PULLUP Entertainment 2024/25 First-Quarter Revenue

Key insights

6 takeaways

01
PULLUP Entertainment reported Q1 2024/25 revenue of €34.2 million, an 11% year-over-year decrease attributed to a lack of major new game releases.See it on page 1
02
The company expects a return to revenue growth for the remainder of the fiscal year, driven by the September 2024 launch of Warhammer 40,000: Space Marine 2.See it on page 2
03
Back-catalogue titles demonstrated resilience with 17% organic growth, supported by consistent content updates for franchises like SnowRunner and Insurgency: Sandstorm.See it on page 1
04
International markets account for 95% of total revenue, with North America representing nearly 50% of the company's earnings.See it on page 1
05
Excluding the recently consolidated Scripteam business, like-for-like revenue for the quarter was €32.8 million.See it on page 1
06
The firm’s operational strategy centers on long-term monetization of intellectual property across its three core business units: publishing, independent development, and internal creative studios.See it on page 3

Summary

PULLUP Entertainment reported total revenue of €34.2 million for the first quarter of the 2024/25 financial year, representing an 11% decrease compared to the same period in the previous year. This decline is primarily attributed to the absence of major new game releases during the quarter, contrasting with the successful launches of Warhammer 40,000: Boltgun and Aliens: Dark Descent in the first quarter of 2023/24. Despite the overall dip, the company demonstrated strong operational resilience through its back-catalogue, which achieved 17% organic growth driven by consistent content updates for established franchises such as SnowRunner and Insurgency: Sandstorm.

The company maintains a global footprint, with 95% of its revenue generated internationally, including nearly 50% from North American markets. On a like-for-like basis, excluding the recently consolidated Scripteam business, revenue stood at €32.8 million. The firm’s strategy remains focused on the long-term monetization of its intellectual property through ongoing support and expansion of existing titles.

Looking ahead, the company anticipates a return to revenue growth and improved earnings for the remainder of the 2024/25 fiscal year. This outlook is supported by a robust pipeline of upcoming releases and updates, most notably the highly anticipated launch of Warhammer 40,000: Space Marine 2 in September 2024. The company continues to leverage its three core business units—publishing, independent game development, and internal creative studios—to sustain its market position and capitalize on its diverse portfolio of video game assets.