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Starbreeze (STAR) investor relations material
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 the heisting genre.
Updated strategy emphasizes live engagement, platform expansion (including UEFN and Roblox), and leveraging established IP for value creation.
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 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.
Financial highlights
Net sales for Q3 were SEK 58.4 million, up from SEK 42.7 million year-over-year; nine-month net sales were SEK 179.9 million, up from SEK 139.5 million.
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 Q3; nine-month work-for-hire: SEK 57.1 million.
EBITDA for Q3 was SEK 19.3 million (down from SEK 21.4 million); nine-month EBITDA was SEK 40.9 million.
Total loss for Q3 was SEK 285.9 million, mainly due to a SEK 262 million non-cash impairment from Project Baxter.
Cash and cash equivalents at period end: SEK 135.1 million.
Outlook and guidance
Measures and investments in PAYDAY expected to positively impact future sales and efficiency.
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.
Focused execution on PAYDAY franchise and heisting genre, with plans to expand to new platforms and deepen player engagement.
Strategy aims to reduce complexity, improve predictability, and position for disciplined growth.
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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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