Qiiwi Games AB (QIIWI) AI Stock Analysis

• Market Cap: kr14.43M
• Dividend Yield: N/A
• Average Volume (3M): 4.38K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.55
• Revenue Growth: -34.32%
• EPS Growth: 70.25%
• Country: SE
• Employees: 15
• Sector: Communication Services
• Sector Strength: 97
• Industry: Electronic Gaming & Multimedia
• EPS (TTM): -0.10
• Shares Outstanding: 9,249,492
• 10 Day Avg. Volume: 6,495
• 30 Day Avg. Volume: 4,380
• PEG Ratio: -0.19
• Price to Book (P/B): 1.25
• Price to Sales (P/S): 1.30
• P/FCF Ratio: 0.00
• 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: kr1.50 ▼(-32.43% Downside)
• Action: Reiterated Date: 02/23/26
• Date: Action: Reiterated 02/23/26

The score is driven primarily by weak financial performance (multi-year revenue decline, persistent losses, and ongoing cash burn), which outweighs the benefit of having no debt. Technical indicators add further pressure due to a bearish trend and negative MACD, while valuation is constrained by loss-making results and the absence of a dividend.

Positive Factors

Debt-free balance sheet

Having no reported debt materially reduces refinancing and interest-rate risk, preserving strategic optionality. Over a multi-month horizon this strengthens resilience versus leveraged peers, lowering fixed financial costs and giving management flexibility to prioritize product investment or M&A without near-term debt pressure.

F2P mobile, live-ops focus

A concentrated free-to-play mobile and live-ops model aligns with durable industry trends: recurring engagement, in-app purchases and ad monetization. Skilled live-ops can sustain player retention and recurring revenue, providing a structural path to steady lifetime value if titles maintain engagement and content cadence.

Operating cash outflow showing improvement

A reduction in operating cash outflow signals improving cash efficiency and early traction on cost controls or revenue stabilization. Over the coming months this trend can materially extend runway, ease funding urgency, and indicate management actions are taking hold even if full self-funding has not yet been achieved.

Negative Factors

Multi-year revenue decline

A steep, persistent revenue decline erodes scale economics crucial for mobile F2P (ad yield, UA efficiency, live-ops ROI). Over months this weakens the company's ability to invest in content and user acquisition, makes profitable growth harder to achieve, and increases reliance on external funding or a new hit title to reverse the trend.

Negative gross profit and margins

Negative gross profit indicates core product economics are unprofitable before overheads, a structural issue that cannot be fixed by cutting SG&A alone. Over a 2–6 month horizon, persistently negative unit economics threaten viability unless product redesign, pricing changes, or substantial userbase quality improvements restore positive contribution margins.

Material equity erosion

Declining equity reduces the financial buffer against continued losses and limits the firm's capacity to absorb shocks or fund growth organically. Even without debt, the shrunken capital base increases probability of dilutive financing or constrained strategic choices in the medium term if profitability and cash generation do not improve.

Qiiwi Games AB Business Overview & Revenue Model

Company Description

Qiiwi Games AB (publ) develops and publishes games for mobile platforms in Sweden. The company focuses on developing mobile games for casual gamers within the trivia, match-3, and word/puzzle genres. It has strategic cooperation agreements with All3Media International to develop and publish a word game for the detective drama Midsomer Murders and a match-3 game for the reality television series Kitchen Nightmares. The company was founded in 2012 and is based in Alingsås, Sweden.

How the Company Makes Money

Qiiwi Games primarily monetizes its mobile games through free-to-play revenue streams. Key sources typically include: (1) in-app purchases (players buying virtual currency, boosters, extra lives, cosmetics, or progression-related items) and (2) in-app advertising (ad impressions served to players, such as rewarded video ads and interstitial/banner ads). Revenue is earned based on player spending behavior and ad performance metrics (e.g., impressions, clicks, and eCPM). The company also benefits from ongoing live operations that aim to retain and re-engage users (events, updates, new content), which can increase both purchase conversion and ad inventory. Specific material partnerships, publisher agreements, platform terms, or title-level revenue concentration details: null.

Qiiwi Games AB Financial Statement Overview

Summary

Overall financial quality is very weak: revenue has declined sharply from 2020–2025, profitability is deeply negative with negative gross profit in the latest year, and operating/free cash flow has been negative for multiple years. The main offset is a debt-free balance sheet, but equity has eroded materially due to ongoing losses.

Income Statement

The income statement shows a sharp multi-year deterioration. Revenue has fallen each year from 2020 to 2025 (2025: 15.3m vs 2020: 103.8m), and profitability has swung from modestly positive in 2020 to deeply negative thereafter. Margins are consistently loss-making (2025 net margin ~-52%, operating margin ~-50%), and the latest year also shows negative gross profit, indicating severe pressure on unit economics or cost structure. A partial positive is that losses in 2025 are smaller than the extreme 2023 trough, but overall earnings quality and trajectory remain weak.

Balance Sheet

The balance sheet is supported by zero reported debt across all periods, which reduces refinancing and interest-rate risk. However, repeated net losses have materially eroded the equity base over time (equity down from ~71.6m in 2021 to ~15.9m in 2025), and returns on equity are consistently negative from 2021–2025, reflecting value destruction despite the lack of leverage. Overall, solvency looks reasonable due to no debt, but the shrinking capital base raises longer-term resilience concerns if losses persist.

Cash Flow

Cash generation is a key weakness: operating cash flow is negative in every year from 2021 through 2025 (2025: -4.5m), and free cash flow is also negative in most years (2022–2024), following a strong positive year in 2020. Cash flow has generally tracked losses (cash outflow alongside negative net income), which increases reliance on existing cash/resources or external funding over time. The one improvement is that operating cash outflow in 2025 is smaller than 2022–2024, but the business has not yet returned to self-funding operations.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	15.27M	19.86M	25.79M	34.38M	63.00M
Gross Profit	-1.57M	19.33M	26.36M	30.74M	55.81M
EBITDA	-4.55M	-3.61M	-17.26M	-6.36M	-5.58M
Net Income	-7.92M	-7.03M	-28.04M	-15.53M	-10.87M
Balance Sheet
Total Assets	17.39M	26.11M	35.42M	61.16M	78.76M
Cash, Cash Equivalents and Short-Term Investments	13.21M	17.92M	25.17M	44.99M	59.52M
Total Debt	0.00	0.00	0.00	0.00	0.00
Total Liabilities	1.51M	2.13M	4.52M	2.08M	4.54M
Stockholders Equity	15.88M	23.98M	30.90M	59.07M	71.61M
Cash Flow
Free Cash Flow	0.00	-8.68M	-19.83M	-18.81M	-18.08M
Operating Cash Flow	-4.51M	-6.41M	-14.72M	-11.13M	-12.38M
Investing Cash Flow	4.53M	1.00M	-20.11M	-7.74M	-6.19M
Financing Cash Flow	0.00	0.00	0.00	55.00K	62.96M

Qiiwi Games AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.22
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 2.22 is above the 20-day moving average (MA) of 1.71, above the 50-day MA of 1.85, and below the 200-day MA of 2.62, indicating a bearish trend. The MACD of -0.09 indicates Positive momentum. The RSI at 34.10 is Neutral, neither overbought nor oversold. The STOCH value of 13.49 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
NITRO	59 Neutral	kr37.39M	13.91	―	―	-18.60%	-118.88%
FRAG	48 Neutral	kr61.55M	5.93	27.44%	―	-10.21%	-1.15%
SCOUT	43 Neutral	kr28.15M	-2.96	―	―	―	―
QIIWI	41 Neutral	kr14.43M	-2.51	-31.43%	―	-34.32%	70.25%
GCOR	41 Neutral	kr123.04M	-3.85	―	―	32.83%	13.34%