"Our strategic focus on the PAYDAY franchise, proactive organizational changes, and emphasis on sustainable growth have started bearing fruit, guiding us on our path towards becoming an agile, profitable, and proven leader in building and sustaining world-class IP."
Second quarter 2025
- Net sales amounted to SEK 53.8 million (40.2).
PAYDAY 2 accounted for SEK 8.0 million (9.2).
PAYDAY 3 accounted for SEK 17.7 million (22.0).
Third-party publishing accounted for SEK 6.7 million (8.8).
Work-for-hire accounted for SEK 19.6 million (0). - EBITDA* amounted to SEK 5.9 million (8.1). Taking into account items affecting comparability for the current period, EBITDA amounted to SEK 13.3 million.
- Cash flow from operating activities amounted to SEK 39.2 million (2.7).
- Depreciation, amortization and impairment amounted to SEK 30.8 million (78.9).
- Profit/loss before taxes amounted to SEK -25.4 million (-70.6).
- Basic and diluted earnings per share amounted to -0.02 SEK
(-0.05).
The period January-June 2025
- Net sales amounted to SEK 121.5 million (96.8).
PAYDAY 2 accounted for SEK 20.4 million (20.1).
PAYDAY 3 accounted for SEK 50.8 million (45.3).
Third-party publishing accounted for SEK 10.1 million (26.2).
Work-for-hire accounted for SEK 37.2 million (0). - EBITDA* amounted to SEK 21.6 million (56.6). Taking into account items affecting comparability for the current period and the comparative period, EBITDA amounted to SEK 42.5 million (36.7).
- Cash flow from operating activities amounted to SEK 27.4 million (81.1).
- Depreciation, amortization and impairment amounted to SEK 75.3 million (150.7).
- Profit/loss before tax amounted to SEK -54.9 million (-91.5).
- Basic and diluted earnings per share amounted to -0.03 SEK (-0.06).
- Cash and cash equivalents amounted to SEK 156.4 million (334.6).
Significant events during and after the quarter
- On May 6, Starbreeze entered into an agreement for the publishing rights for PAYDAY 3 and carried out a private placement.
- On May 15, the Starbreeze Annual General Meeting 2025 was held.
- On May 22, 'Out of Sight' launched on PC, console and VR platforms
- On May 26, 'Party Powder' was launched for PAYDAY 3, a DLC with a new heist, content, functionality and improvements.
- On May 27, Roboquest launched on PlayStation® 5 and 4.
- On June 25, 'Smash & Grab' was launched for PAYDAY 3, a DLC with new game mode, content, functionality and improvements.
CEO's message
Sharper Focus, Stronger Future
During the second quarter we have taken important steps and achieved continued progress on our journey to strengthen Starbreeze. Our strategic focus on the PAYDAY franchise, proactive organizational changes, and emphasis on sustainable growth have started bearing fruit, guiding us on our path towards becoming an agile, profitable, and a proven leader in building and sustaining world-class IP.
FINANCIAL PERFORMANCE
Our revenue in the quarter was robust, driven by strategic promotional activities and increased player engagement with the PAYDAY franchise. Combined with our work-for-hire-collaboration with KRAFTON to bring PAYDAY to PUBG, this contributed to revenue growth and demonstrated the enduring appeal of our core franchise. Notably, our focused approach on enhancing player experience in PAYDAY 3 continues to show incremental improvements in both player numbers and community sentiment - vital indicators for long-term franchise growth.
STREAMLINING OUR FOCUS
During the quarter, we published two significant titles within our third-party publishing division: Roboquest on PlayStation®4 & 5 and Out of Sight across multiple platforms including Steam, Nintendo Switch, and VR. The global games market is more competitive than ever, with thousands of new releases each year. Third-party publishing demands substantial resources but delivers limited impact compared to our core franchises.
With the global games market becoming increasingly crowded, successfully reaching and resonating with the intended audience requires a blend of expertise, timing, and often a degree of luck. Crucially, it highlights the tremendous value of having an established and beloved IP like PAYDAY to consistently break through the noise. And it invariably takes a lot of time and resources. Going forward, we have decided to refocus our ambitions on PAYDAY, our own internal projects and work-for-hire, sharpening operational clarity and ensuring optimal use of our internal resources.
CULTURE, PEOPLE & ORGANIZATION
This quarter marked significant steps in simplifying our organizational structure, enhancing transparency, and empowering faster decision-making. Core studio functions now report directly to the CEO, aimed to streamline operations and align our internal processes closely with strategic priorities. We have established three dedicated teams running PAYDAY, our work-for-hire projects, and Baxter. These are now fully accountable for their respective financial performance, fostering a culture of ownership, agility, and creativity throughout the organization.
ELEVATING PAYDAY
We remain deeply committed to the continuous improvement and evolution of PAYDAY 3. The recent introduction of the game mode "Smash & Grab" exemplifies our approach of reducing complexity in onboarding while enhancing gameplay dynamics for all players. Our community has responded positively.
To continue to drive both the franchise and PAYDAY 3's transformation, we have hired a new franchise lead who joined us in August and are expanding the PAYDAY 3 development team. This strategic addition reinforces our ambitions for the franchise; emphasizing meaningful content, increasing replayability, and major improvements to onboarding, progression, and game systems will be our focus for the remainder of the year. By prioritizing player feedback, we aim to significantly increase engagement and ensure PAYDAY continues to deliver exceptional value.
PARTNERSHIPS & BRAND EXTENSION
Leveraging the full potential of the PAYDAY IP continues to be a key strategic priority. Our PUBG project continues to perform ahead of expectations and stands as a testament to the strength of our internal development capabilities. During the quarter, it was our single largest revenue contributor, demonstrating both commercial viability and production excellence. With a seasoned team in place and strong operational execution, it showcases our ability to deliver high-quality original content alongside our flagship franchises.
PROJECT BAXTER
Creative development on Baxter took an exciting step forward this quarter with the launch of our "Game Masters" program. These small-group tests are helping us explore player agency and validate the unique gameplay dynamics that set Baxter apart. By incorporating structured feedback loops directly into development, we're building momentum toward a distinctive and compelling fantasy co-op experience. Early reactions are promising and reaffirm our commitment to delivering something truly special - in a space where we see a clear market gap for a game like ours.
CLOSING REMARKS
This quarter's steps represent deliberate choices to enhance efficiency, focus, and profitability. Our refined organizational structure, clear strategic priorities, and commitment to delivering engaging gaming experiences position us strongly for sustainable success. I remain confident in our direction and deeply appreciative of the team's relentless passion, creativity, and determination.
Together, we're building a Starbreeze poised for long-term success, growth and sustainability.
ADOLF KRISTJANSSON, CEO
This information is information that Starbreeze is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-08-19 06:45 CEST.
