Gaming Corps (GCOR) Q1 2026 earnings summary

Executive summary

• Net revenue increased by 41% year-over-year in Q1 2026, reaching 15.1 MSEK, but the expected revenue breakthrough has not yet materialized.

• Operating result deteriorated to -11.7 MSEK from -8.7 MSEK in the previous quarter, mainly due to a tough February and an underperforming game launch.

• Workforce doubled in 2025 to support increased game production and innovation, with continued investment in new game engines and regulated market expansion.

• New game series Instant Blitz launched, and beta test for Marbles game engine planned with a partner.

• Entered new regulated markets, including South Africa and Portugal, and received a conditional license for Alberta, Canada.

Financial highlights

• Net sales for Q1 2026 were 15,061 KSEK, up from 10,693 KSEK in Q1 2025.

• EBITDA for Q1 2026 was -10,396 KSEK, compared to -4,410 KSEK in Q1 2025.

• Operating loss was -11,701 KSEK, versus -5,005 KSEK in Q1 2025.

• Net loss for Q1 2026 was -11,075 KSEK, similar to -10,942 KSEK in Q1 2025.

• Earnings per share before dilution was -0.08 SEK, compared to -0.09 SEK in Q1 2025.

Outlook and guidance

• Management expects the negative impact of the unsuccessful game launch to diminish as the company grows.

• Focus remains on leveraging the expanded organization and distribution network for future revenue growth.

• Road Map for Q2 and Q3 game releases published, with Q4 Road Map to be released later in the summer.