Nitro Games: Searching for cash flows
At the moment Nitro Games has not signed a new bigger “work for hire” contract which means the company is forced according to Finnish law to start so-called “Cooperation Negotiations”. The negotiations should have started on February 25 and is estimated to reduce personnel cost. The fact that Wargaming was not interested in publishing Runegate Heroes means the company does not see a huge commercial potential in the game. However, of course, Nitro Games and Wargaming has a different position in the market, which means a huge success for Nitro Games is too small for Wargaming.
We have lowered our revenue estimates in 2019 and changed our fair value range..