Starbreeze Third Quarter 2025 Presentation

Key insights

7 takeaways

01
Starbreeze has pivoted to a 'PAYDAY-only' strategy, resulting in the discontinuation of Project Baxter and a significant SEK 261.9 million impairment charge.See it on page 6
02
The company reported a Q3 2025 net loss before tax of SEK 285.9 million, largely driven by the impairment of the discontinued project.See it on page 13
03
Despite the net loss, Starbreeze maintained positive operating cash flow of SEK 21.8 million for Q3 2025 and ended the quarter with SEK 135.1 million in cash and cash equivalents.See it on page 13
04
Starbreeze has outsourced the long-term support and maintenance of PAYDAY 2 to Sidetrack Games to focus internal resources on PAYDAY 3 development.See it on page 8
05
The company is actively expanding the PAYDAY franchise beyond traditional platforms into new environments, specifically targeting UEFN and Roblox.See it on page 5
06
Organizational restructuring has reduced the headcount to 156 employees by the end of Q3 2025, down from 191 in the same period last year.See it on page 16
07
Management is prioritizing the rebuild of the PAYDAY 3 live-engagement model, focusing on consistent content updates and improved player retention metrics.See it on page 7

Summary

Third Quarter - Key Highlights Strategic refocus: PAYDAY at the core - Project Baxter discontinued. Updated strategy launched - expanding the heisting genre. PAYDAY 3 team expanding and live-engagement model progressing. Partnership for PAYDAY 2 secures its longevity PAYDAY - Platform for Growth • PAYDAY is our core franchise and growth engine.

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