Beyond Frames Hits Record EBITDA, Fuels XR Future with TMNT VR
August 23, 2025, 9:32 am
Location: Israel, Jerusalem District, Jerusalem
Employees: 11-50
Founded date: 2013
Beyond Frames Entertainment achieved record Q2 EBITDA, nearing profitability. Strategic cost cuts and high-margin activities drove gains. The company secured SEK 3.9 million for its Teenage Mutant Ninja Turtles VR game, a key future driver. GORN 2 launched successfully. Beyond Frames actively navigates the evolving XR market, securing new funding and eyeing further growth in virtual and augmented reality. The firm prepares for the next wave of immersive technology.
Beyond Frames Entertainment charts a new course. The XR publisher reports its strongest Q2 and first half-year EBITDA in company history. This financial milestone pushes the company closer to profitability. Strategic decisions underpin this success. Reduced game development projects and a focus on high-margin revenue streams fueled the surge.
The Stockholm-based firm secured significant project funding. SEK 3.9 million will advance its highly anticipated Teenage Mutant Ninja Turtles (TMNT) VR game. This capital comes via a partnership with Alpha Nordic AB. The agreement grants Alpha Nordic a 2.925% share of net revenues over a decade. This funding represents the first of two planned rounds. A second round targets closure by Q4 2025. These funds bolster Beyond Frames’ portfolio diversification. They support both studio development and third-party publishing initiatives.
Financial results for Q2 2025 highlight operational improvements. Sales reached 34,204 kSEK. This marks a decrease from the prior year but aligned with management expectations. Operating profit before depreciation (EBITDA) soared to 6,021 kSEK. This dramatically improves upon last year's -551 kSEK. Profit after financial items, though still negative at -2,923 kSEK, shows substantial progress from -8,832 kSEK in Q2 2024. These figures reflect effective cost management. They also point to successful high-margin activities. Milestone payments for TMNT: Empire City contributed significantly.
The first half of 2025 echoes this positive trend. Sales totaled 73,336 kSEK. This was lower than the previous year. However, EBITDA increased by 21.8%. It reached 9,082 kSEK, up from 7,459 kSEK. This demonstrates consistent financial recovery and growth. The company’s cash position stood at 8,608 kSEK at quarter-end. Equity attributable to shareholders was 67,054 kSEK.
TMNT: Empire City stands as a core future driver. Its official announcement generated immense industry buzz. A partnership with IGN, a major gaming media entity, amplified visibility. The teaser trailer garnered nearly 360,000 YouTube views. It became one of IGN’s most-watched trailers that quarter. The game quickly became Cortopia’s most wishlisted title. This indicates strong consumer interest and potential future sales. More details are expected ahead of its launch.
Another internal studio success story is GORN 2. The game launched successfully. While sales recognition is deferred due to a recoupment period with publisher Devolver Digital, performance excites the company. Internal forecasts project recoupment completion by late Q3 or early Q4. Beyond Frames plans additional downloadable content for GORN 2. External funding agreements are being finalized to support this expansion. These are expected by early autumn 2025.
Beyond Frames’ studios are busy. Moon Mode, another development arm, secured non-recoupable financing. A major technology company funds its new mobile game. More information on this project will emerge soon.
The publishing division delivers mixed results. Ghosts of Tabor maintains strong performance. However, newer titles GRIM and Silent North underperformed. Player expectations for early access quality were not met. This impacted the overall portfolio. Updates are continually rolled out for both titles. Beyond Frames aims to enhance quality of life and add new content. The publishing team will attend Gamescom. They seek future partnerships.
The broader XR market shows robust activity. Meta Reality Labs reported a 5% revenue increase. This was driven by Meta Ray-Ban sales. Spotify launched a new VR app. This allows native platform access in immersive environments. Investment in XR remains strong. Google invested $100 million in Gentle Monster for smart glasses. Hololight raised €10 million for an XR platform. Vuzix secured $15 million from Quanta Computer for smart glasses hardware. These trends signal positive long-term growth for Beyond Frames.
Looking forward, profitability remains the primary focus. The successful launch of TMNT: Empire City is central to this plan. Stable cash flows from the existing game catalog are also critical. Beyond Frames actively explores strategic opportunities. Mergers and acquisitions are on the table. Partnerships are continually sought.
The company prepares for the next wave of XR evolution. Augmented and Mixed Reality technologies are gaining global prominence. Their synergy with artificial intelligence accelerates this shift. Major tech companies are racing to define this new frontier. Beyond Frames sees this momentum as beneficial. It positively impacts VR and immersive gaming as a whole. The company plans to play an active role in this innovation phase. Its specific smart glasses market plans will be revealed in due course.
Beyond Frames is an XR-focused publisher. It operates development studios Cortopia, Moon Mode, and partner studio Odd Raven. The company offers creative, technical, funding, marketing, and publishing services. It partners with studios creating groundbreaking XR products. These include Ghosts of Tabor, Outta Hand, ARK and ADE, Silhouette, and Mixture. Beyond Frames Entertainment AB (publ) is listed on the Swedish Spotlight Stock Market. Its ISIN is SE0011614965. The company’s strategic moves and strong Q2 financials position it for continued growth in the rapidly expanding XR ecosystem.
Beyond Frames Entertainment charts a new course. The XR publisher reports its strongest Q2 and first half-year EBITDA in company history. This financial milestone pushes the company closer to profitability. Strategic decisions underpin this success. Reduced game development projects and a focus on high-margin revenue streams fueled the surge.
The Stockholm-based firm secured significant project funding. SEK 3.9 million will advance its highly anticipated Teenage Mutant Ninja Turtles (TMNT) VR game. This capital comes via a partnership with Alpha Nordic AB. The agreement grants Alpha Nordic a 2.925% share of net revenues over a decade. This funding represents the first of two planned rounds. A second round targets closure by Q4 2025. These funds bolster Beyond Frames’ portfolio diversification. They support both studio development and third-party publishing initiatives.
Financial results for Q2 2025 highlight operational improvements. Sales reached 34,204 kSEK. This marks a decrease from the prior year but aligned with management expectations. Operating profit before depreciation (EBITDA) soared to 6,021 kSEK. This dramatically improves upon last year's -551 kSEK. Profit after financial items, though still negative at -2,923 kSEK, shows substantial progress from -8,832 kSEK in Q2 2024. These figures reflect effective cost management. They also point to successful high-margin activities. Milestone payments for TMNT: Empire City contributed significantly.
The first half of 2025 echoes this positive trend. Sales totaled 73,336 kSEK. This was lower than the previous year. However, EBITDA increased by 21.8%. It reached 9,082 kSEK, up from 7,459 kSEK. This demonstrates consistent financial recovery and growth. The company’s cash position stood at 8,608 kSEK at quarter-end. Equity attributable to shareholders was 67,054 kSEK.
TMNT: Empire City stands as a core future driver. Its official announcement generated immense industry buzz. A partnership with IGN, a major gaming media entity, amplified visibility. The teaser trailer garnered nearly 360,000 YouTube views. It became one of IGN’s most-watched trailers that quarter. The game quickly became Cortopia’s most wishlisted title. This indicates strong consumer interest and potential future sales. More details are expected ahead of its launch.
Another internal studio success story is GORN 2. The game launched successfully. While sales recognition is deferred due to a recoupment period with publisher Devolver Digital, performance excites the company. Internal forecasts project recoupment completion by late Q3 or early Q4. Beyond Frames plans additional downloadable content for GORN 2. External funding agreements are being finalized to support this expansion. These are expected by early autumn 2025.
Beyond Frames’ studios are busy. Moon Mode, another development arm, secured non-recoupable financing. A major technology company funds its new mobile game. More information on this project will emerge soon.
The publishing division delivers mixed results. Ghosts of Tabor maintains strong performance. However, newer titles GRIM and Silent North underperformed. Player expectations for early access quality were not met. This impacted the overall portfolio. Updates are continually rolled out for both titles. Beyond Frames aims to enhance quality of life and add new content. The publishing team will attend Gamescom. They seek future partnerships.
The broader XR market shows robust activity. Meta Reality Labs reported a 5% revenue increase. This was driven by Meta Ray-Ban sales. Spotify launched a new VR app. This allows native platform access in immersive environments. Investment in XR remains strong. Google invested $100 million in Gentle Monster for smart glasses. Hololight raised €10 million for an XR platform. Vuzix secured $15 million from Quanta Computer for smart glasses hardware. These trends signal positive long-term growth for Beyond Frames.
Looking forward, profitability remains the primary focus. The successful launch of TMNT: Empire City is central to this plan. Stable cash flows from the existing game catalog are also critical. Beyond Frames actively explores strategic opportunities. Mergers and acquisitions are on the table. Partnerships are continually sought.
The company prepares for the next wave of XR evolution. Augmented and Mixed Reality technologies are gaining global prominence. Their synergy with artificial intelligence accelerates this shift. Major tech companies are racing to define this new frontier. Beyond Frames sees this momentum as beneficial. It positively impacts VR and immersive gaming as a whole. The company plans to play an active role in this innovation phase. Its specific smart glasses market plans will be revealed in due course.
Beyond Frames is an XR-focused publisher. It operates development studios Cortopia, Moon Mode, and partner studio Odd Raven. The company offers creative, technical, funding, marketing, and publishing services. It partners with studios creating groundbreaking XR products. These include Ghosts of Tabor, Outta Hand, ARK and ADE, Silhouette, and Mixture. Beyond Frames Entertainment AB (publ) is listed on the Swedish Spotlight Stock Market. Its ISIN is SE0011614965. The company’s strategic moves and strong Q2 financials position it for continued growth in the rapidly expanding XR ecosystem.