QIIWINasdaq StockholmElectronic Gaming & MultimediaIFRS · SEK

Qiiwi Games

Qiiwi Games is a Swedish mobile game developer and publisher focused on free-to-play games for smartphones and tablets. Its business centers on live mobile titles that generate revenue through in-app purchases and advertising, distributed through app stores and other digital platforms.

Ask about the company

Business

Share of revenue
Mobile games100 %

Casual and mid-core mobile titles distributed on app stores and social platforms.

In-app purchases70 %

Virtual goods and gameplay purchases made by players inside the games.

Advertising30 %

Ad impressions and other in-game advertising placements monetized from player traffic.

Customers

Qiiwi Games sells directly to consumers who play its mobile games, with revenue generated when players buy virtual items or when ads are shown during gameplay. Its audience is typically mobile-first casual gamers, while the company also depends on platform ecosystems such as Apple, Google, Facebook, and Amazon to reach and monetize users.

Free-to-play mobile players

Consumers who download and play the games, generating revenue through ads and optional purchases.

Paying in-app users

Players who buy virtual items, boosters, or progression-related content inside the games.

Ad-supported players

Users who do not pay directly but create monetizable ad impressions through gameplay.

Platform users on app stores and social channels

Players acquired and monetized through App Store, Google Play, Facebook, and Amazon distribution.

Strategy

The company’s strategy is centered on developing, launching, and operating mobile games that can be monetized over time through purchases and advertising. It also emphasizes soft-launch testing, activation of development costs during launch preparation, and scaling titles that can sustain global distribution.

Develop and launch monetizable mobile titlesShort term

Revenue depends on a small number of games that can attract and retain players.

Optimize live monetizationMedium term

In-app purchases and ads are the core revenue engines for each title.

Convert development spend into long-lived assetsMedium term

Capitalizing development during soft launch can support future earnings if the game succeeds.

Geography

Qiiwi Games is headquartered in Sweden and reports in SEK, while its international subsidiary uses EUR for local reporting. The business is distributed digitally, so its revenue exposure is tied more to player markets and platform access than to physical manufacturing locations.

Risks

Qiiwi Games is exposed to hit-driven concentration risk because a limited number of titles account for most revenue. It also faces platform dependency, user-acquisition volatility, and the usual mobile-gaming risks around player retention, ad pricing, and changing app-store policies.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Revenue concentration in a small number of games1Platform dependency2User monetization volatility3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Revenue concentration in a small number of gamesImpact: HighLikelihood: Medium

    The company states that most revenue comes from a few titles, so performance of those games drives results.

    ExposureBackpacker Go!WordingtonExtreme MakeoverMidsomer Murders
  2. Platform dependencyImpact: HighLikelihood: Low

    All sales flow through third-party mobile platforms, creating dependence on their rules, fees, and visibility algorithms.

    ExposureApp StoreGoogle PlayFacebookAmazon
  3. User monetization volatilityImpact: MediumLikelihood: Low

    In-app purchase and ad revenue depend on player engagement, conversion, and ad market conditions.

  4. Capitalized development impairmentImpact: Medium

    Activated development costs only create value if a game reaches global launch and sustains demand.

Ask Clarifo about Qiiwi Games

Accounting

Judgemental items
Gross vs net revenue presentation

Revenue is reported before platform fees, while commissions are shown in direct costs, affecting top-line comparability.

Impact: Revenue and gross margin presentation

Capitalized development costs

Soft-launch development is capitalized only when future benefits are expected, creating judgment around asset recognition.

Impact: Intangible assets and future amortization

Amortization of game development

Activated costs are amortized over 24 months after global launch, so launch timing affects expense recognition.

Impact: Operating profit and asset carrying values

Foreign currency translation

The group reports in SEK while a subsidiary reports in EUR, so exchange rates affect consolidation.

Impact: Reported revenue, assets, and equity

Similar listed companies

Publicly listed companies with a comparable business focus.

Playtika Holding Corp.

PLTK · Services-Computer Processing & Data Preparation

KwikClick, Inc.

KWIK · Services-Computer Processing & Data Preparation

DarkIris Inc.

DKI · Services-Prepackaged Software

Sitowise Group Oyj

SITOWS · Engineering & Construction

Modern Times Group

MTG-A · Consumer Discretionary

iQIYI, Inc.

IQ · Services-Video Tape Rental

Last updated: 24/09/2026