DNB Carnegie lowers the upper end of its fair value range for the game developer Beyond Frames to SEK 3.4-4.4 from previously SEK 3.4-6.2 after a weak report for the first quarter. A few weeks ago, DNB Carnegie sharply lowered the fair value from 17-24 to the aforementioned SEK 3.4-6.2.Revenue amounted to SEK 28.7 million, down 33.7 percent compared with the corresponding quarter last year and about SEK 7 million below the research firm’s forecast. EBITDA was SEK -0.5 million, also below expectations.According to DNB Carnegie, sales of the Teenage Mutant Ninja Turtles game have not met the company’s expectations despite strong feedback from players. The research firm is therefore lowering its sales forecasts for 2026-2028 while cost savings are expected to improve profitability.The board has presented a savings program of SEK 38-47 million on an annual basis, and the company is simultaneously evaluating new financing solutions.