Gaming Corps AB (GCOR) AI Stock Analysis

• Market Cap: kr123.04M
• Dividend Yield: N/A
• Average Volume (3M): 83.15K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.05
• 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: kr0.81 ▼(-29.74% 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

Revenue Growth

Consistent multi-year revenue growth through 2025 demonstrates traction in the iGaming market and indicates the company can scale content distribution. Durable top-line expansion supports future monetization and partner leverage even if profitability is not yet achieved.

Manageable reported debt

Relatively low absolute debt and stable assets reduce immediate solvency pressure and interest burden, preserving financial flexibility. This creates room to secure targeted financing for product development or distribution without excessive leverage risk in the medium term.

Focused iGaming product & distribution model

A focused product niche and aggregator-driven distribution model yield scalable, repeatable revenue streams via licensing and revenue share. Specialization in casino content supports IP accumulation, faster go-to-market across operators, and potential network effects as titles gain adoption.

Negative Factors

Heavy cash burn

Sustained large negative operating and free cash flows force reliance on external financing, increasing dilution or debt exposure. Persistent cash burn constrains reinvestment in game development and commercial growth, and heightens solvency risk if revenue growth slows.

Negative shareholders' equity

Capital erosion to negative equity reflects accumulated losses and weak retained earnings, undermining creditor confidence and limiting access to traditional financing. This structural weakness raises refinancing and covenant risks over the medium term.

Large operating losses

Substantial and persistent operating losses show current unit economics haven't reached breakeven, reducing internal funding capacity. Ongoing unprofitability increases execution risk, pressures margins, and may impede long-term partnerships or pricing flexibility.

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 makes money primarily by developing iGaming casino content and monetizing it through distribution to online casino operators. Revenue is generally generated when its games are made available to operators via aggregators/platforms or direct integrations, and the company receives compensation that is typically tied to game performance (e.g., a share of the gaming revenue generated by players) and/or commercial licensing terms. Key drivers of earnings include securing distribution through iGaming content aggregators and platform partners, onboarding online casino operators that offer its game portfolio, and increasing player activity and game penetration across regulated markets. Specific contractual terms (such as exact revenue-share percentages, minimum guarantees, or fixed-fee arrangements) are not publicly available here and are therefore null.

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: Negative
• RSI: Neutral
• STOCH: Neutral

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 0.91, above the 50-day MA of 1.06, and above the 200-day MA of 1.13, indicating a bearish trend. The MACD of -0.06 indicates Negative momentum. The RSI at 32.70 is Neutral, neither overbought nor oversold. The STOCH value of 21.60 is Neutral, 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	kr34.99M	13.91	―	―	-18.60%	-118.88%
SCOUT	43 Neutral	kr28.15M	-2.96	―	―	―	―
GCOR	41 Neutral	kr123.04M	-3.85	―	―	32.83%	13.34%