Fourth quarter, October 1 - December 31, 2025
- Net sales amounted to SEK 43.1 million (70.8), a decrease of 39 percent. Sales were in line with our expectations. The decrease was caused by timing of execution of customer projects, while the comparison quarter last year was exceptionally strong and represented 41% of total sales in 2024.
- Order intake amounted to SEK 44.1 million (51.7), a decrease of 15 percent.
- The order book amounted to SEK 104.3 million (22.7) at the end of the quarter, an increase of 359 percent.
- Operating profit before depreciation and amortization (EBITDA) amounted to SEK -7.4 million (8.1).
- Operating profit (EBIT) amounted to SEK -7.9 million (7.8).
- Profit before tax amounted to SEK -8.4 million (7.0).
- Earnings per share before dilution amounted to SEK -0.22 (0.35) and after dilution SEK -0.22 (0.24).
- Cash and cash equivalents amounted to SEK 10.1 million (17.5) as of December 31, 2025.
- The Group's net debt, long-term liabilities and short-term interest-bearing liabilities minus cash and cash equivalents, amounted to SEK 4.9 million (8.5) as of December 31, 2025.
Full year, January 1 - December 31, 2025
- Net sales amounted to SEK 175.0 million (172.6), an increase of 1 percent.
- Order intake amounted to SEK 255.2 million (170.9), an increase of 49 percent. The increase is due to increased sales of game projects, new sales of immersive projects and an incipient recovery in the VFX vertical.
- The order book amounted to SEK 104.3 million (22.7) at the end of the year, an increase of 359 percent.
- Operating profit before depreciation and amortization (EBITDA) amounted to SEK -28.6 million (-42.7). The reduced loss is mainly a result of lower costs.
- Operating profit (EBIT) amounted to SEK -30.3 million (-49.9).
- Profit before tax amounted to SEK -35.1 million (-52.5).
- Earnings per share before and after dilution amounted to SEK -0.94 (-2.28).
- Cash and cash equivalents amounted to SEK 10.1 million (17.5) as of December 31, 2025.
- The Group's net debt, long-term liabilities and short-term interest-bearing liabilities minus cash and cash equivalents, amounted to SEK 4.9 million (8.5) as of December 31, 2025.
Significant events during the fourth quarter
- On November 6, 2025, the Board of Directors resolved, based on the issue authorization, on a directed share issue of 3,767,500 shares at a subscription price of SEK 2.00 per share, corresponding to a total of SEK 7.5 million. In addition, the Board resolved on an additional directed issue of 697,591 shares at a subscription price of SEK 2.16 per share, corresponding to approximately SEK 1.5 million, to senior executives within the company, which was approved by an Extraordinary General Meeting. In addition, the company entered into a credit facility of SEK 5 million to further strengthen working capital and to manage variations in project cash flows. In total, the two issues and the credit facility received raised SEK 14 million, of which approximately SEK 2.0 million was paid through set-off of outstanding loans.
- On November 18, 2025, Goodbye Kansas received an order to produce cinematic trailers for a highly anticipated upcoming launch of a world-leading gaming brand. The game is one of the world's most recognizable and enduring games, with a gaming community that includes tens of millions of players who have accounted for billions of hours of play worldwide since the game's original launch. The order value amounts to USD 1 million and the project is of great strategic importance.
- On December 12, 2025, Goodbye Kansas was awarded a significant new order consisting of a high-quality CGI trailer and Key Art production from a leading international game developer. The total order value amounted to almost EUR 1.6 million.
- On December 30, 2025, Goodbye Kansas decided to change Certified Adviser (CA) to Bergs Securities. Bergs Securities took over as CA on January 1, 2026.
Significant events after the period
- On January 28, 2026, the Board of Directors of Goodbye Kansas resolved to appoint Carsten Myhill as CEO. The appointment of Carsten Myhill is an important step in the Group's long-term strategy. Carsten's leadership will focus on scalable growth, strengthening a commercial discipline and creating shareholder value within Goodbye Kansas' business areas. He will take up the position on April 2, 2026, after completing his current professional commitments. He succeeds interim CEO Thomas Lindgren who will support a smooth handover in the coming months and resume his seat on the Board, subject to a decision by the Annual General Meeting. With over 20 years of global experience at the intersection of gaming, entertainment and creative services, Carsten has a uniquely informed view of emerging technologies, production methods and market dynamics that are shaping the future of digital entertainment.
CEO comments
Dear shareholders,
Goodbye Kansas exits 2025 with a fundamental shift in business strength. After an expected weak fourth quarter, impacted by timing in the execution of our customer projects, we are now entering 2026 with the company's largest order book ever. It is now 5 times larger than at the beginning of 2025. Our strategic focus on sales has thus yielded good returns with an order book that forms a solid basis for a profitable 2026.
Momentum and market leadership
During the second half of 2025, we signed and confirmed orders worth approximately SEK 172 million, which is slightly less than the company's entire annual sales for 2025. This is proof that our clear focus on sales and business development is starting to pay off, already at this early stage.
Our dialogue with global customers confirms our position as a world leader in Digital Humans, among other things. The market response to our planned productization in this area is very strong, and we see clear potential to wisely invest more in product development and scale these solutions over time in addition to relying solely on traditional project sales. Further confirmation of our leading position is that during the Game Awards in December, which is the gaming world's equivalent of the Oscars, Goodbye Kansas had delivered trailers for 6 of the nominated games.
We are now also seeing a gratifying recovery in VFX, where we recently secured a number of new orders. Although these are initially of a minor nature, we are focused on scaling up the volume and regaining our position in the major flagship projects.
The operational momentum is now further strengthened by the appointment of Carsten Myhill as permanent CEO. Carsten brings a unique combination of deep industry knowledge and an extensive network, which is critical for our next phase. With over 20 years of global experience at the intersection of gaming, entertainment and creative services, Carsten has a uniquely informed view of emerging technologies, production methods and market dynamics that are shaping the future of digital entertainment.
Diversification and global reach
Through our new segment Immersive, where we invested sales time and focus in 2025, we have successfully diversified our portfolio. This has opened doors to new geographic markets, giving us access to a wider customer base. Diversification in terms of customers, geography and products is an example of our strategy to also address volatility in the foreign exchange markets, where a significant part of our turnover is in USD and EUR.
Strengthened financial position with positive outlook
During the last quarter of the year, two directed issues were carried out and a new credit facility was raised. In total, these capital raises will add SEK 14 million to the company, net SEK 12 million after set-off of loans. The issues and the credit facility confirm the market's confidence in our strategy and investors see the value in being part of the transition and acceleration we have initiated.
We are strengthening the balance sheet through this issue, but above all, we now have the opportunity to fully focus on the business and start productizing parts of our technology, which makes us even more confident that we will achieve a positive result and a positive operating cash flow in 2026 and for the full year 2026.
Data-driven efficiency and AI strategy
An important focus is to continuously secure Goodbye Kansas' ability to be a data-driven organization. By integrating data into everything from sales process to execution, we can manage variations in resource needs between projects with increasing efficiency, reducing operational risks and increasing our delivery precision.
Our technology strategy is forward-leaning but pragmatic. We continue to invest in technology and technology to drive long-term margin improvement. One example is our production pipeline, which is well integrated into our processes and workflows, which gives us a competitive advantage against other players in the market.
Regarding Generative AI, there is currently a customer stop from our largest customers for use in final deliveries, a market situation we expect to remain in the short to medium term. That's why we focus our AI investments on internal processes that directly improve our production efficiency without compromising customer requirements while preparing for the future.
Future prospects
With a strengthened balance sheet and a record order book, we have created the stability needed to focus on growth and improved margins. We have proven that our offering is sought after by the world's largest entertainment companies. Now 2026 is about execution, scalability and capitalizing on our leading position in the next generation of digital content.
I look to the future with great confidence.
Thomas Lindgren
Interim CEO,
Goodbye Kansas Group AB
For additional information, please contact:
Thomas Lindgren, Interim CEO, Goodbye Kansas Group
E-mail: thomas.lindgren@goodbyekansasgroup.com
Direct: +46 70 591 3056
About Goodbye Kansas Group
Goodbye Kansas Group is a provider of technology-driven visual content, developing visual effects (VFX), animations, game trailers and In-Game solutions. The Group has some of the world's leading entertainment companies as its clients. Goodbye Kansas Group is headquartered in Stockholm and is listed on the Nasdaq First North Growth Market with Bergs Securities as Certified Adviser.
This information is information that Goodbye Kansas Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-02-06 08:00 CET.
