Updated Mar 23, 2026 by Frontier Developments
FY23 revenue declined 8% to £104.6 million, driven primarily by underperformance in the F1® Manager series.
The company reported an adjusted EBITDA loss of £4.6 million, a significant reversal from the £6.7 million profit recorded in FY22.
Total operating losses reached £26.6 million, heavily impacted by £28.7 million in non-cash intangible charges, including a £15 million impairment on the F1® Manager franchise and £13.7 million from the closure of Foundry.
Cash reserves decreased from £38.7 million to £28.3 million due to elevated operating expenses and capitalised development costs.
Legacy titles released prior to FY23, such as Jurassic World Evolution 2, continue to drive the business, accounting for 72% of total revenue.
The company is pivoting its strategy to focus on Creative Management Simulation (CMS) games, reallocating resources from the closed Foundry studio to two new CMS projects.
Market consensus for FY24 projects revenue of £108 million and an adjusted EBITDA loss of £9 million, with growth expected from the November 2023 launch of Warhammer Age of Sigmar: Realms of Ruin.
FY23 revenue declined 8% to £104.6 million, driven primarily by underperformance in the F1® Manager series.
The company reported an adjusted EBITDA loss of £4.6 million, a significant reversal from the £6.7 million profit recorded in FY22.
Total operating losses reached £26.6 million, heavily impacted by £28.7 million in non-cash intangible charges, including a £15 million impairment on the F1® Manager franchise and £13.7 million from the closure of Foundry.
Cash reserves decreased from £38.7 million to £28.3 million due to elevated operating expenses and capitalised development costs.
Legacy titles released prior to FY23, such as Jurassic World Evolution 2, continue to drive the business, accounting for 72% of total revenue.
The company is pivoting its strategy to focus on Creative Management Simulation (CMS) games, reallocating resources from the closed Foundry studio to two new CMS projects.
Market consensus for FY24 projects revenue of £108 million and an adjusted EBITDA loss of £9 million, with growth expected from the November 2023 launch of Warhammer Age of Sigmar: Realms of Ruin.