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Current Report No. 17/2025: Release Date Change for Moonlighter 2
The release schedule for “Moonlighter 2: The Endless Vault” has been updated. 11 bit studios S.A. announced that the PC version will enter Early Access on November 19, 2025, with distribution through Steam and the Windows Store. The company indicated that console releases for Xbox X/S and PlayStation 5 will occur at a later, unspecified date. This change follows the earlier announcement in Report No. 16/2025 dated August 19, 2025, which set the initial release framework. The update is issued under Article 17.1 of MAR, classifying it as inside information that must be disclosed to the market. The announcement is signed by Przemysław Marszał, President of the Management Board, and Marek Ziemak, a board member. No additional data on sales projections, market impact, or development milestones are provided in the brief communication. The scope is limited to the PC Early Access launch, with no geographic restrictions noted beyond the global availability of digital distribution platforms. The report serves to inform investors and stakeholders of the revised launch timeline, ensuring compliance with regulatory disclosure requirements.
- 11 bit studios S.A. has scheduled the PC Early Access release of 'Moonlighter 2: The Endless Vault' for November 19, 2025.
- The PC version will be distributed globally via Steam and the Windows Store.
- Console releases for Xbox Series X/S and PlayStation 5 have been delayed to an unspecified date following the initial framework established in August 2025.
- This update constitutes regulated inside information under Article 17.1 of MAR, requiring formal disclosure to investors and stakeholders.
- The announcement was officially authorized by 11 bit studios board members Przemysław Marszał and Marek Ziemak.
Results Briefing Materials: Fiscal Year Ending March 2026, First Half
The briefing presents the first‑half financial performance of Marvelous Inc. for the fiscal year ending March 2026, covering April–September 2025. Net sales surged 157.5 % to ¥20,281 million, driven by the launch of three core video‑game titles—“Rune Factory: Guardians of Azuma,” “STORY OF SEASONS: Grand Bazaar,” and “DAEMON X MACHINA TITANIC SCION”—and robust sales of Pokémon‑branded amusement machines. Segment analysis shows Digital Contents Business revenue rising 198.7 % to ¥12,414 million, while Amusement Business increased 136.3 % to ¥5,982 million; Audio & Visual Business declined 84.0 %. Operating profit fell 38.2 % to ¥226 million due to elevated development costs, yet ordinary and net income rose 102.0 % and 234.7 %, respectively, largely from a shift to foreign‑exchange gains.
The company forecasts full‑year net sales of ¥35,000 million (125.2 % of FY2025), operating profit of ¥2,000 million (110.0 % increase), and a dividend uplift to ¥12 million per share, maintaining the initial earnings outlook. Cash flow improved markedly: operating cash inflows rose from a negative ¥786 million to ¥5,822 million, and net cash increased by ¥5,274 million to ¥12,386 million. Asset growth was modest, with total assets rising by ¥1,424 million and net assets slightly declining due to higher liabilities.
Methodologically, figures derive from consolidated financial statements for the semi‑annual period; no survey data are cited. The report covers Japan, North America, Europe, and Asia for game sales, and includes detailed segment‑level performance. The outlook remains unchanged, with emphasis on sustaining momentum from the newly released titles and existing online properties.
- Marvelous Inc. reported a 157.5% surge in net sales to ¥20,281 million for the first half of fiscal year 2026, driven by the release of three major titles and strong Pokémon-branded amusement machine sales.
- Operating profit declined 38.2% to ¥226 million due to increased development costs, though net income rose 234.7% primarily due to foreign-exchange gains.
- The Digital Contents Business segment saw revenue grow 198.7% to ¥12,414 million, while the Amusement Business grew 136.3% to ¥5,982 million, offsetting an 84.0% decline in the Audio & Visual Business.
- Cash flow improved significantly, with operating cash flow shifting from a negative ¥786 million in the prior period to a positive ¥5,822 million.
- The company maintained its full-year forecast of ¥35,000 million in net sales and a 110% increase in operating profit to ¥2,000 million.
Half-Year Report 2021: DONTNOD
Public limited company (Société Anonyme) with share capital of €168,018.74 Registered office: Parc du Pont de Flandre “Le Beauvaisis” 11 rue de Cambrai, 75019 Paris Paris Trade and Companies Register no. 504 161 902 MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2021 1.<sub>FIRST </sub>HALF 2021 HIGHLIGHTS In view of the exceptional circumstances surrounding the coronavirus (Covid-19) health crisis and the ensuing government recommendations, DONTNOD ...
- DONTNOD's total operating revenues increased by 19% to €12.8 million in H1 2021, up from €10.8 million in H1 2020, driven by a ramp-up in co-production and self-publishing.
- The company successfully completed a €50 million capital increase on January 28, 2021, with Tencent Holdings Limited contributing €30 million, strengthening DONTNOD's shareholding structure.
- Revenues fell 62% to €2.3 million in H1 2021 from €6.1 million in H1 2020, as the company shifts towards a self-publishing strategy, with only one co-production project currently contributing to publisher revenues.
- Capitalized production doubled from €3.8 million in H1 2020 to €7.8 million in H1 2021, due to increased development under Project 8 with Focus Home Interactive, and other projects including those in Montreal and with PortaPlay.
- DONTNOD allocated 415,554 new ordinary shares, representing 5% of current share capital, through various bonus share and founders' warrant plans, subject to vesting periods and share price targets (e.g., €40 target for some plans).
Factbook: Third Quarter of Fiscal Year Ending March 31, 2026
Marvelous Inc., listed on Tokyo’s Prime Market, released its third‑quarter financial results for the fiscal year ending March 31 2026. The company’s core business spans digital content, amusement, audio‑visual production and live entertainment, with a focus on original IPs and collaborations. Revenue rose to ¥29.1 billion in Q3, up 4.5% from the prior quarter and 10.6% year‑on‑year, driven primarily by digital content sales of ¥7.2 billion and amusement revenue of ¥3.0 billion. Gross operating profit reached ¥10.4 billion, a 12% increase over Q2 and a 9% rise versus the same period last year, reflecting improved cost control in production and marketing.
Operating profit fell to ¥1.8 billion, a 12% decline from Q2, largely due to higher selling‑general‑administrative expenses of ¥8.6 billion compared with ¥7.9 billion in Q2. Net income attributable to shareholders was ¥1.5 billion, down 18% from Q2, with a net profit margin of 5.3%. The company’s cash‑flow position remained solid, with operating cash flow of ¥2.8 billion and a cash‑equivalent balance of ¥16.4 billion at quarter end.
Geographically, the report covers Japan and overseas markets where Marvelous operates. The data derive from consolidated financial statements prepared under Japanese GAAP, covering all subsidiaries and affiliates. Key metrics such as return on equity (13.7%) and asset turnover (0.82) indicate healthy profitability, while dividend payout remained at 52% of net income. Overall, the quarter shows revenue growth but margin pressure from higher operating costs, prompting management to focus on cost efficiency and portfolio diversification.
- Marvelous Inc. reported Q3 revenue of ¥29.1 billion, representing a 10.6% year-on-year increase driven by digital content sales of ¥7.2 billion and amusement revenue of ¥3.0 billion.
- Operating profit declined 12% quarter-on-quarter to ¥1.8 billion, primarily due to an increase in selling, general, and administrative expenses from ¥7.9 billion in Q2 to ¥8.6 billion.
- Gross operating profit rose 9% year-on-year to ¥10.4 billion, reflecting improved cost control in production and marketing despite the overall pressure on net margins.
- Net income attributable to shareholders fell 18% from the previous quarter to ¥1.5 billion, resulting in a net profit margin of 5.3%.
- The company maintains a solid financial position with ¥16.4 billion in cash equivalents, an operating cash flow of ¥2.8 billion, and a return on equity of 13.7%.
Annual Report and Accounts 2023
FRONTIER REALMS ANNUAL REPORT AND ACCOUNTS 2023 GROWING AND EVOLVING ANNUAL REPORT HEADLINES CONTENTS Frontier is a leading independent developer and publisher of video games See a summary of our progress in FY23 including 01 Headlines founded in 1994 by David Braben, co-author of the iconic Elite game.
- Frontier Developments PLC acquired Complex Games, developers of Warhammer 40,000: Chaos Gate – Daemonhunters, in November 2022, gaining expertise in turn-based strategy games.
- The company's gross research and development spend increased to £52.9 million in FY23, up from £47.5 million in FY22.
- Planet Zoo, released in 2019, is on its 15th PDLC pack (Oceania Pack, due September 2023) and supports animal conservation initiatives with partners like Edinburgh Zoo and San Diego Wildlife Alliance.
- Adjusted EBITDA (loss)/profit for FY23 was (£4,595k), a decrease from (£6,677k) in FY22.
- From FY24, the company will amortize other intangible assets more rapidly in the first 12 months post-release, which may negatively impact reported operating profit short-term but not Adjusted EBITDA.
Integrated Report 2025
SEGA SAMMY HOLDINGS INTEGRATED REPORT 2025 SEGA SAMMY HOLDINGS INTEGRATED REPORT 2025 Key Visual from Sonic the Hedgehog 3 movie Group Value Introduction Strengthening of Non-Financial Capital Creativity is Mindset and DNA SEGA SAMMY Group Core Businesses 02 Materiality 56 Creativity is Alway...
- SEGA SAMMY Holdings aims for Adjusted EBITDA over ¥230.0 billion and ROE over 10% cumulatively for the three-year period from FY2025/3 to FY2027/3.
- The company is expanding its Gaming Business through the acquisition of Stakelogic B.V. by its subsidiary SEGA SAMMY CREATION INC., completed on April 28, 2025.
- The Entertainment Contents Business expects revenue to increase compared to FY2025/3, with strong sales of new and repeat full games in the Consumer area and continued growth in licensing income, despite an anticipated reactionary decline in Animation areas.
- The Pachislot & Pachinko Machines Business aims to reclaim the No. 1 total utilization share, having fallen one position in the fiscal year ended March 2024 due to differences between product specifications and market needs.
- SEGA SAMMY Holdings is reinforcing "culturally diverse human resources" aligned with its global business expansion strategy and has increased external directors to four to enhance transparency and governance.
FY24 Interim Results: Frontier Developments
Frontier Developments plc (AIM: FDEV, ‘Frontier’, the ‘Company’, or the ‘Group’), a leading developer and publisher of video games based in Cambridge, UK, publishes its unaudited interim results for the 6 months to 30 November (6 months to 30 (6 months to 30 November 2023) November 2022) Revenue £47.7m £57.1m Adjusted EBITDA loss (£4.9m) (£0.6m) Operating (...
- Frontier Developments experienced a significant financial downturn in H1 FY24 (6 months to 30 November 2023), reporting a £33.1 million loss after tax compared to a £6.7 million profit in H1 FY23, and an operating loss of £30.8 million versus a £6.9 million profit in H1 FY23.
- Revenue decreased to £47.7 million in H1 FY24 from £57.1 million in H1 FY23, primarily due to lower-than-expected contributions from new game launches and a full impairment charge of £16.9 million for 'Realms of Ruin'.
- The company's cash balance significantly reduced to £17.1 million at November 30, 2023, down from £42.6 million in H1 FY23, though it increased to £19.9 million by December 31, 2023, after receiving subscription fees.
- Frontier is strategically refocusing on Creative Management Simulation (CMS) games, with three new CMS titles planned for release in FY25, FY26, and FY27, building on the strong performance of existing CMS games which generated £26.3 million (55% of total revenue) in H1 FY24.
- An organizational review led to cost reduction efforts, targeting 20% savings in annual operating costs by the start of FY25, with a £2.5 million restructuring charge recorded in H1 FY24.
Annual Report and Accounts 2024
ANNUAL REPORT AND ACCOUNTS 2024 30 YEARS OF HEADLINES CONTENTS CREATIVITY, STRATEGIC REPORT See a summary of the headlines for FY24, 01 Headlines INNOVATION AND ...
- Frontier plans to release three self-published CMS (Creative Management Simulation) games in the next three consecutive financial years: Planet Coaster 2 in autumn 2024 (FY25), a new Jurassic World game in FY26, and a third unannounced CMS game in FY27.
- Frontier reported a loss before taxation of £28.425 million for the 12 months ending May 31, 2024, an increase from £26.509 million in the previous year.
- Net cashflows from operating activities decreased to £31.625 million in FY24 from £47.875 million in FY23, while net cashflows used in investing activities improved to (£27.868 million) from (£52.310 million).
- The company incurred £1.4 million in costs from an Organizational Review in FY24, primarily due to redundancy costs, compared to £nil in FY23.
- Frontier's total unrecognised tax losses increased to £109.5 million at May 31, 2024, from £80.2 million at May 31, 2023, with these losses having no expiry date.
FY25 Trading Update
FOR THE FINANCIAL YEAR 1 JUNE 2024 TO 31 MAY 2025 PRIVATE AND CONFIDENTIAL RESERVED STRONG RESULTS AND INCREASED MOMENTUM 2 FINANCIALS the account or benefit of, U.S.
- Frontier Developments PLC's revenue increased by 1% to £90.6 million in FY25, with gross profit up 3% to approximately £63 million.
- Planet Coaster 2 sold over 500,000 base game units in FY25 (approximately 7 months) and has received 5 free major updates since launch, with a 6th scheduled for later this month.
- Jurassic World Evolution 3 is announced for release on October 21, 2025 (in FY26) on PC, PlayStation 5, and Xbox Series X|S, featuring breeding, juvenile dinosaurs, and Jeff Goldblum.
- Elite Dangerous saw a nearly 150% growth in PDLC revenue due to monetisation improvements, including early access ship sales, and PDLC accounted for 36% of total revenue in FY25 (up from 35% in FY24).
- Subscription revenue decreased significantly from 13% in FY24 to 5% in FY25, though underlying revenue, excluding subscription deals, grew by 11%.
FY25 H1 Results: A Strong Turnaround
Frontier Developments plc reported a robust turnaround in its first half of FY25, with revenue of £47.3 million nearly matching the prior year’s £47.7 million and an adjusted EBITDA profit of £4.4 million, a swing from a £4.9 million loss in H1 FY24. Operating profit rose to £4.5 million from a £33.3 million loss, driven by significant cost reductions following an organisational review and the closure of Frontier Foundry. Cash reserves strengthened to £27.2 million at 30 November, rising to £30.5 million by 31 December after the November launch of Planet Coaster 2.
Planet Coaster 2, released on 6 November, dominated the period by contributing 22% of total revenue and selling over 400,000 base‑game units across PC, PS5, and Xbox Series platforms within two months. The game’s launch reinforced the company’s CMS strategy, supported by strong sales of existing titles such as Planet Zoo and Jurassic World Evolution 2. Elite Dangerous also saw revenue growth through new story content, while F1® Manager 2024 added a fresh title to the portfolio.
Cost efficiencies were evident: adjusted operating costs fell 25% to £28.5 million, R&D expenses dropped 21% to £19.5 million, and marketing and administrative costs declined 32%. Gross profit margin improved to 70% from 69%, reflecting a favourable revenue mix.
The company maintains a positive outlook for FY25, citing continued momentum from the CMS lineup and upcoming releases. Management expressed confidence in sustaining profitability and capitalising on planned content updates, while acknowledging subscription deal timing as a variable factor. Overall, the interim results demonstrate that Frontier’s strategic reset and disciplined cost management have restored profitability and positioned the firm for continued growth in the competitive video‑game market.
- Frontier Developments achieved a significant financial turnaround in H1 FY25, swinging from a £4.9 million EBITDA loss in the prior year to a £4.4 million profit.
- Operating profit reached £4.5 million, a substantial recovery from the £33.3 million loss reported in H1 FY24, driven by aggressive cost-cutting measures and the closure of the Frontier Foundry division.
- The November 6 launch of Planet Coaster 2 generated 22% of total H1 revenue, selling over 400,000 units across PC, PS5, and Xbox Series platforms within two months.
- Disciplined cost management reduced adjusted operating costs by 25% to £28.5 million, with R&D expenses falling 21% and administrative/marketing costs dropping 32%.
- Cash reserves strengthened to £30.5 million by December 31, 2024, up from £27.2 million at the end of November.
Annual Report and Accounts 2025
ANNUAL REPORT AND ACCOUNTS 2025 ANNUAL REPORT AND ACCOUNTS 2025 Frontier is a leading independent developer and CONTENTS publisher of video games for PC and consoles, HEADLINES STRATEGIC REPORT creating immersive and fun gameplay with high See a summary of the headlines for FY25, 01 Headlines production values.
- Frontier Developments PLC achieved significant profitability and cash generation uplift in FY25, driven by a sharpened focus on CMS (Content Management System) games and a sustainable cost base.
- Revenue increased year-on-year in FY25, and gross profit rose to £63.3 million (up from £61.3 million in FY24), with an improved gross margin of 70% (up from 69% in FY24) due to a greater share of own-IP game revenue.
- Elite Dangerous, a long-standing space exploration title outside the CMS portfolio, saw 76% year-on-year revenue growth in FY25, supported by new content and increased player engagement.
- Cash expenditure on CMS games represented 72% in FY25, a significant increase from 58% (£26.5 million) in FY24, reflecting a strategic refocus and reallocation of employees to capitalisable projects.
- Frontier will adopt Adjusted Operating Profit as its primary financial performance measure from FY26, replacing Adjusted EBITDA, to provide a more accurate reflection of Group performance.
Interim Results: H1 FY26
Frontier Developments plc reported unaudited interim results for the six months to 30 November 2025, showing a 26 % increase in revenue to £59.6 million and a 76 % rise in adjusted operating profit to £9.7 million compared with the same period in 2024. The growth was driven primarily by the launch of Jurassic World Evolution 3, which contributed 90 % of total revenue in H1 FY26 and earned nominations at the Game Awards 2025 and BAFTA Games Awards 2026. Other titles such as Planet Zoo, Planet Coaster 2 and Elite Dangerous also performed strongly, with Planet Zoo becoming the Group’s highest‑grossing individual game.
Cash profitability improved markedly; adjusted operating profit, which excludes non‑cash development capitalisation and includes tax and R&D credits, grew to £9.7 million from £5.5 million year‑on‑year. IFRS operating profit rose 73 % to £7.8 million. Gross margin fell to 64 % from 70 %, reflecting higher royalty‑bearing IP revenue. The Group’s cash balance increased to £40.1 million, up 47 % from the prior year, after a £10 million share buy‑back that raised earnings per share to 21.4 p.
The Board upgraded FY26 guidance, now targeting revenue of approximately £100 million and adjusted operating profit of around £11 million, citing strong seasonal sales momentum. CEO Jonny Watts stepped down on 1 January 2026, succeeded by Jo Cooke, with Watts remaining as Executive Director until 31 May 2026 to ensure a smooth transition. The Group remains debt‑free, with no significant liabilities beyond lease obligations, and maintains a robust pipeline of CMS titles slated for release in FY27–FY28.
- Frontier Developments reported a 26% revenue increase to £59.6 million and a 76% rise in adjusted operating profit to £9.7 million for H1 FY26, driven primarily by the launch of Jurassic World Evolution 3.
- Jurassic World Evolution 3 accounted for 90% of total revenue in H1 FY26, while Planet Zoo became the company's highest-grossing individual title.
- The Board upgraded full-year FY26 guidance to approximately £100 million in revenue and £11 million in adjusted operating profit, supported by strong seasonal sales momentum.
- Cash reserves grew 47% year-on-year to £40.1 million, even after executing a £10 million share buy-back that increased earnings per share to 21.4p.
- Gross margin declined from 70% to 64% due to a higher proportion of revenue generated from royalty-bearing intellectual property.