Qiiwi Games AB (QIIWI) AI Stock Analysis

Qiiwi Games AB

(Nasdaq OMX AB:QIIWI)

Select Model

Rating:49Neutral

Price Target:SEK 4.50▲(6.89% Upside)

Action:reiterated

Date:09/30/26

Financial performance weighs most on the score due to persistent losses and cash burn despite revenue growth and debt-free stability. Technical indicators offer moderate positive momentum support, while negative P/E pressures valuation.

Positive Factors

Revenue reboundThe 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 unprofitabilityRecurring 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.

Qiiwi Games AB (QIIWI) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 38.94M
Dividend Yield: ―
Average Volume (3M): 43.94K
Price to Earnings (P/E): -11.4
Beta (1Y): 0.39
Revenue Growth: 0.55%
EPS Growth: 39.82%
Country: Sweden
Employees: 4
Sector: Communication Services
Sector Strength: 60
Industry: Electronic Gaming & Multimedia

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/puzzle....

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-enha...

Qiiwi Games AB Financial Statement Overview

Summary

TTM revenue grew 28.6% with 51% gross margin and zero debt provides stability, but ongoing unprofitability, negative margins, and cash burn limit the score.

Income Statement

38Negative

Balance Sheet

72Positive

Cash Flow

28Negative

Financial statement breakdown
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	0	0	0	0	0
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	0	0	0	55.00K	62.96M

Qiiwi Games AB Technical Analysis

Technical Analysis SentimentNegative

Last Price4.21

Price Trends

50DMA4.91Negative

100DMA3.73Positive

200DMA2.86Positive

Market Momentum

MACD-0.08Positive

RSI42.40Neutral

STOCH19.48Positive

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 4.21 is below the 20-day moving average (MA) of 4.39, below the 50-day MA of 4.91, and above the 200-day MA of 2.86, indicating a neutral trend. The MACD of -0.08 indicates Positive momentum. The RSI at 42.40 is Neutral, neither overbought nor oversold. The STOCH value of 19.48 is Positive, 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

Overall Rating

UnderperformOutperform

Sector (60)

Financial Indicators

SE:QIIWI against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:NITRO	70Outperform	SEK 33.02M	2.30	―	―	-36.26%	―
SE:MAGI	66Neutral	SEK 238.45M	268.66	0.31%	―	-4.32%	―
Sector *	60Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
SE:G5EN	57Neutral	SEK 482.21M	20.87	5.13%	3.08%	-19.67%	-68.42%
SE:BRAVE	51Neutral	SEK 119.79M	-2.70	―	―	―	―
SE:QIIWI	49Neutral	SEK 38.94M	-11.38	-21.84%	―	0.55%	39.82%
SE:GCOR	41Neutral	SEK 101.81M	-2.54	406.23%	―	57.81%	9.24%

* Communication Services Sector Average

Performance Comparison

SE:QIIWI and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:QIIWI	Qiiwi Games AB	4.21	1.03	32.39%
SE:G5EN	G5 Entertainment AB	64.90	-25.64	-28.32%
SE:GCOR	Gaming Corps AB	0.70	-0.44	-38.60%
SE:MAGI	MAG Interactive AB	9.00	0.10	1.12%
SE:BRAVE	Kinda Brave Entertainment Group AB	2.35	0.47	25.00%
SE:NITRO	Nitro Games Plc	1.32	-0.17	-11.55%

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: Sep 30, 2026

Qiiwi Games AB AI Stock Analysis