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Starbreeze Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Strategic refocus on PAYDAY as the core franchise, discontinuing Project Baxter to concentrate resources and align with industry trends toward proven IPs and heisting genre expansion.
Expanded PAYDAY team to 65, with a new manager leading the rebuild of PAYDAY 3's live engagement model and monthly update cadence starting December.
Partnership with Sidetrack Studios/Games ensures ongoing support for PAYDAY 2, allowing internal focus on PAYDAY 3 and future projects.
Organizational restructuring for clarity, accountability, and operational efficiency, with cross-functional collaboration and P&L ownership.
Updated strategy aims to deepen player engagement, strengthen brand equity, and create scalable value.
Financial highlights
Q3 2025 net sales: SEK 58.4 million (up from SEK 42.7 million year-over-year); nine-month net sales: SEK 179.9 million (up from SEK 139.5 million year-over-year).
PAYDAY franchise generated SEK 32.6 million in net revenue, nearly flat year-over-year; PAYDAY 3 Q3 sales: SEK 17.7 million (down from SEK 22.9 million); PAYDAY 2 Q3 sales: SEK 14.9 million (up from SEK 11.5 million).
Work for Hire projects contributed SEK 20 million in the quarter; nine-month work-for-hire: SEK 57.1 million.
Q3 EBITDA: SEK 19.3 million (down from SEK 21.4 million); nine-month EBITDA: SEK 40.9 million (down from SEK 78.0 million).
Q3 profit/loss before tax: SEK -285.9 million (vs. SEK -58.5 million), mainly due to a SEK 261.9 million non-cash impairment from Project Baxter.
Cash and cash equivalents at quarter-end: SEK 135.1 million (down from SEK 249.3 million year-over-year), with positive operating cash flow.
Outlook and guidance
Measures and investments in PAYDAY expected to positively impact future sales and efficiency, with a focus on live operations, player retention, and platform expansion (UEFN, Roblox).
Direct costs and administrative expenses are expected to decrease due to cost efficiency and organizational streamlining.
All PAYDAY 3 revenue will be recognized directly from Q4 onwards, improving transparency.
Commitment to maintaining cash discipline and operational efficiency.
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Next Starbreeze earnings date
Q4 202519 Feb, 2026
Next Starbreeze earnings date
Q4 202519 Feb, 2026
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Frequently asked questions
Starbreeze AB engages in the development, production, publishing, and marketing of entertainment products. It operates through the following business segments: Starbreeze Games, Publishing, VR Tech & Operations, and Other/Eliminations. The Starbreeze Games segment focuses on development and self-publishing of premium games for digital distribution through digital platforms. The Publishing segment provides games for publishing for premium PC games. The VR Tech & Operations segment consists of virtual reality activities through events and sales of technical solutions. The company was founded by Mikael Nermund Nermark on June 12, 1998 and is headquartered in Stockholm, Sweden.
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