Nitro Games Plc (NITRO) AI Stock Analysis

• Market Cap: kr35.89M
• Dividend Yield: N/A
• Average Volume (3M): 27.06K
• Price to Earnings (P/E): 22.8
• Beta (1Y): 0.33
• Revenue Growth: -18.60%
• EPS Growth: -118.88%
• Country: SE
• Employees: 49
• Sector: Technology
• Sector Strength: 88
• Industry: Electronic Gaming & Multimedia
• EPS (TTM): 0.17
• Shares Outstanding: 24,924,364
• 10 Day Avg. Volume: 20,491
• 30 Day Avg. Volume: 27,064
• PEG Ratio: -0.30
• Price to Book (P/B): 0.75
• Price to Sales (P/S): 0.23
• P/FCF Ratio: 6.88
• 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: 59 Neutral
• Price Target: kr1.50 ▲(20.00% Upside)
• Action: Reiterated Date: 02/21/26
• Date: Action: Reiterated 02/21/26

The score is primarily driven by improving fundamentals—profitability recovery and stronger operating/free cash flow—tempered by 2025 revenue contraction, thinner margins, and still-meaningful leverage. Technicals are mildly constructive with price above key moving averages, while valuation (P/E ~22.8) looks only average given uneven growth and profitability consistency.

Positive Factors

Improved cash generation

Free cash flow turning positive in 2025 signals a materially improved cash conversion capability versus prior years. Sustained FCF enables funding of live‑ops, user acquisition and content updates internally, reducing dependence on external financing and supporting durable reinvestment in core games.

Profitability recovery

Moving from multi‑year losses to positive operating and net profits reflects an operational turnaround. Consistent profitability provides a foundation to retain earnings, stabilize operations and finance growth initiatives, improving resilience of the business model if maintained across cycles.

Scalable F2P live-ops model

The free‑to‑play live‑ops model offers recurring monetization from engaged players and scalable digital distribution. When retention and conversion are managed, this structure generates repeatable revenue streams and margin leverage, and is aligned with structural mobile gaming growth across markets.

Negative Factors

Revenue decline and uneven growth

A decline in revenue in 2025 undermines the scalability of the F2P model, since live‑ops economics rely on growing active users and spend per DAU. Persistent or recurrent revenue weakness compresses margins, reduces reinvestment capacity and heightens sensitivity to competition and product cycles.

Meaningful leverage

Debt levels that remain significant relative to equity constrain strategic flexibility. If revenue or cash flow softens, servicing debt can limit marketing and development spending, raise refinancing risk, and increase the likelihood of dilutive financing or cutbacks that impair long‑term growth execution.

Volatile cash conversion history

Historical swings from heavy cash burn to recent FCF improvements indicate unpredictable cash conversion. Such volatility complicates multi‑period planning for UA and live‑ops, raises execution risk for new titles, and increases the chance of needing external funding under adverse conditions.

Nitro Games Plc Business Overview & Revenue Model

Company Description

Nitro Games Plc (NITRO) is a mobile game development company based in Finland, specializing in the creation of engaging free-to-play games across various genres, including action, strategy, and simulation. The company focuses on delivering high-quality gaming experiences through innovative gameplay mechanics and appealing graphics. Nitro Games aims to capture a global audience by leveraging its expertise in game design and user engagement.

How the Company Makes Money

Nitro Games generates revenue primarily through in-app purchases within its mobile games, allowing players to buy virtual goods, upgrades, and additional content. The company also earns money through advertising partnerships, implementing ads within its games to monetize user engagement. Additionally, Nitro Games may enter into strategic partnerships with other gaming companies or platforms to enhance distribution and marketing efforts, further contributing to its revenue streams. The combination of these monetization strategies enables Nitro Games to capitalize on its active user base and maximize earnings from its portfolio of games.

Nitro Games Plc Financial Statement Overview

Summary

Financials show a clear turnaround with positive earnings and much stronger operating cash flow in 2024–2025, including positive free cash flow in 2025. Offsetting this, 2025 revenue declined (-7.5%), margins compressed versus 2024, and leverage—while improved—remains meaningful, leaving results less durable if performance weakens.

Income Statement

Profitability has improved meaningfully from deep losses in 2022–2023 to positive earnings in 2024 and 2025, with 2025 showing a positive operating profit and net profit. However, the latest year shows a notable revenue decline (-7.5%) and thinner profitability versus 2024 (net margin ~1.6% in 2025 vs ~4.2% in 2024), indicating the recovery is still fragile and growth is not yet consistent.

Balance Sheet

Leverage has come down from very elevated levels in 2022 (debt far exceeding equity) to a more manageable range in 2024 (debt ~1.23x equity), and equity has continued to build into 2025. That said, debt remains meaningful relative to the company’s size, and historical periods of negative returns highlight that the capital structure has been stressed in prior years, leaving less room for operational missteps.

Cash Flow

Cash generation improved sharply: operating cash flow turned solidly positive in 2024 and strengthened further in 2025, while free cash flow swung from negative in 2024 to positive in 2025 (with strong growth). The main weakness is volatility—large cash burn in 2021–2023 and negative free cash flow in 2024 show that cash conversion can be inconsistent, even as accounting earnings have improved.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	8.62M	11.39M	8.84M	7.25M	2.64M
Gross Profit	1.82M	8.26M	4.38M	3.19M	1.51M
EBITDA	1.66M	2.41M	-1.72M	-2.80M	―
Net Income	140.59K	475.33K	-3.28M	―	―
Balance Sheet
Total Assets	6.25M	7.54M	10.67M	7.95M	7.02M
Cash, Cash Equivalents and Short-Term Investments	1.52M	2.02M	3.83M	1.60M	3.74M
Total Debt	2.98M	2.92M	2.68M	3.69M	1.72M
Total Liabilities	3.62M	5.16M	8.98M	7.44M	3.12M
Stockholders Equity	2.62M	2.38M	1.69M	507.67K	3.90M
Cash Flow
Free Cash Flow	284.43K	-661.30K	-2.70M	-4.12M	-2.93M
Operating Cash Flow	1.40M	538.70K	-537.10K	-2.92M	-2.38M
Investing Cash Flow	-1.12M	-1.20M	-2.11M	-1.20M	-545.50K
Financing Cash Flow	-788.21K	-1.15M	4.88M	1.98M	3.68M

Nitro Games Plc Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.25
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:NITRO, the sentiment is Positive. The current price of 1.25 is below the 20-day moving average (MA) of 1.49, below the 50-day MA of 1.44, and below the 200-day MA of 1.47, indicating a neutral trend. The MACD of 0.01 indicates Positive momentum. The RSI at 51.40 is Neutral, neither overbought nor oversold. The STOCH value of 28.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:NITRO.

Nitro Games Plc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
NITRO	59 Neutral	kr35.89M	22.78	―	―	-18.60%	-118.88%
THUNDR	46 Neutral	kr224.33M	-0.09	―	―	-81.92%	26.19%
FRAG	44 Neutral	kr47.82M	-0.37	-229.41%	―	-10.21%	-1.15%
QIIWI	41 Neutral	kr17.30M	-2.80	-31.43%	―	-34.32%	70.25%
GCOR	41 Neutral	kr162.89M	-3.58	―	―	32.83%	13.34%