Interim Report for the period 1 July 2019 to 30 September 2019

July–September 2019 in short

  • Net revenue amounted to 66 460 (13 618) KSEK, an increase of 388% from previous quarter.
  • EBITDA amounted to 13 326 (4 802) KSEK and EBIT amounted to 1 953 (4 445) KSEK.
  • Net profit after tax amounted to -7 832 (4 138) KSEK.
  • Net debt was 121 059 (99 465) KSEK.
  • Earnings per share amounted to -0.000355 SEK.
  • During the third quarter of 2019, Petrol turned over 49.6 MSEK. During the same period, the gaming part of Toadman turned over 16.9 MSEK.

Significant events during the quarter

  • An agreement to consult on a project has been signed with the Swedish game developer Fatshark worth approximately 13 MSEK.
  • Toadman’s corporate bonds of 120 MSEK start trading on Nasdaq First North. 

Significant events after the quarter

  • The management has been strengthened with Christopher Bergstresser as COO and Andreas Jonsson as CTO.
  • Toadman acquired the assets of Tangentix Ltd for 50 KGBP, thereby adding the game streaming service Game Sessions to its portfolio.
  • A new trailer for the game IGI: Origins has been released with more than 1 million views on Youtube.

Words from the CEO

During the third quarter of 2019, our net revenue grew by almost 400% from 13.6 MSEK to 66.5 MSEK. In conjunction with this, we have taken many important steps to create an organization able to support this rapid growth.

A Group of 180 Employees

Earlier this year, we completed our largest acquisition to date of the world-leading US marketing agency Petrol Advertising, which increased our team to near 180 employees. Growth places great demands on the organization and I am very pleased to announce that the integration of Petrol has gone well primarily as we have succeeded in strengthening the management with new and competent employees. Christopher Bergstresser has been hired as operational manager (COO) and Andreas Jonsson, who was employed in connection with the acquisition of Diskett, has been promoted to CTO. This gives us the necessary prerequisites to continue to grow rapidly in the future.

The First Trailer of IGI: Origins is Released

In conjunction with the acquisition of the Norwegian gaming studio Artplant, Toadman was granted ownership of all the rights to the franschise Project IGI. Work is progressing according to plan and we have recently released a so-called teaser trailer for the third game in the series, IGI: Origins, which in just a few weeks has received over 1 million views on YouTube. The trailer is not only a taste of what IGI: Origins will look like, but also a good example of the collaboration between the various companies within the Toadman Group. At present, IGI: Origins is a playable prototype and we expect to be able to launch the game 2020-2021.

Acquisition of Tangentix

After the third quarter, and as part of our vertical expansion strategy within the value chain, we have also acquired the assets of the UK-based company Tangentix for 50 KGBP. This gives us the ownership of all patents and rights linked to the digital game publishing platform Game Sessions.Game Sessions has 500,000 users as a result of a total of 6 MGBP having been invested in the platform in the last years. We see great value in the platform, technology and patents. Our intention is to continue developing Game Sessions, both for our own games but also for third party games. Our ambition is to re-open the service during the fourth quarter of 2019.

Future Prospects

During the third quarter of 2019, we have taken further steps towards growing within the value chain and we continue to evaluate new opportunities for further expansion. We see good potential in being able to grow within distribution and publishing games in a way that is advantageous to us. We have also published a road-map for our upcoming games that clearly illustrates how exciting the upcoming years will be. I remain enthusiastic and look forward to seeing our broadened and strengthened organization deliver now that we have created such good conditions for it. We continue to switch up step by step to approach the position as a leading player in the gaming industry.

Robin Flodin

CEO and Co-Founder

Toadman Interactive AB (publ)

Next Report

The next interim report – for the year 2019 – will be published on the February 20, 2020.

About Toadman

Toadman develops and markets PC, console and mobile games for the global games market. The Group employs near 100 game developers and creates their own original IP as well as consult for other game publishers around the world through their Game Development Division. In addition, the Group’s Marketing Division has helped to release 1500+ titles, many are world renowned brands such as Call of Duty, Destiny, Dark Souls and Rage. The head quarter is situated in Stockholm, Sweden with 180 employees in 6 offices world-wide.

For More Information, Please Contact

Robin Flodin, CEO


Phone: +46 (0) 70 477 06 34

Nasdaq First North Ticker Symbol: TOAD

Certified Advisor

Eminova Fondkommission AB


Phone: +46 (0) 8 684 211 00

Important Information

Toadman Interactive AB (publ) is obliged to make this information public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out, at 08:00 CET on 26 November 2019.