Starbreeze (STAR) Q2 2025 earnings summary

Executive summary

• Strategic refocus on the PAYDAY franchise, with regained publishing rights to PAYDAY 3, organizational simplification, and key hires to drive accountability and performance.

• Exiting third-party publishing to concentrate on PAYDAY, Baxter, and work-for-hire projects, with a streamlined business and new content pipelines for PAYDAY 2 and 3.

• PAYDAY 3 team expanded by 40%, with a new franchise lead and major updates planned for both PAYDAY 2 and PAYDAY 3.

• Baxter remains on track for a 2026 release, with strong partner interest and positive playtest feedback.

• Work-for-hire projects, notably with KRAFTON and PUBG X PAYDAY, delivered record revenues and reached key development milestones.

Financial highlights

• Net sales for Q2 2025 reached SEK 54 million, up 33.8% year-over-year.

• PAYDAY franchise generated SEK 25.7 million in net revenue for the quarter.

• Work-for-hire revenue surged to SEK 19.6 million in Q2 2025.

• Adjusted EBITDA for Q2 was SEK 13.3 million; reported EBITDA was SEK 5.9 million.

• Loss after tax for Q2 was SEK 25.4 million; positive cash flow of SEK 39.2 million, ending with SEK 156.4 million in cash.

Outlook and guidance

• Continued investment in PAYDAY and Baxter, with focus on growing sales, improving PAYDAY 3 performance, and expanding work-for-hire collaborations.

• Positive cash position supports ongoing development and strategic initiatives.

• Strategic updates and further details on Baxter and PAYDAY to be communicated in the next two months.