Stillfront Group Q3 Report: 2017

Stillfront Group’s Q3 2017 report outlines a strategic objective to become the leading global group of independent game studios by balancing high-growth potential with risk-mitigating diversification. The company operates through eight autonomous subsidiaries across nine countries, focusing on a portfolio of long-lived, free-to-play core games. By combining the agility of indie developers with the financial and operational support of a public parent company, Stillfront aims to consolidate the fragmented gaming market while maintaining stable, high-margin revenue streams.

Financial performance in Q3 2017 demonstrated strong momentum, with net revenues reaching 45.4 million SEK, marking a 22–24% quarter-over-quarter growth trend for three consecutive quarters. The company reported a rolling 12-month revenue of 137.3 million SEK and an EBITDA of 43.7 million SEK. Key growth drivers included the successful acquisition and integration of eRepublik Labs and OFM, as well as the strong performance of core titles like Call of War and the launch of Siege: Titan Wars. The company’s portfolio has expanded significantly, with the number of core products increasing by 275% over the preceding 16 months.

The report highlights a dual-growth strategy centered on organic development and systematic M&A. Organic growth is supported by cross-platform expansion—moving titles from browser to mobile and Steam—and the reuse of proprietary engines to lower development costs and risks. Simultaneously, the company actively targets small-to-mid-sized studios with established, profitable games to expand its footprint. Looking ahead, Stillfront prioritizes further portfolio diversification, the launch of new titles such as Football Empire, and continued M&A activity, positioning the group to enter 2018 with increased financial capacity and a scalable operational model.