Star Vault (STVA) Q2 2025 earnings summary

Executive summary

• Net sales for H1 2025 were SEK 4,636,711, slightly down from SEK 4,740,268 year-over-year.

• Result after financial items improved to SEK -952,583 from SEK -2,003,430 year-over-year.

• Major update 'Reckoning' for Mortal Online 2 released in July, leading to increased player activity.

• Ongoing collaboration discussions with NVIDIA to accelerate AI-driven game development.

• Launch preparations for a new North American continent to expand the player base.

Financial highlights

• Q2 2025 net sales were SEK 2,105,151, down from SEK 2,994,510 in Q2 2024.

• Q2 2025 result after financial items was SEK -439,492, an improvement from SEK -832,257 in Q2 2024.

• Cash flow for H1 2025 was SEK -630,043, compared to SEK 2,326,638 in H1 2024.

• Liquid assets at June 30, 2025, were SEK 3,478,099, down from SEK 3,714,597 a year earlier.

• Equity at period end was SEK 14,941,730, up from SEK 14,601,271 year-over-year.

Outlook and guidance

• Management expects current cash and projected market development to cover liquidity needs for the next 12 months.

• Plans to refine the revenue model in anticipation of the North American launch and player base growth.

• Anticipated marketing activities with major influencers to boost Mortal Online 2's user base.