Nitro Games Oyj
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Good morning.
[Foreign Language]
[Foreign Language]
Greetings from sunny Finland.
Yes, yes, yes. Actually, it is sunny.
Yes, it is sunny.
Yes, yes. It hasn't been in a while.
Yes. Last time, I think June or May.
Yes, yes. It's your boys, Jussi and Antti here again to deliver you the latest and greatest from the world of Nitro Games. And we are here because we just released our Q3 interim report earlier this morning. And this time, we have a lot to talk about. It was surprisingly active, and there was so many things going on, so many fronts in Nitro during the third quarter. So we'll be covering a lot of areas throughout the business today.
But before we get into those, let's have a brief look about who we are and what we do. So Nitro Games, we are your global mobile games powerhouse. And we're based in Finland, but we have partner studios here and there and everywhere, and that's the model that we work and are able to work on several different time zones, for example. We focus on action and shooter games on mobile. Our vision is to become the household name in the category of shooter games in mobile. And after the third quarter, we're well on our way...
We're well on our way. It seems that the market is also working on our favor. And more and more big force from the industry are entering into the world of shooters on mobile and looking for good partners to help them to come to the space. And there has been more and more activity.
And overall, if we would paint sort of a trend line type of a picture, if we come from a background where we did quite larger-scale projects, smaller-scale projects, but now it seems that the demand is and where the market is going is more and more towards higher production value.
Higher Production value. It's following the pretty much same trends as a PC 20 years ago and consoles 10 years ago. And first, there are kind of core game play shooters, and then the production value is coming to play bigger and bigger role, which means that purchase are going bigger and the need for the team size is going to be bigger and even the development times sometimes can be longer. We are starting to see higher and higher production while you like scale HD experience on a mobile. And that it seems that many of the games are somehow connected for the other platforms also.
Yes, yes, it seems that there's more and more of this cross-platform opportunities across...
Cosplay, cosplay...
Yes, yes, and might be that we already have our hands in the model with some of the stuff that we haven't announced yet.
But overall, what we're seeing is super exciting for Nitro because for those of you who don't know, we come from a background where we used to work with PC and console in the past, and that means that we have relevant expertise from several different platforms. So where you need a studio that can develop high-production value mobile games and/or cooperate with other platforms as well, we are your go-to guys on that one. So overall, the world is headed in very much the right direction, if you ask me.
But then let's get down to the business and see what we did during the third quarter. And like we said in the report, it was a quarter full of big events and that's because it was a quarter full of big events.
And if we look at the numbers, our revenues increased from January to September, a whopping 250% year-on-year, which is a nice number. But also for the third quarter, we still raised roughly 150% growth on the top line revenues, which is nice.
And on the EBITDA, we took maybe larger steps towards breakeven and profitability than on the previous quarters this year, so we're definitely headed in the right direction. And this is well in line with our goals for the year where we're seeking to grow the business, of course and also, while doing so, work our way step-by-step towards breakeven and profitability.
And basically about the events during the quarter, there were so many different things. On the service business side, we saw new deals.
But the key thing is that there was lots of events. But while we were capable of keeping a further development in our multi-development model, we've been focusing for bigger and bigger projects on our own kind of launching the bigger and bigger projects and with our customers. So bigger customer, bigger projects, and it seems that while having that risk management tool to run several projects at the same time, creating bigger and bigger projects at the same time.
Yes, yes.
And that was like a trend on the quarter.
Yes. And I think that reflects very well, if you look at the report, like throughout it. We're, of course, going to go through all the details in this webcast as well. But overall, if you look at the picture, we've been hiring some new key talent into the team without increasing our overall headcount too much during the quarter. We've been working with less and less projects in terms of quantity, but more and more in terms of like quality and revenue. And all of this is possible because of our flexible model with external studios, and we're able to do those commission-based. And then we, like you said, we're working towards bigger and better projects all the time.
So this is all well headed again towards our vision where we want to be the household name, specifically on the shooter category, and it doesn't hurt us that those projects tend to get bigger and more expensive to the things we get paid for doing so.
Toward the period, we also introduced a new business model for us. We acquired a mobile game from Doomsday and introduced kind of new way of creating value in Nitro by utilizing our excellent partner network of developers. And when we found some good games from there, there are opportunities to acquire them or publish them or monetize them through our publishing and marketing pipeline.
And I was going to talk more about that when we get to the process, but I think that's a good thing for this quarter because while the [ XXX ] obviously has additional costs now, it also means that suddenly we have a new sort of revenue stream for next year when we're going to launch the game.
And last but not the least, we still credit our 15-year anniversary.
Yes, yes, yes. Exactly.
I saw one CEO playing guitar on a stage, and that was a lot of fun.
Yes, yes. It was a fun evening. We had all of our team and some of our industrial friends joining us in Helsinki in September when we celebrated. And somebody smug in some musical instruments to the party as well. So -- but that's -- enough about that. Let's go forward and see what else cool things happened.
And to begin, our most valuable asset, as we like to say, it is our team. And like I said in the beginning, we are a very much a multinational team, both here in-house in Finland where we have 2 studios, roughly 60 people, and then also through our partner network globally. And basically, what's Q3, what was the focus point or what continues to be the focus point Q4 moving forward as well is to constantly develop ourselves to be better.
Like what that means is that there's no one in Nitro, not in Finland, not in any other country who would not be constantly striving to become better, like I'm educating myself, Antti's doing the same, the whole team is doing the same. We're seeing better and better people all the time, better and better partners. So that's a constant process. And that's also reflecting in our -- if you check out our recruitment, for example, we pretty much constantly have open positions because we want to be better and more senior all the time.
It seems that our reputation is growing, and it's not only because of the very interesting projects that we are running, but it's also because of very well-working people, operations that we have in the company. And its team is not just a bunch of people, but it's like a leadership that is all the time developed and then the people that takes care of the development of the team members and sparring and motivation of the people and all sort of feedback channels that we have created within the team under management. And I would say that the people, obviously, in general, are investing. People have been very good and big important part of having this great team.
Yes. And that's, as I said, kind of like the secret sauce to our scalable fashion like we're able to increase the size of the business much more than we increase the investments into resourcing in general.
And at the same time, when we are putting lots of effort on our own team, we have also put a lot of effort to our partner network and evaluating those companies, motivating them, helping them to use our tools and processes and be kind of much more clearer with our expectations all the time and trying to make a cooperation as fluid and solid as possible.
Yes. And overall, during the third quarter, like basically after -- during and after the summer, actually, the focus was very heavily in staffing pretty much with everything because, with our own games, we head towards launch base, which we now launched with the partner [indiscernible], the demands got bigger and bigger. So we needed more people and more talent in the process. We started some new ones. So it was very active in terms of staffing, whether it's with our in-house people or through our partners, which is pretty likely continues to be the case for the fourth quarter as well.
And then if we check the big picture, the owners and strategy here in Nitro, we have always said that we have a very strong foundation because that very much is the case. We're part of the Egmont Group and part of the Nordisk Games, family of fantastic game companies. And Nordisk Games invested EUR 2 million in Nitro during the third quarter, which was very much welcomed because it allowed us to explore this new business model that we're talking about, where we're actually acquiring games from third-party developers. We'll talk more about what that means for Nitro a little bit later on in the webcast, but that was definitely a welcome addition, especially since we got a good -- pretty good terms in this [indiscernible] that we live in.
Very good partners that we can collaborate now with the...
Yes, yes. And that is a fine demonstration of the foundation that we have and why it's so beneficial, not just for operations, but for all the shareholders as well.
And then we've got a new shareholder, Susana, who's in our Board.
Yes. That was very nice and very good addition to our Board. We just had a meeting, and she's so wonderful and give a lot of good feedback and hints and tips for the operations and bringing lots of knowledge to the Board also.
Yes. And maybe worth highlighting that we also have quite a lot of our shareholders, mostly in Sweden, I guess, quite very active in terms of reaching out directly to Nitro or to our game teams and so on. That's the type of a community that we very much enjoy being part of because, obviously, we can't maybe share everything that people want to know over time. But still, I think the active dialogue that we have with so many of our shareholders, that's been really, really great. And still during the third quarter, they -- it seems that the sort of days and months just keeps increasing...
Yes. We even got some gifts to our office, and the team has been like really, really happy and excited about that kind of...
Fantastic. Thank you so much for your support. Then about the strategy. We have a 2-leg, twofold, whatever you want to call it, strategy, where the first point is our game portfolio of action and shooter games. And this is basically where we do the investments, where we detect the biggest risk and seek for the biggest possible upside as well. And then we have...
[ Other ] being our service -- B2B service business where we then again look all the time better and bigger projects that are serving our strategy, that are serving to educate our team to become better. And in that area also, there are growth, there are bigger and nicer projects all the time. And expectation is growing on that area, definitely.
Yes.
And the market is developing into the direction of bigger mobile cross-play projects on the shooter and action categories.
Yes. I'm happy to say that third quarter finally started the trend where we saw growth in both sides of the strategy. So far, it's been very much the service business provided the growth. But now when we started the game launches and as we move forward, hopefully, most of them, now we've got growth from both lines of the strategy. And we are following pretty much, like you said, the mindset we brought, that we focus on the winners, focus on the best ones, focus on the biggest ones. And that's exactly how we work here in Nitro with our data-driven process that we take several shots and then we isolate and work on that.
Yes. And sometimes it might take even some time to identify the winners. And even after the identifying the ones that we are [ betting ], it might take some time to run through the proper data-driven development soft launch and launch phase.
Yes, yes. And I think we'll talk more about the process once we get to that part, which is actually coming up next, so our project portfolio. And this time, we thought we'd simplify the view a little bit to demonstrate what it means when we actually focus on the bigger ones and focus on the winners.
And overall, in the portfolio, what we're seeing is more balancing between our games and the B2B service business. Overall, we have now less boxes here than on the previous time, and that's because several of the smaller things were either complete or then the other parties have completed during the third quarter and so on. So we kind of like gotten rid of a lot of that.
And overall, since most of the small [indiscernible], especially those with more R&D nature like the HTML5 stuff and so on, there, we will work with external studios. It doesn't impact our work here in our in-house studios too much. And basically now with service business, we'll talk more about the projects. But overall, what we're seeing is that we are getting some of the projects closer to completion and some of the projects also closer to launching next year, which is fantastic.
Closing points.
Yes, yes. Speaking of launches, NERF: Superblast, we'll launch that towards the end of the quarter in September. And that means that we didn't exactly get 1 full month of live stuff into our report but are close to that. And we're pretty d*** stoked about how things are going so far because obviously that the brand is working. It's so fantastic because it -- like the moment you see NERF blasters, you know exactly what the game is about.
[indiscernible], especially on what comes into the influence of market and organic marketing and that sort of thing. I think good to remember is that even we launch the game, it's like a launch period that lasts for quite a big period of time. And as we are following strictly, our data-driven model, we do [indiscernible] even we might have seen some light somewhere, but let's validate every corners. And now we are pretty confident the technical side of the things are they are checked and they work and now entering into the testing, the rest of the areas from potentially scalable of [ AAA ] game and starting to see the first weeks of the longer traction and that kind of things and then moving into the performance.
Yes. Overall, that would be like if we would be the top [indiscernible], well, of course, we're a little bit, too. But like overall, there would be so many cool things to say, but again, like the user ratings were insanely good to begin with and still are. They haven't disappeared. And where we got featured by all the platforms we launched the game. The technical performance of the game has been stellar, like no major issues to talk about them. Like everything has gone super well in the beginning.
And in addition to that, it's so nice to see that with NERF: Superblast, we have a game that monetize it from the getgo. Like a big part of the monetization happens already during the first day of game play and just continues after that. And having a game where you actually monetize your players from the beginning is very important because it means that we get more immediate response to different activities, whether it's about balancing the game, whether it's about providing some new offers or whatever it could be, it makes a lot of things easier in a way. And it helps us to focus on exactly what you said, that right now we're starting to get at the point where we have a little bit of more than 1 month from the initial starting of the launch. So we start to get to see a little bit longer term data on performance.
And even the bigger influencer campaigns as we have planned for the launch period, they didn't happen...
Yes, we started with [indiscernible] one week ago, which is obviously after the third quarter, [indiscernible] not happening. And well, we're headed to New York actually tomorrow.
Tomorrow meeting is meet the Hasbro and discuss about the potential collaboration within the game. And then they help see the results, and I think we are going to have a very nice discussion how to boost the game together.
Yes. And for the sake of reality check, we've only started the launch phase now. It's going to take several months. And the next months will be super exciting as we see and explore how far we can get with this game. But so far, so good.
Then new unannounced shooter game. This is obviously the one that we acquired during the quarter. And like I said earlier, we then put the team actively on the part of the team came from Doomsday side and part of the team from Nitro side, and this is now something that's in production phase. So for this year, this project is nothing but costs. We're anticipating soft launch next year and, obviously, the full launch after that as well.
And what makes this so special? Why should we care? Why are the guys so excited about this is that we've been working with these guys and quite a few other studios as well, following our process and testing different games and sort of measuring. And the idea there is that since we have a fantastic machine for publishing and the data-driven process, we also work with cool, promising games and team from other places as well. And then when we see something really promising, then we're able to validate it with exactly the same methods that we do internally as well. And...
So it was kind of lucky accident, they end up with this game and with this team, but...
Two years.
Two years, at least following and evaluating the progress of the product. And that's it, comparing it against 150 or 200 other games that we've been evaluating during the years. Some of them, our games and some of the games from other studios. And it's a little bit different take on -- towards our strategy, but still fits whether we are in the divisional strategy, even though it's not exactly the same kind of game that we've been releasing before.
Yes, yes, definitely. There's something new coming up on that front. And in terms of expectations, I think this is something where, given that we've been following already for a while and the game didn't exactly start the production now but it's been in production already before we acquired it, we are targeting, of course, really fast time to market with this overall, which is fantastic, if you ask me.
In addition to these 2, naturally, we constantly have our MVP process ongoing. We are testing other games from other studios, our own stuff. We still have holdings going on with the leading social media platform we've been discussing earlier. But those we left out from here in [indiscernible] because we thought that it's better to talk more about those ones, something dramatic actually starts to happen. Meanwhile, those are not playing to active role in our production. There's not much we can do in our hands at the moment. Then we have some cool new ideas in the early stages of the funnel, but those will definitely be next year until we talk more about those.
On the B2B service business project side with Digital Extremes, we have our largest project now, and that was insanely active during the third quarter. We met with them several times in different places, and the project have pushed forward. And while we can't yet talk about what it actually is and so on, I think we're getting closer and closer to the points when we actually can. And that's also because that will then bring a lot of clarity into what the guys mean when they talk about...
And why we have been so excited. It might be even so that the customer is telling something.
Yes, yes.
Well, someday.
We'll see. And then we have our friends in Supermassive Games who are part of the Nordisk Film Games family. With them, we also have a large project where we're bringing there on mobile. Again, something that we can't talk too much about yet, but that's really cool once you get to see it. And that will probably also happen sooner than later.
Yes. As with the digital, we're having quite a lot of our work stops like being very, very close into the planning and executing the plan, which is a signal that everything's going well and into the right reaction.
Yes. And then as third one, we have the U.S.-based mobile games publisher who we work with, and this is a little bit shorter project. This, we signed just before the quarter, and it is already now at a point where we are preparing to conclude on the project now this year. So there's a little bit shorter one, but also a small one in order value. And this is part of the top of our game development services where we don't even expect to be able to communicate. So some stuff that we do is what we call white label.
Yes. It might be a client, that typical epic client who was coming going and coming and going.
Yes, yes, yes. And with this guys, we've been -- I think it's just now fit, but also we do with them. So they've been returning every now and then, so you'll never know what happens in the future.
And like we discussed in the report, the sort of smaller service business things, we still might do those from time to time. And some of those go maybe under the radar. But in general, we are definitely seeking the focus on more ambitious and more bigger projects moving forward.
And what else, what else? Yes, business development. We were supposed to remind everybody that we are still staying very much active on that front. So we're definitely not done yet.
Exactly.
Then it would not be a financial report if we did not talk about financials. So let's have a look and see at our income statement where it seems like we have a typo. That's obviously supposed to say Q3, not Q2. Apologies for that.
But if we look at from July to September, so the actual third quarter, we made EUR 2.4 million in revenues, which is close to the amount of what we made last year, the whole year combined. And like we said in the beginning, the growth rates were pretty nice because, if we look at the third quarter year-on-year, it's 150% roughly. If we look at from January to end of September, it's 250-ish percentage roughly on the top line. And even though we're still on the rate when it comes to the P&L and our EBITDA and EBIT, we're definitely headed in the right direction. And this is mostly due to the [ bladed ] investments into our own games, which includes obviously NERF: Superblast and everything associated with the launch phase marketing and stuff. And of course, the new game, which we don't mention by anything yet.
And if we look at the same thing, the revenue and EBITDA development with sort of our pillars, I think it becomes more and more evident that our focus is still pretty much in making sure that we continue growing our top line because we're nowhere near the levels where we want to be. And that's fueled both by our service business and bigger and better projects moving forward that we're seeking to have as well as through our game launches.
And like we said earlier, when we spoke about the strategy, third quarter was not the first one where we actually started seeing growth coming from both businesses. And parallel to that, we're driving our EBITDA towards breakeven and towards profitability, but still delivering overall growth is very much the priority #1 now.
And it might be that there is some investments kind of things coming on our future still.
Yes. And then if we look at the higher level road map, this is the slide that we intentionally do not change during the year usually, just to keep it obviously [indiscernible] but in a way that how we're progressing against what we set out to do in the early parts of the year. So again, last year was all about expanding our approach portfolio. And now this year, it's all about making the most out of the portfolio that we expanded last year. And...
It's probably [indiscernible]. Last year, we will have proved that the concept of [indiscernible] strategy. Now we have proof that the business of the [indiscernible] strategy works. And I think that -- in that sense, kind of the last period was really good to prove and that it works.
Yes, definitely, definitely. And the big focus points for the year are game launches and then B2B growth and delivering growth on there. And obviously, with game launches, we just started to launch for NERF: Superblast. There's so many test launches that we've done. And all that with B2B projects, we get signing bigger and better deals, also with new customers and with returning customers. So I think...
I think returning customers is something we didn't mention too much, but I think that also shows that our model works that the customers are coming back time after time.
Definitely. So for this year, I think even though we still have some time to go, I think it's safe to say that we're pretty much determined to deliver on what we set out to do this year. And moving forward to next year, we are definitely on our way towards our vision. We're not rushing things. We're taking things step by step, making sure that we go forward, validating every step as we go and so on. And that means that, step by step, you can expect to continue -- expect us to continue towards our vision of becoming the household name in the category of shooter games on mobile.
And next year, in general, we're going to be operating live games with our game portfolio. We're going to be working with some of the best partners in the B2B service business, and we are very much looking to deliver scalable growth and shareholder value by doing so.
While keeping the innovation pipeline with the new products.
Yes, there will very likely be some -- yes, the new stuff. Yes, yes.
Cool. Coolio.
That means that we are approaching the end of this webcast. And next, it's time for questions.
And this time, we have some questions in the awesome setup that we have, and then we also have some questions in e-mail. Let's see where we -- let's take from e-mail first.
Yes, we are supposed to share updates on the road map for Lootland and leading social media game. With Lootland, it's that easy. The game is currently on hold. Like we've said in the previous report, I think, because our focus is very much right now on NERF: Superblast and the launch phase with that. With Lootland, we really likely will conclude something still during the year, how we want to go forward with that month. But as of now, we're not actively doing anything other than maybe talking with you...
There are few discussions.
Yes, yes, yes. Like in terms of production or anything, we are -- the game is on hold. The leading social media, pretty much the same thing. We've actually done everything we were supposed to do. So -- then there's been a lot of testing, but we are pretty much waiting the other party to conclude on certain things on their end, not partly related to what we are doing, but their initiatives overall. So that's pretty much in the time will tell.
And in general, we've seen kind of a bit of a turbulent time on social media and the gaming. And some platforms are withdrawing, and some platforms are interesting.
Yes, yes, yes. And I think that's something that we expect to see moving forward as well that are quite a few of the different type of social media platforms. And other platforms to that can have gaming incorporated. They are still kind of like seeking their way into it, like what we learned recently about Netflix, a little bit change in that direction towards cloud gaming and all that. So we expect volatility on that front moving forward.
Then and then there's a question that how are the 2 Snapchat games, My Life, which we launched in August and Blast Heroes that we launched in March. How are they performing? And can we give some color on the -- on those discontinued games? And what are we doing with the resource that work with them?
Long story short, we don't expect anything from My Life or Blast Heroes in terms of performance because, unfortunately, during the third quarter, we learned that Snap has decided to shut down their games business. And what that essentially means is that they're driving down, obviously, the games on the platforms. And we are not in position to comment too much on anything there at this point. Naturally, our games, we might want to do something with them moving forward. But if that happens at some point, we'll let you guys know, of course. But as of now, we've completely sort of toned down all expectations about that because there's no marketplace soon anymore. And in terms of resourcing...
But there are other platforms.
Yes, yes. Definitely, definitely. And in terms of resourcing, this doesn't impact us too much because these were titles that we produced with one of our external partners. So it doesn't have an impact on sort of internal teams in pretty much in any way.
Then and then how much of marketing push slacks U.S.? And have we done on NERF? And can we talk a little bit about the monetization of the game? Yes, we can.
Marketing push, we've done a little bit. We've basically been doing the sort of beginning of the launch phase rollout where we advertised the game on different platforms and started the first inflows and stuff, but most of those things are like happening after the quarter, like we said earlier, like the [indiscernible] just now started and so on. So we've done some, but not much yet to be honest, because we want to take things coming step by step.
And monetization of the game, like we said earlier, we've been really happy to see strong monetization from the get-go, which is -- well, let's put it this way. We haven't seen it with our games in the past. Like some of them have wanted us a little bit at the beginning, but that's usually been the pain point that you need to wait for a while until you start to see it. But with this point, it's completely different.
And if the game or any game comes into the point where advertising spend is returning relatively fast, now that means that you can kind of [indiscernible] money into the game.
Yes. And obviously, the sort of long-term monetization that only time will tell because we're just getting started, but still.
Then some more. Can you tell us a bit about the revenues of NERF: Superblast that have been and how you see the future?
We don't specify the segmentation of our revenues in our interim report is the official answer. But like we said, we just launched it towards the end of the quarter. So obviously, we're only getting started with it. Let's leave it at that.
Next one, NERF has been now out almost 2 months, and I guess we're satisfied by what we see. Yes, we are. Where do you see it 1 year from now? Do you expect it to compete with Prostars?
Okay, that's a bold question. One year from now, obviously, we expect the game to be live and continue growing. To be competing with Prostars, just for the sake of reference, Prostars is one of the leading games in this business that's been on the market for several years. And Prostar took, what, almost 24 months to climb up the ranks. It took 1 year to even start climbing and so on. So it depends on whether you want to compare NERF to Prostars. In the beginning, Prostars, as of how it stands today, those are 2 completely different pictures. But usually, we would like to compare against industry-leading games pretty much because those are games that are in their own lead and that's a result of several years of hard work and labor. And with NERF, we're only getting started now. So 1 year from now, we're expecting fantastic and awesome things, of course, but we want to be realistic and take it step by step.
And naturally, we are competing, if not any other fields, but the user acquisition, we're targeting at least partially the same customer.
Then and then kindly don't interrupt each other while speaking in between. We do that a lot. We need to improve our game there.
Then analyst prediction was EUR 2.99 million for Q3. What is your take on lower-than-expected figure you delivered in Q3?
Well, to be honest, we don't compare our own expectations towards what third-party analysts are expecting. So we don't really have comments on that. Here in Nitro, we are pretty happy with the growth that we delivered this quarter. And we are definitely focusing on the long term, and we will take it step by step towards profitability and breakeven. So that's our take on that.
Definitely. Right.
Yes. Yes.
Now you interrupted me.
Very good point. I missed it. I think that's all the questions. Yes, awesome. That means that we are done, done.
[Foreign Language]
[Foreign Language]. And we'll see you guys next year when we call out the year report.
Yes.
Awesome.
Thank you.
Meanwhile, have a good one.
Have a great autumn.
Bye-bye.
Bye.