Q2 2025 Starbreeze AB Earnings Call Transcript
Key Points
- Starbreeze AB (FRA:2ST) has made strategic shifts to focus on its biggest IP, PAYDAY, resulting in increased playing time and improved community sentiment.
- The company has simplified its organization and made critical hires, which are expected to enhance business responsibilities and optimize costs.
- The work-for-hire project with KRAFTON delivered solid revenues and is progressing well, establishing Starbreeze as a high-quality work-for-hire studio.
- Starbreeze has a strong cash position, closing the quarter with SEK156.4 million, which supports continued investment in game development.
- The acquisition of PAYDAY rights from the previous publisher allows Starbreeze to self-publish and retain 100% of the revenue from PAYDAY 3.
- Third-party publishing revenue was disappointing despite launching two well-received titles, leading to the decision to exit third-party publishing efforts.
- The company reported a loss after tax of SEK25.4 million for the quarter, impacted by one-time organizational changes.
- EBITDA decreased to SEK5.9 million from SEK8.1 million in the same period last year, affected by nonrecurring items.
- The closure of the French entity and organizational restructuring led to additional costs and a reduction in the number of employees.
- Despite improvements, the company is not satisfied with its net sales and acknowledges the need for continued growth in PAYDAY 3 and future projects like Baxter.
Welcome, everybody, to the second quarter 2025 presentation by Starbreeze. Today's presenters are Adolf Kristjansson, CEO; and Mats Juhl, CFO.
Good morning, everyone. Today, we are going to cover the second quarter where we made some major shifts in our strategy and structure. And now we will focus back on our biggest IP, PAYDAY. During the quarter, we released key updates into the franchise, which have resulted in increased playing time and a shift in community sentiment. The recent ratings of PAYDAY 3 on Steam have been more positive over the recent weeks, which have lifted the rating after an overall mixed review.
This puts us on a positive path as we are further improving PAYDAY to drive it into positive rating category. We have simplified our organization, which will be formally put in place on the 1 of September. We have made some critical hires during this period, which now have the critical business responsibilities and are responsible for their own P&
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