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Starbreeze (STAR) investor relations material
Starbreeze Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary22 Aug, 2025
Executive summary
Strategic refocus on core PAYDAY IP, with regained publishing rights, organizational restructuring, and key hires to drive accountability, efficiency, and agility.
Exiting third-party publishing to concentrate on internal franchises and work-for-hire projects, following underperformance in external publishing.
Major updates and improvements to PAYDAY 2 and PAYDAY 3, including expanded development teams, new content pipelines, and new gameplay modes, have led to improved player sentiment and engagement.
Work-for-hire strategy delivered record revenues, highlighted by successful partnerships such as PUBG X PAYDAY.
Project Baxter remains on track for a 2026 release, with strong interest from partners and positive feedback from playtests.
Financial highlights
Net sales for Q2 2025 reached SEK 53.8 million, up 33.8% year-over-year; PAYDAY franchise contributed SEK 25.7 million.
Work-for-hire projects generated nearly SEK 20 million in revenue for the quarter.
EBITDA for Q2 2025 was SEK 5.9 million (down from SEK 8.1 million YoY); adjusted EBITDA was SEK 13.3 million.
Loss before tax for Q2 2025 was SEK 25.4 million, improved from SEK 70.6 million YoY.
Positive cash flow from operating activities was SEK 39.2 million, with cash position at SEK 156.4 million at quarter end.
Outlook and guidance
Continued investment in PAYDAY and Baxter, with a focus on improving sales, operational efficiency, and content updates.
PAYDAY franchise strategy and content pipeline updates to be communicated in the coming months.
Baxter's release strategy, including potential early access, will be communicated within the next two to three months.
Organizational changes expected to enhance efficiency and profitability moving forward.
How does PAYDAY IP brand extension perform?
Why refocus on PAYDAY and work-for-hire?
What factors affected working capital?
Jonas Skantz's role in PAYDAY 3 rework?
Baxter partnership and release model update
How was the PAYDAY rights settlement structured?
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Next Starbreeze earnings date
Q3 202511 Nov, 2025
Next Starbreeze earnings date
Q3 202511 Nov, 2025
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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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