Stillfront Group Year End Report 2015

Key insights

7 takeaways

01
Stillfront's 2015 net revenues reached SEK 57.1 million, up 96% year over year, while underlying EBITDA rose more than fivefold to SEK 12.9 million, a 22.6% margin.See it on page 1
02
Call of War, developed by subsidiary Bytro Labs, was the main growth driver, with revenue rising from SEK 4.0 million in Q3 to SEK 10.1 million in Q4 2015.See it on page 3
03
Stillfront listed on Nasdaq First North in December 2015 and completed a SEK 75 million share issue, lifting year-end cash to SEK 73.5 million.See it on page 1
04
The equity ratio stood at a solid 86% at year-end, giving the group a strong balance sheet to fund growth.See it on page 8
05
The PLEX strategy guides the group: a diverse game portfolio, long-term profitability, scalable game engines, and multiple technology platforms.See it on page 2
06
The group operates through four near-autonomous subsidiaries (Bytro Labs, Coldwood Interactive, Power Challenge, Dorado Online Games) with global distribution; Coldwood's Unravel earned critical acclaim.See it on page 2
07
The Gladiator Online launch was flagged as an area needing improvement, and the company plans to keep growing through organic development and potential acquisitions.See it on page 2

Summary

The Stillfront Group 2015 year-end report details a period of significant expansion and financial improvement for the independent game developer and publisher. The company’s primary objective throughout the year was the implementation of its PLEX strategy, which focuses on maintaining a diverse portfolio of games, ensuring long-term profitability, leveraging scalable game engines, and operating across multiple technology platforms. This strategic approach, combined with successful marketing and operational scaling, provided a foundation for the company’s transition to a publicly traded entity on the Nasdaq First North exchange in December 2015.

Financial performance in 2015 showed substantial growth, with net revenues reaching 57.1 million SEK, a 96% increase over the previous year. Underlying EBITDA rose more than fivefold to 12.9 million SEK, reflecting an underlying EBITDA margin of 22.6%. This growth was driven largely by the strong performance of the game Call of War, developed by the subsidiary Bytro Labs, which saw revenue climb from 4.0 million SEK in the third quarter to 10.1 million SEK in the fourth. Additionally, the company successfully completed a 75 million SEK share issue, significantly strengthening its cash position to 73.5 million SEK by year-end.

The report covers the group’s operations across its four near-autonomous subsidiaries—Bytro Labs, Coldwood Interactive, Power Challenge, and Dorado Online Games—with a global distribution focus. While the company achieved notable successes, such as the development of the critically acclaimed title Unravel, it also noted areas for improvement, specifically regarding the launch of Gladiator Online. Looking ahead, the company intends to continue its growth trajectory through both organic development and potential acquisitions, supported by a solid equity ratio of 86% and a scalable operational structure.