Third quarter, July 1 – 30 September 30, 2025

• Net sales amounted to SEK 43.3 million (44.0), a decrease by 2 percent. The decrease is mainly due to the postponement of some production plans.
• Order intake amounted to SEK 127.8 million (71.1), an increase by 80 percent. The increase is thanks to a strong focus on sales, with success in primarily games and immersive.
• EBITDA amounted to SEK -5.7 million (-5.9).
• EBIT amounted to SEK -6.1 million (-7.4).
• Profit before tax amounted to SEK -8.2 million (-10.7).
• Earnings per share before and after dilution amounted to SEK -0.25 (-0.34).
• Cash and cash equivalents amounted to SEK 6.0 million (6.4) as of September 30, 2025.

First nine months, January 1 – September 30, 2025

• Net sales amounted to SEK 131.9 million (101.7), an increase by 30 percent. The increase is mainly thanks to strong new sales of gaming projects.
• Order intake amounted to SEK 211.1 million (119.2), an increase by 77 percent. The increase is thanks to increased sales of gaming projects and sales of immersive projects.
• EBITDA amounted to SEK -21.2 million (-50.8). The reduced loss is thanks to a combination of higher sales and lower costs.
• EBIT amounted to SEK -22.4 million (-57.6).
• Profit before tax amounted to SEK -26.7 million (-59.4).
• Earnings per share before and after dilution amounted to SEK -0.81 (-2.63).
• Cash and cash equivalents amounted to SEK 6.0 million (6.4) as of September 30, 2025.

Significant events during the third quarter

• On August 4, 2025, Goodbye Kansas Studios received another large order from an existing international customer for the production of game cinematics for a game project. The value of the order amounts to a total of approximately SEK 29 million. The project began in the third quarter and will run until the second quarter of 2026.
• On August 22, 2025, Thomas Lindgren was appointed acting CEO of Goodbye Kansas Group, succeeding Stefan Danieli. Thomas has been a member of the Board of Directors of Goodbye Kansas since 2024 and has extensive experience as both CEO and Board member in the gaming industry.
• On August 22, 2025, Goodbye Kansas Studios received an order from a new international client for VFX production for a film. The value of the order amounts to approximately SEK 9 million. This is a significant event since it signals that the VFX-market has begun its recovery. The project started immediately and will run until the second quarter of 2026.
• On August 24, 2025, Goodbye Kansas Studios received another significant order for the production of In-Game Content for a gaming project. The order comes from a new international customer and the order value amounts to approximately SEK 26 million. The project began in the third quarter and will run until the second quarter of 2026.
• On September 3, 2025, Goodbye Kansas announced that the total order intake for the period July-August 2025 amounted to SEK 119 million. The figure only included signed orders but not new orders that are confirmed but where the complete contract has not been signed. The reason for reporting the order intake in this way was to provide the market with an overall picture of the period’s announced and other smaller, undisclosed orders.
• On September 10, 2025, Goodbye Kansas Studios won a new order for an immersive installation from an existing customer, as a result of a successful collaboration on a previous project. This follow-up order comes briefly after completion of the first order, which shows that we have been able to quickly build trust with this new customer. The extensive VFX work for the production includes digital creatures and FX simulations with a focus on photorealism and experience-based technology. The order value amounts to SEK 8 million and production will continue until Q4 2025.
• On September 15, 2025, Ulf Hammarmyr, with a strong background in listed growth companies, was appointed interim CFO and succeeds Karoline Duvmo. Ulf Hammarmyr began as interim CFO on September 29 and Karoline Duvmo’s last day of employment is November 7, which allows for plenty of time for a handover.

Significant events after the period

• No significant events have been announced after the period.

CEO comments

Dear shareholder,

I would like to begin by thanking you for the warm reception I have received since I took over as CEO on August 25. Taking on this role is based on my strong belief in Goodbye Kansas – in our exceptional people, our world-leading technology platform and the significant potential we possess. During my first few months, I have focused on quickly establishing a clear direction and creating a pronounced commercial focus, identifying concrete areas for project optimization and realizing value from our historical technology investments. It is therefore particularly gratifying that the third quarter saw the highest order intake, i.e. contracted sales, in the company’s history for a single quarter, SEK 127.8 million.

Strong order intake and increased competitiveness

The strong order intake corresponds to an increase of 80 percent compared to the same period last year. Cumulatively for the first nine months of the year, order intake already exceeds the entire 2024 level. This clearly shows that our customer offering is competitive and that our efforts to strengthen sales and business development are paying off. Net sales for the quarter decreased marginally to SEK 43.3 million (44.0), largely in line with our expectations. Revenues were somewhat negatively affected by the postponement of some production plans, relatively shortly after contract signing.

For the first nine months of the year, net sales increased by 30 percent to SEK 131.9 million (101.7), while EBITDA improved by SEK 29.6 million to SEK -21.2 million (-50.8). This is a significant improvement from the previous year, although we obviously cannot be satisfied with the negative result.

Our order book, i.e. contracted orders but not yet delivered, at the end of the quarter amounted to SEK 103 million (41), corresponding to an increase of 151 percent. This gives us a stable foundation, although sales will vary between quarters depending on customers’ production plans. Of course, sustainable growth requires continued successful sales. Our ongoing market processing and current customer dialogues provide a clear positive momentum which create the conditions for future growth and profitability.

AI and productization for future growth

The company has been working with AI support in the production of VFX and game trailers for a long time. We clearly see that the right use of AI increases efficiency, which leads to more time to work on quality, and we will continue to integrate AI into our processes. Examples of how we have used and are using AI include in quotation analysis and pitch work, upscaling and reducing noise in renderings for higher quality in final products. We work actively to evaluate AI for our own processes, but also what tools are available on the market and how they can both strengthen us and make us more efficient. It is worth noting that in the case of generative AI, many customers forbid us to use generative AI in their productions.

In addition to AI, we invest time and resources in productizing our technology to find new business opportunities. We already see a number of attractive areas where we have the potential for incremental and recurring revenue through our technical platform.

Financial stability and management changes

The company is taking clear steps towards being cash flow positive and generating profit. In order to fully focus on freeing up resources for long-term value creation and continued investments in productization of our customer offering and strategic collaborations, we are currently evaluating alternatives to strengthen the balance sheet.

We have appointed Ulf Hammarmyr as CFO after Karoline Duvmo. Ulf has extensive experience of business development and profitable growth, and is the right person to lead our finance function going forward.

Strategic partner in a changing market

During my first two months as CEO, I have focused on quickly establishing a clear direction. I am confident that we have taken important steps towards creating a pronounced commercial focus, identifying concrete areas for project optimization and realizing value from our historical technology investments. The company has a unique combination of passionate talent and long-standing technology that forms the foundation of our ability to deliver world-class projects.

My initial customer and partner journeys have confirmed the market’s clear shift towards a ”co-dev” strategy, where larger players seek strategic partnerships to streamline and create long-term collaborations. The industry sees Goodbye Kansas as a guarantor of quality, and our goal is now to convert this high trust capital into measurable sales through a focus on long-term and strategic sales.

Outlook and conclusion

With a strong order book, a clear commercial focus and continued optimization of project flows, we see good conditions for the full year 2026 to be profitable with positive cash flow. My mission is to capitalize on the financial restructuring carried out by previous management and ensure that the entire organization is united around measurable financial, creative and project goals.

I am very confident and expect that we will have achieved a significant improvement in our commercial focus already within the next few quarters, implemented concrete optimization of our project flows and secured strategic partnerships.

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 Wildeco as Certified Adviser.