Updated Mar 17, 2026 by Pullup Entertainment
PULLUP Entertainment reported a consolidated net loss of €19.9 million for the 2023-2024 fiscal year, a sharp decline from the previous year's €7.3 million profit, despite maintaining stable revenue of €187.3 million.
The financial downturn was primarily driven by the postponement of major titles like 'Warhammer 40,000: Space Marine 2' and a doubling of depreciation and amortization costs to €67 million.
The company's back-catalogue performance was a key stabilizer, surging 89% to account for 66% of total annual sales.
To fund expansion and the €40.2 million acquisition of Dovetail Games, the Group secured a €130 million syndicated loan and completed a €23 million capital increase in May 2024.
The Group has reorganized into three core pillars—Focus Entertainment Publishing, Dotemu, and PULLUP Studios—to manage a portfolio of seven internal studios and a pipeline of approximately 60 games.
The workforce grew to 614 employees, prompting a new CSR strategy that addresses a 4,778.6 TeqCO2 carbon footprint, of which over 98% is attributed to Scope 3 emissions.
Management anticipates a financial recovery in 2024/25, supported by a 'III-AA' title strategy intended to reduce reliance on seasonal market peaks.
PULLUP Entertainment reported a consolidated net loss of €19.9 million for the 2023-2024 fiscal year, a sharp decline from the previous year's €7.3 million profit, despite maintaining stable revenue of €187.3 million.
The financial downturn was primarily driven by the postponement of major titles like 'Warhammer 40,000: Space Marine 2' and a doubling of depreciation and amortization costs to €67 million.
The company's back-catalogue performance was a key stabilizer, surging 89% to account for 66% of total annual sales.
To fund expansion and the €40.2 million acquisition of Dovetail Games, the Group secured a €130 million syndicated loan and completed a €23 million capital increase in May 2024.
The Group has reorganized into three core pillars—Focus Entertainment Publishing, Dotemu, and PULLUP Studios—to manage a portfolio of seven internal studios and a pipeline of approximately 60 games.
The workforce grew to 614 employees, prompting a new CSR strategy that addresses a 4,778.6 TeqCO2 carbon footprint, of which over 98% is attributed to Scope 3 emissions.
Management anticipates a financial recovery in 2024/25, supported by a 'III-AA' title strategy intended to reduce reliance on seasonal market peaks.