contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    pageUrl
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
  ... on Webcast {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


redeye-flexion-mobile-solid-report-with-no-surprises

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

Flexion Mobile operates in the IT sector. The company has developed various technical platforms aimed at customers in game development. The vision is to offer mobile platforms that the company's customers can use to more easily distribute games in their sales channels. The largest operations are found in the European market. Flexion Mobile was founded in 2007 and is headquartered in London.

Oops, the wrong link was sent indeed. First, the press release about the service launch, and second, the Q1 results. In my opinion, it all looks quite positive. With Direct, developers have clear incentives to drive traffic away from app stores, and Flexion can negotiate a higher take rate for itself. Players can be lured to developers’ own stores with bonuses that aren’t offered in Google’s or Apple’s app stores. Everyone wins.            storage.mfn.se              flexion-launches-exprexion-a-new-suite-of-services-to-increase-mobile-game-revenue-and-market-freedom.pdf                                        storage.mfn.se              flexion-mobile-plc-q1-trading-update-31-march-2026.pdf                             Highlights:  Exprexion Direct: This service enables developers to sell to their players no matter where those players are. By moving transactions outside of the major app stores, studios can make better margins and reclaim the 30% fee typically charged by platform owners. The service uses proven payment technology from trusted suppliers, like Xsolla, to ensure the buying experience remains smooth. Working smarter: Our new team structure reduces overhead significantly and speeds up delivery. We are combining marketing and outreach and where possible we use AI to make our workflows even more efficient. Year on year we have reduced headcount by 18%. New regulations continue to drive demand for independent stores and payments. We are excited about this and are strategically positioned to capitalize on a wave of new stores as a result of stronger market regulations. In Q1, we launched a few games on the new Epic Mobile Game Store. Our product and marketing partnership with Xsolla also puts us in a great position to meet this new demand through Exprexion Direct. Our updated SDK gives studios easy access to top-tier payment services, a unique integration that includes app stores distribution. Its value is already being validated by several big titles currently testing it out. Net profit: GBP 0.03m (- 0.71m), + 105% year-on-year from Q1 2025. Operating cash flow: GBP - 0.05m (1.49m) The movement in operating cash flow for the quarter is primarily driven by the timing of working capital requirements and one-off costs associated with the ongoing restructuring of the Creators segment. Cash position: As of 31 March 2026, cash reserve of GBP 13.9m (14.4m), no debt.  Edit: So, net cash is 16.1 million euros and market cap is 15.3 million euros. This means you don’t have to pay anything for the actual business.

That direct has been talked about for a few years now and is admittedly interesting. Did you mean to include a different link? That one only talks about the core business, i.e., EA games coming to alternative app stores via Flexion.

I believe Flexion has an exceptionally strong short-term price driver: the Expression Direct direct-to-consumer solution launched in May, which the company stated they are currently testing with major publishers. Here is the initial press release from February:                   Flexion – 25 Feb 25              Flexion and Electronic Arts Partner to Bring Hit Games to Alternative App Stores    Flexion has partnered with Electronic Arts to bring a selection of the publisher’s best-in-class mobile games to the Alternative App Stores.         Est. reading time: 2 minutes                               As many know, this model bypasses Google and Apple app stores entirely. For Flexion, this means that as traditional intermediaries are removed from Direct revenue, both the customers’ and Flexion’s profitability improve immediately. If even a fraction of the current player volumes from, for example, EA or King shifts to purchasing from the game studios’ own web stores, Flexion’s earnings could rise significantly. At this pricing, I find the case to be asymmetrical. The recent Q1 report proved an operational turnaround to break-even. Cash is no longer being burned due to business losses, and a net cash position larger than the market cap provides strong downside protection. When you factor in the Direct catalyst, a simultaneous correction in earnings and valuation multiples could trigger the famous “twin engine” effect—meaning the share price rises forcefully alongside both multiples and earnings. Since the daily trading volume on the exchange is often only in the hundreds of euros at the moment, even a small amount of buying pressure could make the price rise very violent once this is reflected in the results.

It can work well as a balancing play, but as a business, this has turned out to be surprisingly weak despite a clear value proposition. The added value is evidently small, as developers aren’t rushing to become Flexion’s customers; on the contrary, Flexion is forced to pay large licensing fees upfront on poor terms. Costs do not scale because sales and onboarding apparently require manual labor per game, and the game’s lifecycle is short in terms of cash flow. I can’t find any other explanations for the poor development. If the founders and management truly believed in the business, they probably would have taken the whole company private by now.

Are there still any forum members holding this? I took an opening position myself, as Q1 was quite strong. It’s currently trading practically at its net cash value, and insiders bought in heavily during the autumn. The volumes are indeed very modest, usually just a few thousand kronor a day.

A highlight from Redeye’s latest update: “On this note, we also see existing industry players intensifying their efforts in the space. For instance, Digital Turbine, a US-listed platform company that Flexion Mobile partnered with in March 2023, disclosed its intention to allocate more capital in this space to capture future growth opportunities while referring to its partnership with Flexion in its recent earnings call. Furthermore, in addition to alternative app stores for game distribution, Digital Turbine underscores the significance of direct distribution, a territory that rumors suggest Meta is also exploring. This involves users downloading a game directly through an ad, presenting an additional dimension and complexity that Flexion can take advantage of. As the distribution of games becomes more complex, the value proposition of Flexion’s solutions increases. Once again, this underscores Flexion’s potential for enhanced value and profitability as the gaming distribution landscape evolves in complexity.” That Digital Turbine partnership was already announced in 3/2023, but at the time I didn’t quite grasp what it was all about. After reading this, it’s starting to look like there could be a major disruption underway in mobile game distribution that doesn’t rely solely on alternative app stores. The text also mentions that Digital Turbine has increased its stake in Aptoide (an alternative Android app store), which suggests that investing in Flexion could also be on their agenda. The company’s market cap is just over $500M, but it is heavily indebted and loss-making, which lowers expectations regarding investments.

Same here—there wasn’t much new compared to the information provided in the profit warning. Q4 will likely be stronger in terms of revenue and EBITDA than a year ago, if the October figures and November development (revenue records being broken week by week) are anything to go by. I’d certainly like more transparency regarding those game rights. The timing only matches the release of Monopoly Go and Stumble Guys, suggesting some kind of additional fee that might be related to better-than-expected sales on Google Play and the Apple Store  It’s quite a large investment from the company if it’s related to those games. In addition, cash has been drained by negative changes in working capital—meaning accounts receivable have increased and “accounts payable” have decreased. Around -3.7m GBP YTD. This should at least partially correct itself in Q4, along with a strong performance for the rest of the year. But we really need to keep an eye on the cash position if new game launches continue to consume cash upfront in the form of game rights. That could start limiting growth. Apparently, there are other development initiatives in the pipeline. Hopefully, they don’t start spreading themselves too thin. “We are participating in several exciting new strategic initiatives  including the integration of third-party payment services in  games, cloud gaming and direct distribution. All of these initiatives  serve to generate more revenue and audiences for the games  and developers with whom we cooperate.”

Flexion Mobile

Redeye updates its view on Flexion Mobile following its Q1 2025 report, which was in line with our expectations. We believe the quarter held no major surprises, as the company continues to add...

<div class="mfn-body"><p>Redeye updates its view on Flexion Mobile following its Q1 2025 report, which was in line with our expectations. We believe the quarter held no major surprises, as the company continues to add more top-tier titles while positioning itself in the emerging alternative app store market. Flexion maintains a strong financial position and has opened up for share repurchases, a capital allocation decision that should be welcomed by investors. Redeye has made only limited estimate revisions following the report.</p><p><a rel="noopener" href="https://www.redeye.se/research/1107382/flexion-mobile-solid-report-with-no-surprises?utm_source=MFN&amp;utm_medium=pmcour">Read more and download the Research Update.</a><br>&nbsp;<br>Follow companies at Redeye to receive the latest equity research within Life Science and Technology.<br>&nbsp;<br>This is a press release from Redeye - Research Powered Investment Banking. <a rel="noopener" href="https://www.redeye.se/">www.redeye.se/</a></p></div><div class="mfn-footer mfn-attachment mfn-attachment-general"><p><strong class="mfn-heading-1">Attachments</strong></p><hr><p><a rel="noopener" href="https://storage.mfn.se/129ff33c-30fc-4c2e-8f20-d092975e1be6/flexion-mobile-solid-report-with-no-surprises.pdf" class="mfn-generated mfn-primary">Flexion Mobile - Solid report with no surprises</a></p></div>

Redeye: Flexion Mobile - Solid report with no surprises

Redeye: Flexion Mobile - Solid report with no surprises