Company Release
Next Games updates its outlook for 2020

Published November 25, 2020


Next Games Corporation updates its outlook for 2020. The company will remain EBITDA positive for the full year 2020, and expects revenues to be between EUR 26–28 million.

The company had previously removed its full year 2020 revenue guidance and had not given guidance on profitability at the company level.

Updated Business Outlook 2020

The Company expects revenues from already published games (The Walking Dead titles) to continue on a flat or declining trend. Next Games estimates its revenue for 2020 to be EUR 26–28 million. The company is expected to be EBITDA positive.

  • Publishing Profitability measured by EBITDA will improve significantly and be above 20% of revenues (11%; EUR 3.8 million in 2019)
  • R&D expenditure in both infrastructure and development will remain at 17–19% of revenues (19% in 2019)
  • Administration costs will remain in the range EUR 3.0–3.5 million
    (EUR 3.0 million 2019)

Stranger Things is available in the AppStore and Google Play Store, as of December for the first selected markets.

Previous Business Outlook 2020 (given on August 28, 2020)

The Company expects revenues from already published games (The Walking Dead titles) to continue on a flat or declining trend. With recent profitability improvements, the company believes its publishing operations EBITDA from already published games (The Walking Dead titles) to improve clearly in 2020 compared to 2019 when it was EUR 3.8 million. We also expect to start scaling 1–2 games during 2020.

Basis for Change in Outlook 2020

Achieved cost savings have remained, Walking Dead games continue performing as expected, and the guidance for publishing profitability has been strengthened.

The release of Stranger Things into first markets in the App Store and Google Play Store is slated for December. Predicting the speed of scaling (e.g revenue growth) is not accurate enough at this time and the company will remain conservative in their revenue estimates for 2020.

Additional information:
Annina Salvén
+358 (0) 40 588 3167

Certified Adviser: Danske Bank A/S, Finland branch, tel. +358 10 546 7938

About Next Games

Next Games (Helsinki Nasdaq First North: NXTGMS) is the first publicly listed mobile game developer and publisher in Finland, specializing in games based on entertainment franchises, such as movies, TV series or books. The developers of the critically acclaimed The Walking Dead games redefines the way franchise entertainment transforms into highly engaging service-based mobile games. Currently Next Games is working on multiple new games based on popular entertainment franchises including, Blade Runner Rogue, for the popular Blade Runner franchise and a mobile game based on Netflix’s Stranger Things. For more information head to