Maximum Entertainment Interim Report Q1 2023

Umeå, Sweden (May 17 2023) – Maximum Entertainment (Nasdaq: ZORDIX B) Net revenue for the quarter amounted to MSEK 183.5, a decrease of 22% proforma compared to the corresponding period in 2022 which was favorably impacted by exceptionally strong catalog sales coming from blockbusters released at the end of 2021. The first quarter of this year is expected to be the lowest of the year with no major releases. Smalland: Survive the Wilds was released in Q1 but only 3 days of sales are reflected. Gross margin as a percentage of revenue is however slightly better than last year at 29%.

EBITDA finishes slightly positive in line with expectations for Q1.


  • Net revenue amounted to MSEK 183.5 (MSEK 236.5 in Q1 2022)
  • EBITDA amounted to MSEK 2.1 (MSEK 21.7 in Q1 2022)
  • EBIT amounted to MSEK -33.5 (MSEK -8.3 Q1 2022)
  • Operational EBIT amounted to MSEK -4.5 (MSEK 17.7 in Q1 2022)
  • Cash flow from operating activities before the change in working capital amounted to MSEK -87.9 (MSEK 27.4 in Q1 2022)


  • MG1 Acquisition Corporation, the US affiliate of Zordix, has secured a $30 million USD senior credit facility. The U.S. based facility has a maturity of 36 months and will be used to refinance existing debt, investment in owned IP games, and to pursue accretive acquisitions
  • Zordix launched Maximum Entertainment as a strategically realigned global entertainment company with differentiated inhouse publishing labels and a newly restructured development division, Modus Studios. The company also presented a new corporate identity, and the roadmap of upcoming releases
  • Maximum Entertainment Srl, the Romanian affiliate of the group, finalized the acquisition of the assets of FUN Labs, a development studio based in Romania
  • Release of Super Animal Royale season 7 
  • Release of Smalland: Survive the Wilds


  • CEO, Chairman of the Board, and Institutional Investors acquired a significant shareholder position 
  • Maximum Entertainment launched Afterimage and released its owned IP, Bramble: The Mountain King 
  • The Board has resolved on two directed issues as partial payments for the earn-outs for the acquisitions of Maximum Games, MG Team and Just For Games
  • Smalland: Survive the Wilds reached 200,000 units sold on Steam in Early Access 

This report, together with previously published reports, is available on the Maximum Entertainment webpage:


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