web course with Zordix, where CEO Christina Seelye will present the numbers for the fourth quarter of 2022. After the presentation, there will be a Q&A. With that said, I hand over the word to you, Christina.
Thank you. Thanks for having me. As you said, I'm Christina Seelye. I am the CEO of Zordix, now Maximum Entertainment. We'll talk about that a little bit later. I wanted to talk to you guys and share a little bit about what we did in Q4 of 2022. We're actually really pleased with the numbers in Q4 of 2022, even though it was kind of a soft year with a lot of challenges for the industry overall. We came in right in line with our expectations, both revenue and EBITDA. We saw 58% growth in absolute figures over last year.
Wanted to talk a little bit around the comparison with Q4 2021, because that's gonna be kind of a recurring theme that we keep talking about between 2021 and 2022, which is in 2021, Zordix went through this transformative year of a lot of different acquisitions and went from what was a very small company with a few studios to multiple acquisitions and creating the company that exists today. When you compare 2022 to 2021, it's not really meaningful. Also in 2021, the revenue-generating subsidiaries, which were Maximum Games, Just For Games, and Merge Games, all had really outsized years. Again, the comparison is not super meaningful as far as the status of the business today or where we're going.
We also saw a huge focus this year on getting our foundation strong, which is kind of reorganizing the company to make sure that we were really focused on operational efficiencies and that we were taking all of these varied acquisitions from 2021 and turning them into something that was really exciting and meaningful for the future. In doing so, we did a lot of structural changes, lot of efficiency creation across the different subsidiaries, and really modified the company from this varied companies all over the world to one integrated video game organization. We also increased our investments in our owned IP portfolio significantly this year, and you'll see those in the numbers.
I'm gonna move on and just talk a little bit about the business overall, and then we can do a deeper dive into those numbers. Wanted to talk about something that's really meaningful for the Nordic territories, which is this beautiful game called Bramble: The Mountain King that our Swedish developer, Dimfrost, has been working on for some years. In the last quarter, we released a demo so that people could really experience the game, and the demo downloads were phenomenal, more than 90,000 demo downloads to date. We broke the 100,000 wish list mark on Steam, and the Twitter hashtag around both YouTube and Twitter is greater than 17 million views.
Lots of great engagement with a lot of YouTube videos being created, a ton of Twitch streams, and we are really proud that it was one of the five games selected to be promoted for the PlayStation Demo Fest. And we've just had a phenomenal, really high engagement result with this game. Post Q4, we actually announced the release date, this game is coming April 27th, we're very excited to actually bring this game to market as one of our owned IPs. Another one of our own IP that is also a live service game that we are so excited about because we love the fighting game genre, we're gonna have more in this category, Them's Fightin' Herds is one of the highest fighting game Metacritic-rated and gamer-rated game on Steam.
We're really looking forward to continuing to support this game. We had a great additional player join the community, thanks to a deal with Epic Games that took place in December. We dropped a new character this past quarter called Texas, which is who you see here on the screen, which is really fun. Definitely go check out more from Them's Fightin' Herds, and you'll see additional characters come over the course of 2023. Another live-service game that we really love is called Super Animal Royale, which continues to be a really strong revenue generator for us. Super Animal Royale is a live-service top-down survival shooter, so basically a battle royale with these very adorable characters that you see on the screen here.
We are in our sixth season with Super Animal Royale that was released in mid-December, and we're very pleased to announce that season six surpassed season five in revenue. We've been playing around with the monetization, and our season pass, which is one of the categories, had a 80% increase over season five. We're really excited about the longevity of Super Animal Royale, and that it continues to not only be outrageously fun to play, but also a really great margin and revenue contributor for us. On to the numbers here. As you can see, seasonality leads to Q4 always being super high, right?
This is very normal within our business, and although our revenue could be lumpy because of different timing of different releases, Q4 almost always is the highest just because of the holiday season and just higher consumer spending during that time. When you see here, you go, "Oh, wait, what happened to the gross profit and gross percentage in Q4?" This is actually really normal because there's so much promotional activity going on. Although the percentage is a little lower in Q4 because we're doing a lot of promotional activities, it's actually the hard numbers are higher. Overall, we actually experienced from a yearly standpoint an expansion of our gross profit margin by 1%. On a pro forma basis YoY, we actually expanded the gross profit margin in 2022 by 1%.
Our EBITDA percentage is at 9% and so we're not 100% pleased with that number. We think we can do better in the future, and we will as we continue to increase the percentage of our revenue that comes from our owned IP. You will start seeing that margin expand even further and our EBITDA margin expand even further. You can see here the most important thing to notice is this in the intangible non-current assets area, this is where you see a combination of goodwill from acquisition, which is about SEK 1 billion, and the investment in owned IP games, which is SEK 176 million .
The increase of SEK 130 million in 2022 over 2021 is really clear as we continue to invest in our own IP. That number will continue to be strong as we continue to invest in more of our own games. The financial debt net of cash is at, sorry, SEK 85 million, really comes from the difference from last year to this year. It comes again from that investment in games that we are funding. Working capital is really stable YoY. The summary of kind of the key things that are great takeaways for Q4 is just that we closed out the year in line with expectations with a slight increase in our gross profit margin and a continued success in the live service segment.
All of these things are going to continue to increase and even get better in the years to come as we have this cross-functional integration and operational efficiencies that we've been focused on for all of 2022, and we're really excited about our owned IP, Bramble: The Mountain King, as it comes out in 2023. One important note that happened after Q4 is the announcement of Maximum Entertainment, which took place post the end of the year, earlier this month in February, actually, where we have rebranded the company Maximum Entertainment and we have announced that we are going to have 30% of our revenue be from our owned IP by 2025, which is why you'll continue to see investment in those games in the future.
Our growth story is really coming around our quality pipeline of our own IP as well as third-party IP, the operational excellence that we are gonna continue to focus on moving forward as a fully integrated company, and then more acquisitions of studios and IP that are gonna help contribute to our goal of reaching 30% of our revenue from our own IP. More to come about Maximum Entertainment in the Q1 earnings report, which will come in a few months here, and so we can do a deeper dive in all things Maximum Entertainment as well as our unified roadmap at that time. That is it for me. Thank you.
Thank you so much for the presentation, Christina. Let's move on to the Q&A. Can you talk to us about a little bit more about the numbers for Q4 2022, please?
Yeah, sure. Basically it's, as I said, completely in line with expectations, our focus in Q4 was to, not just in Q4, but for all of 2022, was really to focus on our foundation. We had a lot of acquisitions to integrate, a lot of work to do with getting the company where it needed to be in order to set us up for really successful growth, both in margin and in revenue. We're excited that through this year, even though we were really focused on all of these operational efficiencies, we actually achieved better gross margin than previous years, and we also continued to have really great strides being made in investments of our own IP portfolio.
When you look at it, I feel like this past year was an outrageous success because we still were able to deliver operationally while we still integrated a bunch of acquisitions all within a, you know, a 12-month period here.
You mentioned it a bit in the, in the presentation here, but can you put some light on the key highlights in Q4 and full year 2022?
Yeah. I mean, we reached SEK 1 billion in revenue, which is really exciting for us. It's exciting for us to hit that mark. As I mentioned, we're not really spending a lot of time comparing against 2021 because that year was very outsized, also, it's not reflective of what the company is today, which is a fully integrated company. I think 2022 is a really better view of the foundational year of Maximum Entertainment, formerly Zordix. You can see that with 145% growth in absolute figures in 2022 while organizing and integrating the company and expanding that gross margin despite kind of macroeconomic environment not being great in 2022, I think that it's a real success for us this year.
You mentioned owned IP. Can you tell us more about your shift into owned IP projects?
Yeah. We really are focused on 30% of our overall revenue coming from our own IP by 2025. We have 15 different games in development right now, and we announced a lot of those post the end of Q4. We announced them in Q1, there'll be a lot more detail on that on the next earnings report. Today, you can see the success of Bramble, Them's Fightin' Herds, and then a lot more owned IP to come, including more on Maximum Football, which is our sports sim title we announced as a free-to-play live service game. Lots more to come on our own IP in future reports.
You really have exciting times ahead. Are there any other owned IPs that you're working on right now?
Yeah. Besides, lots of new characters for Them's Fightin' Herds. We love the idea of live service games because we really like the engagement, the community, the ability to go back to these gamers and have relationships with them and deliver them even more and more content for the games that they love. We will have more characters and more stages towards Them's Fightin' Herds in the future. We also are going to continue with new season passes for Super Animal Royale, and then also, like I said, Maximum Football for sports sim. There was a bunch of new titles that we just released in February, a whole unified roadmap. One of them is called Big Truck Country: Mudfest. There's also Projekt Z that was announced.
Like I said, there's over 15 titles that we're working on within our own IP pipeline as well as a much broader portfolio and, more to come on that in the Q1 report.
Thank you so much for the presentation and answering more questions, and, have a really good night and, wish you all for tuning in.
Thank you.