Stillfront’s ongoing restructure means up to 40 of its games could close. It also continues to consider selling off some of its studios.
The owner of Storm8, Goodgame, Jawaker, Kixeye, Bytro Labs and more said in its latest financial report that it had already closed several games including Ellen’s Garden Restoration and Survival Tactics, and expects to close up to 10 more loss-making games by the end of Q4.
Up to 30 more titles are “shortlisted for potential closure” in the future, said Stillfront group president and CEO Alexis Bonte. “These are games that either have negative EBITDAC or that have low margins and low probability of future growth,” he said.
Bonte also re-iterated that Stillfront is open to selling off some of its studios. “Our commitment to evaluating certain assets for divestments to increase shareholder value remains,” he said.
Elsewhere in the group’s Q3 financials for July-September 2025, Stillfront reported an 8% year-over-year decline in revenue, but profitability as measured by EBITDAC rose by 13% YoY. Gross margins improved YoY by 3%, and Stillfront said its direct to consumer business now accounts for 44% of total net revenue.
Stillfront’s Q3 2025 in brief:
- Net revenue of SEK 1,373m, or $146m, down 8% YoY
- Gross margin of 83%, up 3% YoY
- Adjusted EBITDAC of SEK 436m, or $46.3m, up 13% YoY
- Free cash flow amounted to SEK 183m, or $19.5m
- Total net debt, including cash earnout for the next 12 months, was SEK 4,381m, or $466m
- Total net debt including all earnout liabilities amounted to SEK 5,086m or $541m.
Stillfront group president and CEO Alexis Bonte added: “The strategic review we initiated earlier this year is progressing according to expectations. The recently completed transfers and discontinuation of certain games is a continuation of our long-term initiative to sharpen our focus on our key game franchises.”
Bonte also noted that its MENA and APAC business is growing, driven by Jawaker and Moonfrog. Europe “may experience some quarterly fluctuations” but is expected to improve, and its North America business remains difficult, but is also expected to improve as costs are cut.
Stillfront announced a review of its operations back in May, proposing a “selective divestment or discontinuation of certain assets within the group” under new(ish) boss Alexis Bonte, who was appointed president and group CEO in March.
