Is Nitro Games profitable in 2026?

Nitro Games posted a Q1 2026 EBITDA of EUR431K, but profitability was propped up by a EUR1.6M Business Finland loan cancellation, not operating strength. Revenue fell 38% YoY to EUR1.498M in Q1 2026 versus EUR2.434M in Q1 2025, per its March 2026 interim report.

Who owns Nitro Games?

Insiders reportedly hold about 56% of Nitro Games as of July 2026 per Yahoo Finance. Former largest shareholder Nordisk Games, which once held ~50.37% (Dec 2021), fully exited in September 2024, selling its ~26% stake at SEK1.50/share for about SEK9.7M.

Could AI replace Nitro Games?

Nitro Games' B2B service business, contract game development, asset generation, localization, and live-ops, sits directly in the path of generative AI tools already compressing production labor industry-wide, per a July 2026 media-AI use-case survey. No company-specific AI deployment by Nitro Games has been disclosed as of mid-2026.

Who is Nitro Games' biggest competitor?

Nitro Games faces Activision (Call of Duty: Mobile) and Krafton (PUBG Mobile) as dominant free-to-play mobile-shooter incumbents, while Supercell dominates Finnish mobile gaming by scale. A new AI-native threat, Liquidnitro Games, raised a $19.1M Series A around July 2026.

What is Nitro Games' next big product launch?

Warhammer 40,000: Boltgun Boom, a premium (paid, no-IAP) mobile port licensed from Games Workshop, is scheduled to launch on iOS and Android on August 26, 2026, marking a departure from Nitro Games' usual free-to-play titles.

Is Nitro Games stock worth buying in 2026?

Nitro Games shares hit a 52-week high of SEK2.60 on July 20, 2026, up 55.64% year-to-date, driven by the Warhammer 40,000: Boltgun Boom announcement and a new EUR2.1M development deal signed July 8, 2026, despite underlying revenue decline.

Gaming companies · Finland

Nitro Games

nitrogames.com ↗

Finnish studio that builds mobile games for hire and ports licensed IP to phones.

Protection under test

Assessed 23 July 2026 · Evidence as of 23 July 2026

Something worth protecting exists and is being tested right now.

On the recordSince 23 July 2026 · Checkable from Aug 26, 2026 · Every call on the record Checkpoint: Warhammer 40,000: Boltgun Boom launches on iOS and Android

The call

Nitro Games survives on contract work and one licensed port, with revenue shrinking and profit propped up by a government loan write off.

Nitro Games makes mobile games for other companies and ports popular games to mobile phones. The work is not hard to copy: Activision, Krafton, and Supercell all do it too, and AI tools like Liquidnitro are being built specifically to automate what Nitro does. Revenue fell 26% last year and 38% in early 2026, and the company's reported profits came from a government loan forgive-ness, not from actually making money on games. The one thing that could matter is whether Nitro's upcoming Boltgun Boom game becomes a hit that proves it can build a repeating business in premium mobile ports, or whether AI-powered competitors simply undercut it on price and speed before that happens.

Why

AI pressure: Liquidnitro Games (agentic AI game-production platform). Agentic AI production tools can now build and port mobile games fast, undercutting Nitro's work for hire pricing. Could AI do the core job? Yes, likely.

Bigger players: Activision (Call of Duty: Mobile), Krafton (PUBG Mobile), Supercell. Bigger studios with deeper budgets and their own IP compete for the same mobile players and publisher contracts. Could a giant copy it? Yes, easily.

What protects it. Existing publisher contracts and the Warhammer 40,000 port deal give near term revenue AI tools have not yet replaced.

What would change this call

Warhammer 40,000: Boltgun Boom sales performance after its Aug 26, 2026 launch. Shows whether Nitro can sustain a premium-mobile-port niche or remains dependent on lumpy contracts.
H1 2026 earnings (due ~Aug 17, 2026) showing revenue and profit excluding loan forgiveness. Reveals if profitability is real operating improvement or still propped up by one-time government support.
Any further Business Finland loan cancellations or new development contract announcements. Indicates whether the company still depends on discretionary state aid and lumpy deals to stay profitable.

Key numbers

FY2025 revenue fell 26% to 8.465M euros (2025-12-31)
Q1 2026 revenue down 38% to 1.498M euros (2026-03-31)
Q1 2026 profit boosted by 1.6M euro loan cancellation (2026-03-31)

Named risks

Revenue declined 26% in FY2025 and 38% YoY in Q1 2026. Severity: high
Reported profitability relies on one-time government loan forgiveness, not operating performance. Severity: high
No defensible moat; work-for-hire and licensed-IP ports replicable by larger, AI-equipped competitors. Severity: medium
Dependency on discretionary Business Finland grants creates event risk around funding decisions. Severity: medium
Strategic backer Nordisk Games fully exited in 2024, removing prior largest shareholder support. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Activision (Call of Duty: Mobile)	contesting	Boltgun Boom premium model explicitly contrasted vs F2P CoD Mobile in press coverage, 2026-05-24
Krafton (PUBG Mobile)	contesting	Named alongside Activision as dominant mobile-shooter incumbent Nitro's premium port targets, 2026-05
Supercell	losing to	Dominates Finnish mobile gaming by scale, per Finnish Game Industry Report 2024
Liquidnitro Games	gaining on	Unrelated AI-native game-production platform raised $19.1M Series A, hired ex-Tencent CTO, 2026-07-22
Rovio Entertainment	losing to	Much larger Finnish peer, acquired by Sega in 2023

Questions people ask

Is Nitro Games profitable in 2026?: Nitro Games posted a Q1 2026 EBITDA of EUR431K, but profitability was propped up by a EUR1.6M Business Finland loan cancellation, not operating strength. Revenue fell 38% YoY to EUR1.498M in Q1 2026 versus EUR2.434M in Q1 2025, per its March 2026 interim report.
Who owns Nitro Games?: Insiders reportedly hold about 56% of Nitro Games as of July 2026 per Yahoo Finance. Former largest shareholder Nordisk Games, which once held ~50.37% (Dec 2021), fully exited in September 2024, selling its ~26% stake at SEK1.50/share for about SEK9.7M.
Could AI replace Nitro Games?: Nitro Games' B2B service business, contract game development, asset generation, localization, and live-ops, sits directly in the path of generative AI tools already compressing production labor industry-wide, per a July 2026 media-AI use-case survey. No company-specific AI deployment by Nitro Games has been disclosed as of mid-2026.
Who is Nitro Games' biggest competitor?: Nitro Games faces Activision (Call of Duty: Mobile) and Krafton (PUBG Mobile) as dominant free-to-play mobile-shooter incumbents, while Supercell dominates Finnish mobile gaming by scale. A new AI-native threat, Liquidnitro Games, raised a $19.1M Series A around July 2026.
What is Nitro Games' next big product launch?: Warhammer 40,000: Boltgun Boom, a premium (paid, no-IAP) mobile port licensed from Games Workshop, is scheduled to launch on iOS and Android on August 26, 2026, marking a departure from Nitro Games' usual free-to-play titles.
Is Nitro Games stock worth buying in 2026?: Nitro Games shares hit a 52-week high of SEK2.60 on July 20, 2026, up 55.64% year-to-date, driven by the Warhammer 40,000: Boltgun Boom announcement and a new EUR2.1M development deal signed July 8, 2026, despite underlying revenue decline.

Timeline

2026-08-26Warhammer 40,000: Boltgun Boom scheduled to launch on iOS and Android
2026-07-20Nitro Games stock hits 52-week high of SEK2.60, up 55.64% YTD
2026-07-08Signed approx EUR2.1M development-services agreement with unnamed European publisher
2026-06-01Autogun Heroes mobile publishing transferred to Hyperkani
2026-04-29Games Workshop licensing deal for Boltgun Boom announced
2026-03-31Q1 2026 revenue EUR1.498M, down from EUR2.434M in Q1 2025
2025-12-31FY2025 revenue EUR8.465M, down 26% YoY; net profit EUR137K
2024-09-16Nordisk Games sold entire ~26% stake, fully exiting company
2021-12-01Nordisk Games converted convertible loan, raising stake to ~50.37%
2020-04-15Nordisk Film Games invested SEK45M, becoming largest shareholder

Revision history

23 July 2026

First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.

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