5th Planet Games A/S - Gothersgade 11, 1123 Copenhagen, Denmark - CVR No.: 3359 7142
5th Planet Games A/S
INTERIM REPORT
Q1 2025
Docusign Envelope ID: E4FB4666-777D-4A27-99F5-D4F740AC85F8
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INTERIM REPORT Q1 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2024, Key figures and financial performance
Statement by the Board of Directors and the Executive Board
Independent Auditiors’ review report
Consolidated income statement and statement of other comprehensive income
Consolidated Balance Sheet
Statement of changes in equity
Consolidated cash flow statement
Notes to the financial statements
Index
3
4
5
6
7-10
7
8
9
10
11
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2025, Key Figures and Financial Performance
Statement by the Board of Directors and the Executive Board
Financial Statements
• Income Statement and Statement of Other Comprehensive Income
• Balance Sheet
• Statement of Changes in Equity
• Cash Flow Statement
Notes to the Financial Statements
Docusign Envelope ID: E4FB4666-777D-4A27-99F5-D4F740AC85F8
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INTERIM REPORT Q1 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2024, Key figures and financial performance
Statement by the Board of Directors and the Executive Board
Independent Auditiors’ review report
Consolidated income statement and statement of other comprehensive income
Consolidated Balance Sheet
Statement of changes in equity
Consolidated cash flow statement
Notes to the financial statements
5th Planet Games At-A-Glance
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2025, Key Figures and Financial Performance
Statement by the Board of Directors and the Executive Board
Income Statement and Statement of Other Comprehensive Income
Balance Sheet
Statement of Changes in Equity
Cash Flow Statement
Notes to the Financial Statements
5th Planet Games is an international, publicly traded company founded in 2011 and focused on financing and publishing
video games entertainment.
We are a small, lean company that is backed by a highly driven executive team from Europe and the USA, each of
whom have decades of experience in video games and entertainment creation, publishing, and distribution.
5th Planet Games enters into strategic partnerships with global IP holders to create unique opportunities for game
content creation by our outstanding development partners worldwide and secures co-publishing status in games
across all platforms, mobile, console and PC.
With a strong and growing portfolio of titles and, since 2021, a partnership with Skybound Entertainment, 5th Planet
Games now has access to compelling, proven, world-famous IP including The Walking Dead and Invincible.
Due to a high-quality back catalogue of games and an exciting release schedule ahead, 5th Planet Games has seen a
significant improvement in financial results over the last couple of years with many more exciting opportunities ahead!
Docusign Envelope ID: E4FB4666-777D-4A27-99F5-D4F740AC85F8
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INTERIM REPORT Q1 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2024, Key figures and financial performance
Statement by the Board of Directors and the Executive Board
Independent Auditiors’ review report
Consolidated income statement and statement of other comprehensive income
Consolidated Balance Sheet
Statement of changes in equity
Consolidated cash flow statement
Notes to the financial statements
CEO Letter
Mark Stanger - CEO
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2025, Key Figures and Financial Performance
Statement by the Board of Directors and the Executive Board
Income Statement and Statement of Other Comprehensive Income
Balance Sheet
Statement of Changes in Equity
Cash Flow Statement
Notes to the Financial Statements
The financial results that we are announcing today support the fact that 2025 will be a
transitional year for 5 th Planet Games.
Over the course of 2024 we made several significant investments in the new Invincible and The
Walking Dead games; these games are based on enduring and commercially proven IP and
give massive commercial potential to 5th Planet, however the first of these new games will be
released in 2026 and we (and an eager global audience) must wait a while longer to see them.
Regarding these new opportunities, in my opinion, one of the highlights of Q1 was the
presentation made by Chris Paulson of Skybound during our investor call on 14 th January; Chris
shared details of the incredible success that Invincible is achieving on Amazon Prime Video and
the enduring appeal of The Walking Dead as proven by its performance on Netflix last year. We
continue to support Chris and his team in the planning of these major new video game releases
and will be providing further updates during the summer months.
There is still much to look forward to in 2025, we have several new games for Physical distribution
planned for H2 2025 and will work with our partners Nordisk Interactive A/S and Glomerk SA to
bring these titles to market. Since signing our agreement with Glomerk SA in March this year,
we have now extended the reach of our physical distribution capability to cover not just the
Nordic region, but now extending into Poland, Czech Republic, Slovakia and Hungary.
Our digital release schedule is also weighed toward the latter part of the year, with the recently
announced title Goodnight Universe set for release in Q4 of this year. We have high expectations
for this game from the same BAFTA-winning studio that created our 2022 hit Before Your Eyes;
Goodnight Universe has already been confirmed for the new Nintendo Switch 2 console and
featured in the Nintendo Direct event held on April 2nd this year.
With our back catalogue continuing to perform to budget, our guidance for the full year remains
unchanged form that published in the 2024 annual report, a c.70% increase in revenue, and
EBITDA for the year within the range of 0.5m – 2m DKK.
Much to look forward to in 2025 and even more in 2026.
Yours sincerely,
Mark Stanger – CEO 5 th Planet Games.
22 May 2025
Docusign Envelope ID: E4FB4666-777D-4A27-99F5-D4F740AC85F8
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INTERIM REPORT Q1 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2024, Key figures and financial performance
Statement by the Board of Directors and the Executive Board
Independent Auditiors’ review report
Consolidated income statement and statement of other comprehensive income
Consolidated Balance Sheet
Statement of changes in equity
Consolidated cash flow statement
Notes to the financial statements
Outlook for 2025, Key Figures and Financial Performance
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2025, Key Figures and Financial Performance
Statement by the Board of Directors and the Executive Board
Income Statement and Statement of Other Comprehensive Income
Balance Sheet
Statement of Changes in Equity
Cash Flow Statement
Notes to the Financial Statements
Outlook for 2025
The Q1 financial results should be considered in relation to the 2025 release schedule, and the
fact that the schedule is heavily weighted toward H2; this fact applies to the physical release
schedule whereby we have a number of important new releases scheduled from August
onwards and also for the recently announced Goodnight Universe, which is scheduled for a
digital release in Q4 of this year. Our guidance for the full year is unchanged from that given in
the 2024 annual report i.e. a c.70% increase in revenue, and EBITDA for the year within the range
of 0.5m – 2m DKK.
Key figures and financial performance
DKK ‘000 Q1 2025 Q1 2024 FY 2024
Income statement
Revenue and other income 506 2 885 12 577
Gross profit and other income 366 2 745 9 693
Profit / loss before special items (EBITDA) -1 587 1 272 2 472
Operating profit/loss (EBIT) -1 587 -719 -6 924
Net Financials -722 1 044 2 053
Net profit for the year -2 309 325 -4 940
Statement of financial positision
Total assets 79 744 87 347 82 144
Capitalized and expenses costs development 0 119 41 221
Equity 78 414 85 915 80 723
Cash 9 636 44 573 9 694
Financial ratios*
1
Gross Margin % 72,3% 98,6% 77,1%
EBITDA margin % -313,6% 47,6% 19,7%
Return of investment % (ROI) -1,9% -0,7% -8,0%
Solvency ratio % 98,3% 98,4% 98,3%
Return on equity (ROE) -2,8% 0,5% -5,9%
Basic earnings per share -0,009 0,001 -0,018
*
1
Please refer to definition and calculation for key figures and key ratios from the Danish Finance Society.
In Q1 2025 5th Planet Games generated DKK 0.5M, this is DKK 2.4M below compared to the
year-earlier period.
Gross profit for Q1 2025 amounted to DKK 0.4M, in Q1 2024 Gross Profit was DKK 2.8M
General and administrative expenses for Q1 2025 amounted to DKK 1.9M compared to DKK 3.3M in Q1 2024.
EBITDA for the period is a loss of DKK 1.6M, in Q1 2024 EBITDA was a gain of DKK 1.3M. The decrease in
EBITDA is driven by a decrease in revenue.
Financial expenses are DKK 0.7M but it mainly consists of a negative effect of unrealized currency
translation adjustments
Loss before tax amounted to DKK 2.3M in Q1 2025 compared to a gain of DKK 0.3M in the year-earlier period.
Cash flows from operating activities are positive with DKK 0.7M in Q1 2025 against a negative 5.8M in Q1 2024.
Cash position as of 31 March 2025 amounted to DKK 9.6M against DKK 44.6M as of 31 March 2024. This is
mainly caused by investments in projects with DKK 41.2M.
The company’s solvency ratio is 98.3% compared to 98.4% in Q1 2024.
Docusign Envelope ID: E4FB4666-777D-4A27-99F5-D4F740AC85F8
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INTERIM REPORT Q1 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2024, Key figures and financial performance
Statement by the Board of Directors and the Executive Board
Independent Auditiors’ review report
Consolidated income statement and statement of other comprehensive income
Consolidated Balance Sheet
Statement of changes in equity
Consolidated cash flow statement
Notes to the financial statements
The Board of Directors and the Executive Board have discussed and approved the interim
report for the period of 1 January 2025 – 31 March 2025, of 5th Planet Games A/S. The
interim report has been prepared in accordance with IAS 34 Interim Financial Reporting,
as adopted by the EU, and additional Danish interim reporting requirements for listed
companies. The interim report has been subject to review. In our opinion, the interim report
gives a true and fair view of 5th Planet Games’ assets, liabilities and financial position on
31 March 2025, and of the results of 5th Planet Games’ operations and cash flows for the
period of 1 January 2025 – 31 March 2025. We also find that the management’s review
provides a fair statement of developments in the activities and financial situation of the
company, financial results for the period and the financial position of the company and
describes the significant risks and uncertainties pertaining to the company.
Copenhagen, 22 May 2025
Executive Management
Mark Stanger Henrik Nielsen
Søren Kokbøl Jensen
Board of Directors:
Jon Goldman
Chairman
David Alpert
Statement by the Board of Directors
and the Executive Board
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2025, Key Figures and Financial Performance
Statement by the Board of Directors and the Executive Board
Income Statement and Statement of Other Comprehensive Income
Balance Sheet
Statement of Changes in Equity
Cash Flow Statement
Notes to the Financial Statements
Docusign Envelope ID: E4FB4666-777D-4A27-99F5-D4F740AC85F8
7
INTERIM REPORT Q1 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2024, Key figures and financial performance
Statement by the Board of Directors and the Executive Board
Independent Auditiors’ review report
Consolidated income statement and statement of other comprehensive income
Consolidated Balance Sheet
Statement of changes in equity
Consolidated cash flow statement
Notes to the financial statements
DKK´000 Note Q1 2025 Q1 2024 FY 2024
Revenue 2 506 2 885 12 577
Costs of sales 140 140 2 884
Gross Profit 366 2 745 9 693
Research and development costs 103 119 553
General and administrative expenses 1 850 3 345 16 064
Operating loss (EBIT) -1 587 -719 -6 924
Share of loss from equity investments in group companies 0 0 -69
Financial income 52 1 128 2 182
Financial expenses 774 84 129
Profit/loss before tax -2 309 325 -4 940
Tax on loss for the year 0 0 0
Loss for the year -2 309 325 -4 940
Other comprehensive income 0 0 0
Comprehensive income -2 309 325 -4 940
Distribution of comprehensive income:
Parent company´s shareholders -2 309 325 -4 940
Non-controlling interests 0 0 0
Total -2 309 325 -4 940
Basic earnings per share:
From operations (DKK) 3 -0,009 0,001 -0,018
Total DKK) -0,009 0,001 -0,018
Diluted earnings per share:
From operations (DKK) 3 -0,006 0,001 -0,014
Total DKK) -0,006 0,001 -0,014
Income statement and statement of other comprehensive income
Financial Statements
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2025, Key Figures and Financial Performance
Statement by the Board of Directors and the Executive Board
Income Statement and Statement of Other Comprehensive Income
Balance Sheet
Statement of Changes in Equity
Cash Flow Statement
Notes to the Financial Statements
Docusign Envelope ID: E4FB4666-777D-4A27-99F5-D4F740AC85F8
8
INTERIM REPORT Q1 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2024, Key figures and financial performance
Statement by the Board of Directors and the Executive Board
Independent Auditiors’ review report
Consolidated income statement and statement of other comprehensive income
Consolidated Balance Sheet
Statement of changes in equity
Consolidated cash flow statement
Notes to the financial statements
DKK´000 Note 31.03.2025 31.03.2024 31.12.2024
Non-current assets
Completed development projects 0 7 405 0
Development in progress 41 221 0 41 221
Other investments 21 379 21 329 21 379
Other receivables 2 723 4 084 2 724
Total non-current assets 65 323 32 818 65 324
Current Assets:
Trade receivables 2 727 5 122 4 060
Other receivables 1 745 4 559 2 895
Accrual expenses 313 275 171
Cash 9 636 44 573 9 694
Total current assets 14 421 54 529 16 820
Total assets 79 744 87 347 82 144
EQUITY AND LIABILITIES
DKK´000 Note 31.03.2025 31.03.2024 31.12.2024
Equity:
Share capital 13 419 13 419 13 419
Reserves 32 152 5 776 32 152
Retained earnings 32 843 66 720 35 152
Total Equity 78 414 85 915 80 723
Current liabilities
Trade payables 484 1 061 978
Other payables 846 371 443
Total current liabilities 1 330 1 432 1 421
Total Liabilities 1 330 1 432 1 421
Total equity and liabilities 79 744 87 347 82 144
Balance Sheet
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2025, Key Figures and Financial Performance
Statement by the Board of Directors and the Executive Board
Income Statement and Statement of Other Comprehensive Income
Balance Sheet
Statement of Changes in Equity
Cash Flow Statement
Notes to the Financial Statements
Docusign Envelope ID: E4FB4666-777D-4A27-99F5-D4F740AC85F8
9
INTERIM REPORT Q1 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2024, Key figures and financial performance
Statement by the Board of Directors and the Executive Board
Independent Auditiors’ review report
Consolidated income statement and statement of other comprehensive income
Consolidated Balance Sheet
Statement of changes in equity
Consolidated cash flow statement
Notes to the financial statements
Reserves
DKK´000 Share capital Share premium
Reserve for
capitalised
development
costs Retained earnings Total equity
Equity as at 01.01.2025 13 419 0 32 152 35 152 80 723
Net Loss 0 0 0 -2 309 -2 309
Other comprehensive income 0 0 0 0 0
Comprehensive income 0 0 0 -2 309 -2 309
Capital increase 0 0 0 0 0
Share-based payments 0 0 0 0 0
Transfer of reserves 0 0 0 0 0
Transactions with owners 0 0 0 0 0
Equity as at 31.03.2025 13 419 0 32 152 32 843 78 414
Equity as at 01.01.2024 13 404 0 7 329 64 688 85 421
Net Loss 0 0 0 325 325
Other comprehensive income 0 0 0 0 0
Comprehensive income 0 0 0 325 325
Capital increase 15 97 0 0 112
Share-based payment 0 0 0 57 57
Transfer of reserves 0 -97 -1 553 1 650 0
Transactions with owners 15 0 -1 553 1 707 169
Equity as at 31.03.2024 13 419 0 5 776 66 720 85 915
Statement of changes in equity
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2025, Key Figures and Financial Performance
Statement by the Board of Directors and the Executive Board
Income Statement and Statement of Other Comprehensive Income
Balance Sheet
Statement of Changes in Equity
Cash Flow Statement
Notes to the Financial Statements
Docusign Envelope ID: E4FB4666-777D-4A27-99F5-D4F740AC85F8
10
INTERIM REPORT Q1 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2024, Key figures and financial performance
Statement by the Board of Directors and the Executive Board
Independent Auditiors’ review report
Consolidated income statement and statement of other comprehensive income
Consolidated Balance Sheet
Statement of changes in equity
Consolidated cash flow statement
Notes to the financial statements
DKK´000 Note 31.03.2025 31.03.2024 FY 2024
Profit before tax -2 309 325 -4 940
Depreciation, amortisation and impairment losses 0 1 991 9 396
Share-based payments 0 57 130
Financial income, reversed -52 -1 128 -2 182
Financial expenses, reversed 774 84 129
Change in working capital 2 250 -7 217 -4 398
Operating cash flow 663 -5 888 -1 865
Financial income, received 52 0 711
Financial expenses, paid -1 -3 -5
Income tax received 0 0 0
Cash flow generated from operations 714 -5 891 -1 159
Long term receivable 0 0 1 360
Investments in projects 0 0 -41 221
Cash flow from investing activities 0 0 -39 861
Proceeds from cash capital increase 0 112 112
Repayment convertible loan 0 0 0
Investment in financial assets 0 0 -50
Cash flow from financing activities 0 112 62
Total cash flow for the period 714 -5 779 -40 958
Cash, beginning of period 9 694 49 305 49 305
Net foreign exchange difference -772 1 047 1 347
Cash, end of period 9 636 44 573 9 694
Cash flow statement
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2025, Key Figures and Financial Performance
Statement by the Board of Directors and the Executive Board
Income Statement and Statement of Other Comprehensive Income
Balance Sheet
Statement of Changes in Equity
Cash Flow Statement
Notes to the Financial Statements
Docusign Envelope ID: E4FB4666-777D-4A27-99F5-D4F740AC85F8
11
INTERIM REPORT Q1 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2024, Key figures and financial performance
Statement by the Board of Directors and the Executive Board
Independent Auditiors’ review report
Consolidated income statement and statement of other comprehensive income
Consolidated Balance Sheet
Statement of changes in equity
Consolidated cash flow statement
Notes to the financial statements
1. Basis of preparation
The interim report has been prepared in accordance with IAS 34 Interim financial
reporting, as adopted by the EU, and additional Danish interim reporting requirements for
listed companies. The interim report does not include all the information and disclosures
required in the annual financial statements and should be read in conjunction with the
company’s annual financial statements as of 31 December 2024. The interim report has not
been audited or reviewed by the Company’s auditors. The accounting policies adopted in
the preparation of the interim report are consistent with those followed in the preparation
of the company’s annual financial statements for the year ended 31 December 2024.
Change in assessment of accounting policy
5th Planet Games has historically shown Depreciation and Amortization separate in the
Income Statement. In Q1 2025 depreciation and amortization cost have been included in
General and administrative expenses and we have changed comparative figures for Q1
2024 and FY 2024. The change has no effect on the result or equity.
Significant accounting estimates and judgments
The most significant accounting estimates and judgments in the interim financial statements
remain unchanged compared to those used in Annual Report 2024. The principles and key
assumptions are described in the Annual Report 2024 in note 2.
2. Revenue
Notes to the Financial Statements
DKK´000 Q1 2025 Q1 2024 FY 2024
Sales of games and advertising for mobile devices 141 305 950
Physical product sales 75 0 2 894
License income 290 2 569 8 670
Other revenue 0 11 63
Total 506 2 885 12 577
3. Earnings per share
DKK´000 Q1 2025 Q1 2024 FY 2024
Net profit/loss for the period -2 309 325 -4 940
Weighted average number of ordinary shares used as the denominator
in calculating basic earnings per share (in thousands) 268 369 268 118 268 369
Adjustments for calculation of diluted earnings per share:
Warrants 87 620 87 620 87 620
Weighted average number of ordinary shares and potential ordinary shares
used as the denominator in calculating diluted earnings per share (in thousands)
355 989 355 738 355 989
Earnings per share of DKK 0,05 each (in DKK) -0,009 0,001 -0,018
Diluted earnings per share of DKK 0,05 each (in DKK) -0,006 0,001 -0,014
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2025, Key Figures and Financial Performance
Statement by the Board of Directors and the Executive Board
Income Statement and Statement of Other Comprehensive Income
Balance Sheet
Statement of Changes in Equity
Cash Flow Statement
Notes to the Financial Statements
Docusign Envelope ID: E4FB4666-777D-4A27-99F5-D4F740AC85F8
12
INTERIM REPORT Q1 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2024, Key figures and financial performance
Statement by the Board of Directors and the Executive Board
Independent Auditiors’ review report
Consolidated income statement and statement of other comprehensive income
Consolidated Balance Sheet
Statement of changes in equity
Consolidated cash flow statement
Notes to the financial statements
4. Contingent liabilities
Based on management’s assessment, the company is not involved in any lawsuits,
arbitration cases or other matters which could have a material impact on the company’s
financial position or results of operations.
Acquired IP rights / co-productions rights
As part of the investment agreement, 5th Planet Games has provided certain
representations and warranties to Skybound Games Studios. Should Skybound Games
Studios suffer a loss due to certain specific warranties not being true, accurate and not
misleading, Skybound Games Studios will, at its own discretion, have the option of being
indemnified from its loss by exercising up to 2,200,000 warrants (depending on the loss),
each warrant entitling Skybound Games Studios to subscribe for 1 share of nominal DKK
0.05 at par value (the “Indemnification Warrants”). The potential loss from this warranty is
estimated to be unsignificant.
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2025, Key Figures and Financial Performance
Statement by the Board of Directors and the Executive Board
Income Statement and Statement of Other Comprehensive Income
Balance Sheet
Statement of Changes in Equity
Cash Flow Statement
Notes to the Financial Statements
Docusign Envelope ID: E4FB4666-777D-4A27-99F5-D4F740AC85F8
13
INTERIM REPORT Q1 2025
5th Planet Games At-A-Glance
CEO Letter
Outlook for 2024, Key figures and financial performance
Statement by the Board of Directors and the Executive Board
Independent Auditiors’ review report
Consolidated income statement and statement of other comprehensive income
Consolidated Balance Sheet
Statement of changes in equity
Consolidated cash flow statement
Notes to the financial statements
Contact details
Mark Stanger, CEO
mstanger@5thplanetgames.com
Investor Relations
ir@5thplanetgames.com
Denmark
CVR No.: 3359 7142
Docusign Envelope ID: E4FB4666-777D-4A27-99F5-D4F740AC85F8