PulluP Entertainment Q3 2024 Financial Results

Key insights

6 takeaways

01
PulluP Entertainment reported Q3 revenue of €100.8 million, representing a 132.7% year-over-year increase driven primarily by the success of Warhammer 40,000: Space Marine 2.
02
Revenue from new game releases surged nearly 8x year-over-year, rising from €8.9 million to €68.5 million.
03
Warhammer 40,000: Space Marine 2 reached 6 million unique players as of January 16, 2025, serving as the primary revenue driver for the company.
04
Back-catalog sales grew by 4.5% to €30.8 million, supported by the sustained performance of live titles including SnowRunner, Insurgency: Sandstorm, and Expeditions: A MudRunner Game.
05
Train Sim World 5 achieved record-breaking sales, while the collective performance of three indie releases—Metal Slug Tactics, Drova, and Void Crew—exceeded company expectations.
06
This quarter marks the second-best in PulluP Entertainment's history, trailing only the previous Q2 FY24/25, which saw sales exceed €200 million.

Summary

PulluP Entertainment’s financial results for the third quarter ending December 31, 2024, demonstrate significant growth, primarily fueled by the commercial success of Warhammer 40,000: Space Marine 2. The company reported quarterly revenue of €100.8 million, representing a 132.7% increase compared to the same period in the previous year. This performance marks the second-highest quarterly revenue in the company’s history, trailing only the preceding quarter.

The primary driver of this growth was the performance of new game releases, which saw revenue surge nearly eightfold, rising from €8.9 million to €68.5 million year-over-year. Warhammer 40,000: Space Marine 2 reached 6 million unique players by mid-January 2025, serving as the cornerstone of the company’s portfolio. Beyond this flagship title, the company noted record-breaking sales for Train Sim World 5 and reported that its recent indie releases—Metal Slug Tactics, Drova, and Void Crew—collectively exceeded performance expectations.

Back-catalog sales also contributed to the positive results, growing 4.5% to reach €30.8 million. This segment was supported by the sustained engagement of established live-service titles, including SnowRunner, Insurgency: Sandstorm, and Expeditions: A MudRunner Game, alongside contributions from the A Plague Tale franchise and various titles published by Dotemu. These results underscore the effectiveness of the company’s current strategy, which emphasizes high-impact new releases alongside a stable, long-tail portfolio of live games.