37.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:QIIWI.
Qiiwi Games AB Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | kr238.45M | 268.66 | 0.31% | 17.53% | -4.32% | ― | |
68 Neutral | kr33.02M | 2.30 | ― | ― | -36.26% | ― | |
64 Neutral | kr482.21M | 20.87 | 5.13% | 3.08% | -19.67% | -68.42% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
54 Neutral | kr119.79M | -2.70 | ― | ― | ― | ― | |
46 Neutral | kr38.94M | -11.38 | -21.84% | ― | 0.55% | 39.82% | |
43 Neutral | kr101.81M | -2.54 | 406.23% | ― | 57.81% | 9.24% |
* Communication Services Sector Average
SE:QIIWI
Qiiwi Games AB
4.21
1.21
40.33%
SE:G5EN
G5 Entertainment AB
64.90
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SE:GCOR
Gaming Corps AB
0.70
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-38.60%
SE:MAGI
MAG Interactive AB
9.00
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SE:BRAVE
Kinda Brave Entertainment Group AB
2.35
0.47
25.00%
SE:NITRO
Nitro Games Plc
1.33
-0.17
-11.07%
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.