Hello, and welcome to today's webcast with Zordix, where CEO Christina Seelye and CFO Peter Daboczi will present a report for the third quarter. After the presentation, a Q&A will be held. My name is Ludwig Sjöström and I work for Finwire. With that said, I hand over the word to you, Christina.
Thanks for having me, Ludwig. My name is Christina Seelye. I'm the CEO of Zordix, and we're here to talk about our Q3 2022 interim report of our earnings. With me today is Peter Daboczi, who will join me in talking about our results. In Q3, we had SEK 259 million of revenue, resulting in SEK 18.9 million in EBITDA, which results in a 7.3% EBITDA margin and a stable pro forma from 2021. We had over 30 games released this quarter, including the announcement of our original IP, Them's Fightin' Herds, which launched on consoles after the quarter in October. We also announced a bunch of new titles at Gamescom, which we'll talk about a little bit later.
Our major launch for the quarter was the highly anticipated game, Soulstice, that we launched with Reply Game Studios from Italy. We'll talk a little bit more about Super Animal Royale later as well. As I said, 30 games in Q3, so it was an exciting quarter with a lot of game releases and announcements. We gave some updates on God of Rock and Smalland, which both are our own IP. Smalland coming in 2023, as well as God of Rock, but they were both announced in Q3 or have major updates in Q3. Smalland is going really well with a lot of wishlists and lots of fun viral content on TikTok.
We also were able to sign two new IPs that are gonna be our own IP this quarter as well, Projekt Z and Yet Another Fantasy Title, and so more to come on those next year. We also continued our commitment to live -service games with Them's Fightin' Herds and Super Animal Royale. The season five of Super Animal Royale, which is our very highly rated battle royale game on Steam and on consoles, we released season five in Q3 on the 27th of September, and we saw really great results with a 16% uptick during that first week of launch. Them's Fightin' Herds continues to be a fan favorite, and we announced it was coming to console in Q3 and then subsequently released the game onto consoles in October.
In addition to our own IP, we also are really committed to our partner products and our third-party deals, and the major one that released this year in this quarter was Soulstice. September 20th, it was one of the highest grossing games of the quarter. We also released Teenage Mutant Ninja Turtles: Shredder's Revenge through Merge across Europe this quarter, and that is also a very highly rated fan favorite from a much beloved IP. We also have Fantasy Friends Collection and Life in Willowdale, which both launched this quarter. At Gamescom, which is one of the largest industry events in the world, we did quite a bit of press around our 2023 lineup. In at that event, we announced Afterimage, Teslagrad 2, and Kukoos: Lost Pets, which is a family casual game.
This showing our commitment to a wide variety of genres and different types of IP from partners that we will be releasing in 2023. We also had 11 new deals signed in the quarter, and we had we mentioned this already, but 30 different game releases. Of those 11 deals that were signed in the quarter, you will see the results of those in the coming years in 2023 and beyond. We also continued our commitment to transmedia, which is expanding the world of video games outside of traditional video game channels. This includes things like vinyls of video game soundtracks, collector's edition, merchandise, et cetera. We had quite a bit of transmedia revenue this quarter that came from vinyl accessories, merchandise, and retro gaming hardware.
Among Us, with their Impostor Edition and Ejected Edition, which are significant collector's editions of the two, also were significant growth drivers in Q3. I'm gonna throw it over to Peter to talk a little bit more about the financial performance.
Thank you, Christina. Turning to the numbers, third quarter came in at SEK 259 million, which Christina already mentioned. This is better than the previous quarters in 2022. Year to date, 2022 revenue amounts to SEK 726 million. This is 1% better than the same period last year on the like-for-like basis and almost 260% better if measured against the actual revenue in the same period of 2021. However, this comparison does not include Maximum Games in the period. The quarter ended with a gross profit of SEK 84 million or about 33% margin.
This is stable compared to the previous quarter, last year on a like-for-like basis, but below previous periods due to a shift in product mix and some softening in the Retail segment. Year to -date, 2022 gross profit margins stood at 35%, which is above that of last year on a like-for-like basis of 32%. Overhead consisting of personnel and OpEx in the year-to-date 2022 period was 26% as measured, so measured as a percentage of revenue, versus 22% last year on a like-for-like basis. This is a result of higher headcount and personnel costs. A similar comparison for the quarter gives 25% for the quarter as compared to 23% of last year, and again, on a like-for-like basis.
Subsequently, year-to-date 2022 EBITDA margin stands at 8.5% as compared to 9.6% last year, and at 7.3% for the quarter. Some balance sheet highlights. Intangible assets consist of goodwill and capitalized development costs, with the former being the majority of the post and the result of the past acquisitions. Capitalized development costs made up SEK 152 million at the end of the quarter. We have, during this past quarter, made SEK 29 million in investments in game development. This is in line with previous quarters, and these investments are consistent with our ambitions of investing in own IP, and it follows our SAP roadmap. Approaching the holiday seasons, we have had buildup of current assets and current liabilities.
This is a seasonal effect and resulted in working capital absorption of SEK 49 million. Lastly, cash balance at the end of September stood at SEK 65 million. This is slightly up from the previous quarter. That covers the financial summary.
Thanks, Peter. Again, just to remind everybody about Zordix that we are really focused on the full integration of the company in order to build a really solid pipeline of games that we'll be releasing from 2023 and beyond. Through all of these acquisitions that took place over the last year and a half, we have really successfully created a global gaming group built around our full service publishing engine. Back to you, Ludwig.
Thank you so much for the presentation. We will now do a Q&A. Zordix released 30 games this quarter. Tell us about the highlights.
Well, we talked about quite a few of those just now. I wanted to highlight that the highly anticipated game Soulstice launched on September 20th, and that was really one of our highest grossing games in the total portfolio for the quarter. We're really pleased with the result of that game. In addition, Them's Fightin' Herds of our own IP, our own studio, Mane6, launched, was announced during the quarter of Q3, subsequently launched in October. It really is a fan favorite. If you haven't checked it out, it is a really fun 2D fighting game that we can delve into a little bit more. Also, Super Animal Royale which is our highly rated battle royale on Steam, launched its Season 5 with the live service battle royale.
The 30 games, but those were the three super interesting ones for the quarter.
Could you tell us more about the new IP deals that were signed during this quarter?
Yeah, absolutely. We have two new owned IP deals signed this quarter. The first one is called Projekt Z, and it is coming to us from a studio called 314 Arts, and it's a really great example of a studio and a publisher working together in order to co-develop a game and bringing it to market. This will come out in the coming years. It's a distinctive World War II zombie environment. It has a diverse crew of soldiers that are gonna unravel the secrets of a Nazi experience on a lush remote island. The zombies, you can turn them into weapons and, you know, do all kinds of crazy zombie things with it. We're excited about that one coming in the years to come.
We also have another one that's called Yet Another Fantasy Title. This is an old-school top-down action RPG. It's really funny. It's full of pop culture references. It's gonna be a really great one for Twitch to stream and for influencers to enjoy and have a lot of fun with. This is really packed with a mix of fantasy and fun, as well as really high-quality top-down action. Those are the two IPs that will be coming in the years to come.
Are there other genres you will specific target especially?
Yeah. Yeah. Sports simulation is another category that we are really excited about. As you know, we've talked in previous quarters about the deep development that we're in of Maximum Football 2023. That game is scheduled to come out next year, and we have a lot more to share about this game. It's an American football game, a sports sim, physics-based gameplay, full customization. It's built on three main pillars of realism, customization, and gameplay, and we're replacing basically every animation, and it's really been built from the ground up from the previous Maximum Football branded games which we acquired in 2021. This is a brand-new sports simulation game which is gonna be really exciting for release next year.
Could you tell us more about the integration process in becoming an entertainment company?
Yeah, you know, Maximum Entertainment exists from this transformative year of 2021 with major acquisitions all taking place within one year. Just For Games, Merge Games, Maximum Games were all acquired within the span of less than 12 months, 2022 is a year dedicated to integration, foundation building, and day by day operating as an integrated company. That's what the goals were for the year of 2022, and we really did that. We created and solidified our strategy of running a global entertainment company that is focused on both building its own IP as well as launching third-party IP around the world. We now cover with all of these acquisitions the full value chain of innovative creation of content, publishing, sales and marketing, and transmedia.
This year we really focused on finding the combination of resources and talents that we had within this group of all new companies. We have top developers in many areas of the world all coming together to create projects that will be released in the years to come. I've mentioned this in earlier earlier conversations with you that we have a solid roadmap stretching to 2025, and one of the key things that I'm really proud of that we've been able to do this year is repurpose all of the internal studios to creating own IP that the group will launch in the coming year. We really focused on creating operational units that are going to create efficiencies as well as a lot of value for Zordix and Zordix shareholders in the years to come.
Now we are focused on our roadmap for 2023 to 2025, and we have all of our internal teams deployed on our own IP productions moving forward.
Thank you so much for the presentation, and good luck going forward.
Thank you.
Thank you all for watching.