Thunderful Publishing AB
ABActiveOrg 5591548721Kvarnbergsgatan 2, 411 05 GöteborgPublishing of video games· NACE 5821Est. 2018 · 8 years old5-9 employees
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Overview
Thunderful Publishing AB is a Swedish AB based in Göteborg, operating in the Publishing of video games sector. Incorporated in 2018, the company reported revenue of SEK 119.6m in its latest annual filing.
Revenue 2025
119.6M SEK
+4% vs 2024
EBITDA margin
2.2 %
+119% vs 2024
Net profit 2025
-92.7M SEK
+19% vs 2024
Key ratios
See full ratios →Solidity ratioEquity ÷ Total assets × 100
0.1 %
Very weakAmong the 10% lowest rated companies in the industry
20212025
Liquidity ratioCurrent assets ÷ Short-term debt
0.3×
Very weakAmong the 10% lowest rated companies in the industry
20212025
Return on assets (ROA)Net profit ÷ Total assets × 100
-123.1 %
Very weakAmong the 10% lowest rated companies in the industry
20212025
EBITDA — year on year
SEK millionsKey figures
Annual report 2025| Revenue | 119.6M SEK | +4% |
| EBITDA | 2.7M SEK | +119% |
| Net profit | -92.7M SEK | +19% |
| Total assets | 75.2M SEK | -30% |
| Equity | 0.1M SEK | -99% |
| Employees | — | — |
Company information
Legal name
Thunderful Publishing AB
Org number
5591548721
Legal form
Aktiebolag
NACE code
5821 · Publishing of video games
Founded
9 April 2018 · 8 years
Share capital
SEK 50,000
Employees
5-9
VAT registered
Yes
Audit selected
No
Last report
2025-12-31
Financial year
January – December
Signatory rights
Firman tecknas av styrelsen Firman tecknas två i förening av ledamöterna Dessutom har verkställande direktören rätt att teckna firman beträffande löpande förvaltningsåtgärder
Company purpose
Bolagets verksamhet ska vara att bedriva handel med data- och TV-spel såsom distributör, licensinnehavare och tillverkare.
(no translation available)
Contact
Address
Kvarnbergsgatan 2, 411 05 Göteborg
Email
martin@thunderfulgroup.com
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Financial development
In its most recent annual report (2025), Thunderful Publishing AB reported revenue of SEK 119.6m, an increase of 4% on the year before. The figures on this page draw on 5 annual filings covering 2021 to 2025. The bottom line showed a net loss of SEK 92.7m, and the EBITDA margin stood at 2.2%.
At the end of 2025, equity financed 0.1% of the balance sheet, and current assets covered short-term debt 0.3 times.
Financials
Revenue
SEK millionsEBITDA
SEK millionsIncome statement
SEK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 119,614 | 115,150 | 161,665 | 44,484 | 44,293 |
| Staff expenses | -17,034 | -20,742 | — | — | — |
| EBITDA | 2,669 | -13,800 | 19,121 | 9,463 | -12,784 |
| Depreciation & amort. | -52,156 | -110,705 | -48,458 | -13,066 | -8,689 |
| EBIT | -49,487 | -124,505 | -29,337 | -3,603 | -21,473 |
| Net financials | -43,163 | 10,079 | -12,248 | 1,595 | 1,602 |
| Profit before tax | -92,651 | -114,426 | -4,004 | -8 | 47 |
| Tax | -0 | — | 13 | -102 | -12 |
| Net profit | -92,651 | -114,426 | -3,991 | -110 | 35 |
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Balance sheet
SEK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | 75,245 | 107,559 | 215,715 | 116,385 | 73,073 |
| Equity | 75 | 8,726 | 3,043 | 7,034 | 7,145 |
| Long-term debt | 0 | — | 0 | 0 | 0 |
| Short-term debt | 75,170 | 98,833 | 212,672 | 109,351 | 65,928 |
| Total debt | 75,170 | 98,833 | 212,672 | 109,351 | 65,928 |
Financial ratios
5-year trendEBITDA margin
2.2 %
20212025
Equity ratio
0.1 %
Very weakAmong the 10% lowest rated companies in the industry
20212025
Return on equity
<−999 %
Very weakAmong the 10% lowest rated companies in the industry
20212025
Net profit margin
-77.5 %
Very weakAmong the 20% lowest rated companies in the industry
20212025
Asset turnover
1.59×
StrongAmong the 30% highest rated companies in the industry
20212025
Debt / equity
>999×
Very weakAmong the 10% lowest rated companies in the industry
20212025
Sector performance
27 of 28 ratios graded28 financial ratios from the latest filing, each graded against companies in the same industry.
Profitability
Gross marginWeak
Among the 30% lowest rated companies in the industry
The gross result as a share of revenue — how much of the revenue is left after variable costs to cover the company's fixed costs.
Operating marginVery weak
Among the 20% lowest rated companies in the industry
EBIT as a share of revenue — the share of revenue remaining as earnings once all operating costs are covered. A key measure of earning power.
Net profit marginVery weak
Among the 20% lowest rated companies in the industry
The profit for the year as a share of revenue — the company's ability to turn revenue into profit.
Return on equity (ROE)Very weak
Among the 10% lowest rated companies in the industry
Net profit as a percentage of equity — the return the owners earned on their invested capital this year.
Return on assets (ROA)Very weak
Among the 10% lowest rated companies in the industry
Net profit as a percentage of total assets — the return generated on the capital employed.
Return on net assets (RONA)Very weak
Among the 10% lowest rated companies in the industry
Profit relative to net assets (total assets minus total debt) — the ability to generate earnings from the net asset base alone.
Basic earning power (BEP)Very weak
Among the 10% lowest rated companies in the industry
EBIT relative to total assets — the company's earning power before the effects of tax and financial leverage.
Capacity ratioVery weak
Among the 20% lowest rated companies in the industry
Shows how strongly fixed costs weigh on the gross result — a high ratio means fixed costs take only a small bite out of the earnings from basic operations.
Liquidity
Current ratioVery weak
Among the 10% lowest rated companies in the industry
Current assets relative to short-term debt — the ability to settle short-term obligations with current assets alone. Around 150% is considered satisfactory from a credit perspective.
Quick ratioVery weak
Among the 10% lowest rated companies in the industry
Current assets excluding inventory relative to short-term debt — whether the most liquid assets alone can cover the short-term obligations. A value of 1 or above signals a healthy liquidity position.
Cash ratioVery weak
Among the 10% lowest rated companies in the industry
Cash relative to short-term debt — the ability to repay short-term obligations with cash alone.
Current assets to equityVery weak
Among the 10% lowest rated companies in the industry
Current assets relative to equity — an indicator of the balance-sheet structure and of the company's short- and long-term financing. The healthy level is highly industry-dependent.
Fixed assets to long-term capitalVery weak
Among the 10% lowest rated companies in the industry
Fixed assets relative to long-term capital (equity plus long-term liabilities). Below 100% means the long-term capital finances more than just the fixed assets — a healthier liquidity position.
Cash conversion ratioVery weak
Among the 20% lowest rated companies in the industry
Cash flow relative to profit — the ability to convert reported profits into accessible cash.
Debt & solvency
Solidity ratioVery weak
Among the 10% lowest rated companies in the industry
Equity as a share of total assets — the ability to absorb losses. Around 40% is considered satisfactory from a credit perspective.
Debt ratioVery weak
Among the 10% lowest rated companies in the industry
Total debt relative to the balance-sheet total — the share of the assets financed by debt rather than equity.
Debt to equityVery weak
Among the 10% lowest rated companies in the industry
Debt relative to equity — the company's leverage. A higher value means heavier reliance on debt financing.
Liabilities to equityVery weak
Among the 10% lowest rated companies in the industry
Total liabilities relative to equity — whether the company operates primarily on borrowed capital or on its own.
Income to debtVery weak
Among the 20% lowest rated companies in the industry
Profit relative to debt — the ability to create earnings while operating with debt.
EBITDA to debtAverage
Around the average of companies in the same industry
EBITDA relative to debt — how much operating earnings are available to service the debt.
Interest coverageWeak
Among the 40% lowest rated companies in the industry
The ability to pay the interest on the company's debt out of its earnings.
Interest rate on debtVery weak
Among the 10% lowest rated companies in the industry
Financial expenses relative to total liabilities — the effective interest rate the company pays on its debt.
Interest marginVery weak
Among the 10% lowest rated companies in the industry
The return on assets minus the interest rate on debt. Positive means the company benefits from operating with debt; negative means the debt makes it worse off.
Efficiency & development
Asset turnoverStrong
Among the 30% highest rated companies in the industry
Revenue relative to total assets — the ability to generate revenue from the asset base.
Equity to contributed capitalWeak
Among the 30% lowest rated companies in the industry
Total equity relative to the capital the owners contributed — how the equity has developed from its starting point.
One-year change in equityVery weak
Among the 10% lowest rated companies in the industry
The size of this year's increase or decrease in the company's equity.
One-year change in debtStrong
Among the 30% highest rated companies in the industry
The size of this year's increase or decrease in the company's debt.
Inventory turnoverNot rated
Cannot be graded — the figures this ratio builds on are not available in the latest filing.
Revenue relative to inventory — how many times a year the inventory is sold and replaced. A low value can indicate weak sales or excess inventory.
Annual reports & filings
- Annual report 2025Filed via Bolagsverket / SCB · Period 2025-01-01 – 2025-12-31
- Annual report 2024Filed via Bolagsverket / SCB · Period 2024-01-01 – 2024-12-31
- Annual report 2023Filed via Bolagsverket / SCB · Period 2023-01-01 – 2023-12-31
- Annual report 2022Filed via Bolagsverket / SCB · Period 2022-01-01 – 2022-12-31
- Annual report 2021Filed via Bolagsverket / SCB · Period 2021-01-01 – 2021-12-31
People & ownership
Management
Actively employed in the business| Name | Role | Member since |
|---|---|---|
| Current (2) | ||
RN Chief Auditor | Chief Auditor | 2022 |
ML Chief Executive Officer | Chief Executive Officer | 2026 |
Former (5)
BI Chief Executive Officer | Chief Executive Officer | 2020 – 2022 |
AO Chief Executive Officer | Chief Executive Officer | 2022 – 2023 |
ES Chief Executive Officer | Chief Executive Officer | 2020 – 2022 |
MA Chief Executive Officer | Chief Executive Officer | 2022 – 2026 |
SP Chief Auditor | Chief Auditor | 2022 – 2023 |
Board of directors
Non-executive oversight| Name | Role | Member since |
|---|---|---|
| Current (3) | ||
GC Board of Directors | Board of Directors | 2026 |
ML Chairman | Chairman | 2026 |
BI Board of Directors | Board of Directors | 2020 |
Former (8)
CL Board of Directors | Board of Directors | 2022 – 2023 |
PA Board of Directors | Board of Directors | 2024 – 2024 |
OB Chairman | Chairman | 2020 – 2026 |
AO Board of Directors | Board of Directors | 2022 – 2023 |
MA Board of Directors | Board of Directors | 2022 – 2026 |
AI Board of Directors | Board of Directors | 2022 – 2023 |
LJ Board of Directors | Board of Directors | 2023 – 2024 |
KL Board of Directors | Board of Directors | 2020 – 2022 |
Shareholders
Active legal owners| Shareholder | Type | Ownership | Votes | Registered |
|---|---|---|---|---|
| Company | 100% | 100% | 0001 |
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Related companies
Company hierarchy
Thunderful Group AB
Thunderful Publishing AB Board network connections
Board members of Thunderful Publishing AB also hold positions in 1056 other companies.
| Person | Role here | Other companies |
|---|---|---|
| Rolf Nicklas Kullberg | Chief Auditor | 914 companiesMany roles |
| Sven Patric Hofréus | Chief Auditor | 53 companiesMany roles |
| Owe Bergsten | Chairman | 15 companiesMany roles |
| Anders Oskar Maiqvist | Chief Executive Officer | 14 companiesMany roles |
| Brjann Ingvason Sigurgeirsson | Chief Executive Officer | 13 companiesMany roles |
| Martin Adam Walfisz | Chief Executive Officer | 11 companiesMany roles |
| Carl Lennart Sparud | Board of Directors | 11 companiesMany roles |
| Mikael Lars Håkan Falkner | Chief Executive Officer | 9 companiesMany roles |
| Geoffroy Chateauvieux | Board of Directors | 4 companies |
| Annette Ingegerd Marie Colin | Board of Directors | 4 companies |
| Per Alnefelt | Board of Directors | 3 companies |
| Lars Johan Henrik Lundkvist | Board of Directors | 3 companies |
| Klaus Lyngeled | Board of Directors | 2 companies |
Frequently asked questions
What is the Org number of Thunderful Publishing AB?
Thunderful Publishing AB is registered with Bolagsverket / SCB under Org 5591548721.
What is the revenue of Thunderful Publishing AB?
Thunderful Publishing AB reported revenue of SEK 119.6m in 2025.
Who is the CEO of Thunderful Publishing AB?
Mikael Lars Håkan Falkner is the CEO of Thunderful Publishing AB, in role since 2026.
Who is the chairman of Thunderful Publishing AB?
Mikael Lars Håkan Falkner chairs the board of Thunderful Publishing AB, in role since 2026.
Where is Thunderful Publishing AB headquartered?
Thunderful Publishing AB's registered address is Kvarnbergsgatan 2.