Thunderful Group: Power Up - Redeye

Redeye provides an update on Thunderful Group following its Q4 2022 report which was released on February 22. Distribution returned to generating cash flows at the expense of clearance sales and low profitability in NGS and Amo Toys. Games delivered a very strong quarter bolstered by Co-development payments and exclusive platform fees. We are encouraged by the report and feel that the worst is behind Thunderful. The games pipeline for FY 2023 and FY 2024 is extensive and provides plenty of upside optionality.

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