Gaming Corps AB (GCOR) AI Stock Analysis

• Market Cap: kr133.52M
• Dividend Yield: N/A
• Average Volume (3M): 83.15K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.14
• Revenue Growth: 32.83%
• EPS Growth: 13.34%
• Country: SE
• Employees: 25
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Electronic Gaming & Multimedia
• EPS (TTM): -0.09
• Shares Outstanding: 145,441,530
• 10 Day Avg. Volume: 99,560
• 30 Day Avg. Volume: 83,147
• PEG Ratio: 0.41
• Price to Book (P/B): -19.11
• Price to Sales (P/S): 3.21
• P/FCF Ratio: -8.14
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 41 Neutral
• Price Target: kr0.93 ▼(-19.13% Downside)
• Action: Reiterated Date: 02/24/26
• Date: Action: Reiterated 02/24/26

The score is held down primarily by weak financial performance: large ongoing losses, persistent negative operating/free cash flow, and a shift to negative equity in 2025. Technicals also remain bearish with the stock below major moving averages and negative MACD, despite oversold readings. Valuation contributes little support because the company is loss-making (negative P/E) and no dividend yield is available.

Positive Factors

Sustained revenue growth

Revenue growth across 2023–2025, with 2025 about +10.7%, indicates the company is gaining commercial traction. Sustained top-line expansion provides a foundation to leverage fixed costs, improve unit economics, and fund product development or marketing initiatives over the next several quarters.

Diversified monetization streams

Multiple revenue channels (direct sales, in‑game purchases, subscriptions, licensing and partnerships) reduce single-stream risk and enhance resilience. Structural diversification supports more stable recurring revenue and enables scaling across platforms and distribution partners over the medium term.

Relatively low absolute debt

Reported debt is modest in absolute terms versus assets, which gives some near-term financial flexibility. Lower nominal leverage reduces immediate solvency pressure, making external financing or operational adjustments more feasible while the company works toward profitability.

Negative Factors

Negative shareholders' equity

Equity turned negative in 2025, reflecting capital erosion that weakens the balance sheet buffer. Negative equity raises creditor and investor concerns, limits borrowing capacity, and increases dilution or restructuring risk if external financing is required to sustain operations.

Persistent operating cash burn

Consistent negative operating and free cash flow (~-19M) shows the business is not self‑funding. Ongoing cash burn forces reliance on financings, which can dilute shareholders or constrain investment in game development and commercial expansion, posing a structural risk to execution.

Large recurring losses; negative gross profit

Substantial net losses and a negative gross profit in 2025 indicate core operations are currently unprofitable. Until the company converts revenue growth into positive gross margins and operating profits, it faces a structural profitability gap requiring either cost restructuring or material revenue mix improvement.

Gaming Corps AB Business Overview & Revenue Model

Company Description

Gaming Corps AB (publ) develops videogames and interactive entertainment in Sweden. The company was founded in 2013 and is based in Stockholm, Sweden.

How the Company Makes Money

Gaming Corps AB generates revenue through several key streams, primarily from the sale of its video games and casino products. The company utilizes a mix of direct sales, in-game purchases, and subscription models to monetize its offerings. Additionally, GCOR engages in partnerships with other gaming platforms and distribution channels, which can involve revenue-sharing agreements that enhance its market reach. The company also benefits from licensing its technology and intellectual property to other developers, further diversifying its income sources. Strategic collaborations with established gaming companies and participation in revenue-generating events such as gaming expos contribute to its overall financial performance.

Gaming Corps AB Financial Statement Overview

Summary

Revenue is growing (2025 up ~10.7%), but profitability and cash flow are very weak: 2025 gross profit is negative and losses are large (net loss ~40.6M) with deeply negative EBIT/EBITDA. Operating and free cash flow remain heavily negative (~-19M in 2025) and equity turned negative in 2025 (~-8.2M), increasing financing and dilution risk.

Income Statement

Revenue is scaling rapidly (2023–2025 annual revenue growth stays positive, with 2025 up ~10.7%), showing traction. However, profitability remains weak: 2025 gross profit is negative and losses are large (2025 net loss ~40.6M; EBIT and EBITDA also deeply negative). While margins improved versus the extreme weakness seen in 2020–2022, the business has not yet demonstrated a sustainable path to breakeven.

Balance Sheet

Leverage appears manageable in the latest year based on total debt (~3.1M in 2025), and total assets are stable (~30M). The key concern is capital erosion: stockholders’ equity turned negative in 2025 (~-8.2M) after being positive in 2024, which increases financial risk and reduces flexibility. Prior years show volatility in leverage (e.g., very high debt relative to equity in 2023), reinforcing balance-sheet instability.

Cash Flow

Cash generation is a major weakness: operating cash flow is consistently negative (about -19.0M in 2025) and free cash flow is also negative (about -19.2M in 2025). Free cash flow deterioration in 2025 (growth ~-43.2%) suggests rising cash burn despite higher revenue. The company has not yet converted revenue growth into self-funding operations.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	48.68M	35.40M	31.12M	12.41M	2.36M
Gross Profit	-30.87M	1.07M	-1.32M	-25.06M	-22.30M
EBITDA	-25.20M	-23.43M	-20.55M	-22.30M	-20.43M
Net Income	-40.60M	-23.70M	-24.08M	-24.44M	-22.45M
Balance Sheet
Total Assets	30.25M	30.53M	17.56M	21.98M	14.95M
Cash, Cash Equivalents and Short-Term Investments	7.29M	11.83M	1.48M	9.59M	288.63K
Total Debt	3.13M	4.82M	10.00M	4.00M	6.50M
Total Liabilities	38.41M	18.34M	15.88M	8.55M	9.99M
Stockholders Equity	-8.17M	12.18M	1.68M	13.43M	4.95M
Cash Flow
Free Cash Flow	-19.18M	-21.76M	-22.58M	-24.00M	-28.79M
Operating Cash Flow	-19.01M	-21.76M	-22.58M	-23.83M	-22.00M
Investing Cash Flow	-11.57M	-4.50M	0.00	-167.71K	-5.50M
Financing Cash Flow	26.03M	36.61M	14.47M	33.30M	5.50M

Gaming Corps AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.15
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:GCOR, the sentiment is Negative. The current price of 1.15 is above the 20-day moving average (MA) of 1.12, above the 50-day MA of 1.15, and above the 200-day MA of 1.14, indicating a bearish trend. The MACD of -0.06 indicates Positive momentum. The RSI at 29.41 is Positive, neither overbought nor oversold. The STOCH value of 17.43 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:GCOR.

Gaming Corps AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
NITRO	59 Neutral	kr36.74M	23.81	―	―	-18.60%	-118.88%
SCOUT	43 Neutral	kr30.06M	-3.42	―	―	―	―
GCOR	41 Neutral	kr133.52M	-3.14	―	―	32.83%	13.34%