Starbreeze (STAR) Q1 2026 earnings summary

Executive summary

• Net sales for Q1 2026 were SEK 26.6 million, down from SEK 67.7 million year-over-year, mainly due to a tough comparison with PAYDAY 3's PlayStation Plus launch in Q1 2025.

• PAYDAY 2 maintained a positive trend, while PAYDAY 3 sales declined to SEK 9.9 million from SEK 33.0 million year-over-year.

• The company focused on improving PAYDAY 3, expanding the PAYDAY franchise, and cost efficiency, with positive operating cash flow and adjusted EBITDA for the period.

• Strategic partnerships were announced for PAYDAY film/TV adaptations and a new VR game, supporting franchise expansion.

Financial highlights

• EBITDA was SEK -3.6 million (SEK 15.7 million in Q1 2025); adjusted for restructuring, EBITDA was SEK 5.5 million.

• Profit/loss before tax was SEK -56.3 million (SEK -29.4 million in Q1 2025).

• Earnings per share were SEK -0.03 (SEK -0.02 in Q1 2025).

• Cash flow from operating activities was SEK 2.0 million (SEK -11.7 million in Q1 2025).

• Liquid funds at quarter-end were SEK 74.5 million (SEK 130.1 million in Q1 2025).

Outlook and guidance

• Management expects further cost reductions and improved cash flow from restructuring to take full effect by Q3 2026.

• Continued disciplined execution and investment in PAYDAY franchise growth remain priorities.