Nitro Games Plc (NITRO) AI Stock Analysis

• Market Cap: kr37.39M
• Dividend Yield: N/A
• Average Volume (3M): 27.06K
• Price to Earnings (P/E): 13.9
• Beta (1Y): 0.36
• 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): kr98.37M

• Rating: 59 Neutral
• Price Target: kr1.50 ▲(20.00% Upside)
• Action: Reiterated Date: 03/18/26
• Date: Action: Reiterated 03/18/26

The score is driven mainly by improving fundamentals (return to profitability and stronger cash generation) but tempered by 2025 revenue decline, thinner margins, and still-meaningful leverage. Technicals are mildly supportive (price above key moving averages) but mixed due to negative MACD, while valuation is moderately favorable on a ~13.9 P/E.

Positive Factors

Improved cash generation

Operating and free cash flow turned clearly positive in 2024 and strengthened in 2025, creating a more reliable internal funding source for live-ops, content updates and user acquisition. Durable cash generation reduces reliance on external financing and supports reinvestment into games and retention programs.

Return to profitability

Transitioning from losses to positive operating and net profit in 2024–2025 signals the business model can reach sustainable scale. Positive earnings improve the company’s ability to self-fund product development, reduce dilution risk, and provide management flexibility to prioritize long-term live-ops investments.

Recurring free-to-play live-ops model

A live-ops free-to-play model creates recurring revenue through in-app purchases, passes and ads, which can produce high lifetime value when retention is strong. Complementary development/services work provides diversification and potential revenue shares, stabilizing income across game cycles.

Negative Factors

Recent revenue decline

A decline in revenue (-7.5% in 2025) undermines the durability of the recovery: lower top-line reduces operating leverage, constrains marketing budgets for user acquisition, and makes margin recovery harder. Persistent or recurring revenue drops would impair cash generation and growth reinvestment.

Thin and compressed margins

Margins compressed meaningfully year-over-year, leaving only a small profitability buffer. Low net margins make results highly sensitive to user acquisition costs or retention slippage, limiting scope to absorb marketing spend or product investments without eroding profitability in adverse conditions.

Meaningful leverage and cash volatility

Although leverage eased from very elevated levels, debt remains material relative to equity and the company has a history of large cash burn and volatile free cash flow. This restricts strategic flexibility and increases refinancing or covenant risk if revenue or cash flow weaken again.

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 primarily generates revenue from its free-to-play mobile games via live-operations monetization, where players can download games at no cost and the company earns money through in-app purchases (e.g., virtual currency, items, battle/season passes, and other digital content) and advertising shown within games (where applicable). Ongoing earnings depend heavily on active player base size, player retention, and conversion of players into paying users, supported by continuous content updates, events, and performance marketing/user acquisition to bring in new players. The company may also earn revenue from development services and/or partner-based game projects (for example, creating or co-developing games using third-party brands or IP under contract), where income can come as development fees and potentially revenue-share or royalties if such terms are included; if the specific contractual terms for any given partnership are not publicly available, they are null.

Nitro Games Plc Financial Statement Overview

Summary

Financials show a turnaround with positive earnings in 2024–2025 and stronger operating/free cash flow in 2025. Offsetting this, 2025 revenue declined (-7.5%), margins compressed versus 2024, and leverage remains meaningful, suggesting the recovery is improving but not yet consistently durable.

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: Negative
• 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 1.42, below the 50-day MA of 1.43, and below the 200-day MA of 1.46, indicating a bullish trend. The MACD of -0.03 indicates Negative momentum. The RSI at 56.40 is Neutral, neither overbought nor oversold. The STOCH value of 47.18 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	kr37.39M	13.91	―	―	-18.60%	-118.88%
FRAG	48 Neutral	kr61.55M	5.93	27.44%	―	-10.21%	-1.15%
QIIWI	41 Neutral	kr14.43M	-2.51	-31.43%	―	-34.32%	70.25%
GCOR	41 Neutral	kr123.04M	-3.85	―	―	32.83%	13.34%