Updated Mar 21, 2026 by Stillfront
Stillfront Group raised approximately 1,952 MSEK through a March 2022 rights issue to repay debt from the $201 million 6waves acquisition and strengthen its balance sheet.
The company faces 3,328 MSEK in contingent consideration obligations (earn-outs) through 2027, creating significant future payment liabilities.
While net sales grew from 1,967 MSEK in 2019 to 5,455 MSEK in 2021, organic growth turned negative at -8% in 2021.
Revenue is highly concentrated, with 77% generated through Apple and Google app stores and a business model heavily reliant on 'free-to-play' titles and 'whale' users.
The company faces key-personnel risk regarding the retention of 55 studio founders and executives whose departure could follow the conclusion of earn-out periods.
Regulatory and operational threats include potential reclassification of virtual currencies as gambling, evolving 'loot box' legislation, and sensitivity to USD currency fluctuations.
Stillfront maintains a growth-focused capital allocation policy, aiming for 10 billion SEK in net sales by 2023 while reinvesting all profits rather than issuing dividends.
Stillfront Group raised approximately 1,952 MSEK through a March 2022 rights issue to repay debt from the $201 million 6waves acquisition and strengthen its balance sheet.
The company faces 3,328 MSEK in contingent consideration obligations (earn-outs) through 2027, creating significant future payment liabilities.
While net sales grew from 1,967 MSEK in 2019 to 5,455 MSEK in 2021, organic growth turned negative at -8% in 2021.
Revenue is highly concentrated, with 77% generated through Apple and Google app stores and a business model heavily reliant on 'free-to-play' titles and 'whale' users.
The company faces key-personnel risk regarding the retention of 55 studio founders and executives whose departure could follow the conclusion of earn-out periods.
Regulatory and operational threats include potential reclassification of virtual currencies as gambling, evolving 'loot box' legislation, and sensitivity to USD currency fluctuations.
Stillfront maintains a growth-focused capital allocation policy, aiming for 10 billion SEK in net sales by 2023 while reinvesting all profits rather than issuing dividends.