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Stillfront Group celebrates 5% year-on-year increase in revenue

Net revenue rose to 1,758 MSEK, however organic net revenue fell 5%
Stillfront Group celebrates 5% year-on-year increase in revenue

Stillfront Group generated 1.758 MSEK in the first quarter of 2023, representing a 5% increase from 1,677 MSEK in the same period of 2022, according to the company’s latest financial report.

The company also saw a 4% year-on-year increase in EBITDA, which stood at 620 MSEK compared to 597 in Q1 2022.

“Stillfront had a solid start to 2023, with a net revenue growth of 5 percent year-over-year in the first quarter,” said CEO Jörgen Larsson. “Adjusted EBITDAC grew strongly by 15 percent, driven by our increased focus on synergies and returns, resulting in an Adjusted EBITDAC margin expansion to 24 percent, compared to 22 percent during the same period last year.“

Breaking down performance

The company saw bookings for the quarter increase 3% year-on-year across its active portfolio of games, reaching 1,653 MSEK. In that portfolio, mashup and casual games were the only genres to see a year-on-year decline, falling to 667 MSEK - a decline of 3% year-on-year. However, mashup and casual remained Stillfront’s most successful genre. In contrast, booking for strategy games climbed 11% to 586 MSEK, while simulation, RPG, and action games rose 4% to 400 MSEK.

The company saw year-on-year declines in both daily and monthly active users (DAU and MAU).

Daily active users fell 13% across both Stillfront’s active portfolio and its mashup and casual games seeing the largest decline at 13%. In contrast, strategy titles saw the smallest fall at 2%.

Monthly active users declined 12% across the company’s entire portfolio, however the top performers are inverted. Although every genre saw losses, strategy saw by far the largest hit with a decline of 28%, compared to a fall of 10% for mashup and casual games. This suggests that while strategy games are successful with a smaller group of devoted players than mashup or casual titles, it struggles to attract the attention of a wider audience.

We listed Stillfront Group as one of the top 50 mobile game makers of 2022.