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Thunderful CEO steps down as publisher reports $2m H1 loss

Brjann Sigurgeirsson will stay at the business in a fresh role within its games division

Change is afoot at Thunderful because the publishing group announced several changes to leadership alongside its latest financial results.

CEO Brjann Sigurgeirsson, who has held the positioning because the group first formed in 2019, is stepping right down to take on a fresh role within the business’s games segment. Former CFO Anders Maiqvist has had over acting CEO while a permanent replacement is available.

The announcement comes as Thunderful posted a net lack of SEK 21.8 million ($2.1 million) for the next quarter of 2022, and a net lack of SEK 20.7 million ($2 million) for the initial half of the entire year.

The numbers

Q2 2022

Revenue: SEK 618.7 million ($61 million), up 11.1%

Net loss: SEK 21.8 million ($2.1 million), down 206.9%

Adjusted EBITDA: SEK 69.3 million ($6.8 million), up 28.3%

Adjusted EBITA: SEK 31.5 million ($3.1 million), down 25%

Operating profit: SEK 9.4 million ($926,641), down 62.1%

H1 2022

Revenue: SEK 1.2 billion ($118.3 million), up 9.2%

Net loss: SEK 20.7 million ($2 million), down 161.6%

Adjusted EBITDA: SEK 113 million ($11.1 million), down 3.7%

Adjusted EBITA: SEK 58.8 million ($5.8 million), down 39.1%

Operating profit: SEK 14.6 million ($1.4 million), down 75.7%

The highlights

In his comments, Sigurgeirsson related to losing to “significant currency effects,” along with challenges facing its distribution businesses.

On the former, he specifically described total financial components of SEK -22.6 million (-$2.2 million) where was “influenced by SEK -33.7 million (-$3.3 million) from unrealised [foreign exchange market] effects.”

The business also accounted for a SEK 10 million ($985,508) impairment following disappointing sales of The Gunk, although no more impairments are anticipated.

Regardless of the overall loss, Sigurgeirsson claimed this is a solid quarter because of its games division, which reported net sales of SEK 114.9 million ($11.3 million) for the 90 days ended June 30 a 35% improvement on a single period this past year.

Sigurgeirsson also reported Robot Teddy, the business enterprise development and strategy agency Thunderful acquired this past year, has signed several promising games to boost the business’s portfolio.

On his decision to leave his role, Sigurgeirsson wrote: “We have been now around 450 colleagues focusing on numerous promising projects, and we’ve a thrilling time before us. With that, enough time has come for me personally to step down as CEO of Thunderful Group and for new forces to lead the group once we enter the next thing.”

He added: “I’ll continue in a fresh role in your games segment and appearance forward to concentrating on game development again.”

There have been several personnel changes announced alongside these results.

Robot Teddy managing director Callum Underwood can be stepping down for personal reasons, with chief games officer Agostino Simonetta appointed as acting MD in his stead.

Meanwhile, Dieter Schoeller has been named the brand new vice president of production and can also be overtaking leadership of the business’s Headup studio.

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