Devolver Digital (DEVO) H2 2025 TU earnings summary

Executive summary

• Achieved year-over-year revenue growth in FY2025, outperforming a flat gaming market.

• Strong second half performance driven by platform deals and a successful Steam Publisher Sale.

• Multiple new releases in 2025 received high Metacritic scores and positive user reviews.

• Early 2026 trading started strongly, with three titles in Steam's Global Best Sellers Top 10 for the first time.

Financial highlights

• FY2025 revenues exceeded $100 million, meeting management guidance.

• Underlying Adjusted EBITDA pre-impairments expected in double-digit millions, slightly above consensus.

• Impairments for underperforming titles estimated at $3.5 million.

• Operating expenses declined slightly year-over-year.

• Net cash position of approximately $36.4 million as of December 31, 2025.

Outlook and guidance

• Strong start to 2026 with new releases exceeding expectations.

• Management anticipates further profit improvement and higher sustainable profitability in coming years.