Stillfront Q2 revenue falls as Europe and North America underperform

• MENA & APAC revenue rose 1.9% organically to SEK 473m ($50m), driven by strong Jawaker and Board franchise performance.
• User acquisition costs dropped to 4% of revenue after cuts at 6waves and Babil.
• Company ended Q2 with SEK 912m ($96.2m) in cash and SEK 5,310m ($560m) in total net debt including earnouts.

Net revenue at Swedish games company Stillfront fell by 17.7% year-over-year to SEK 1,436 million ($151m) in Q2 2025 mainly due to weaker performance in Europe and North America. 

According to the company's latest financials, net revenue was down 11% “organically”. Europe saw a 14.5% decline, impacted by underperformance ahead of new game launches, while North America dropped 18.3%.

Overall, adjusted EBITDAC fell by 26% Y/Y to SEK 374m ($39.4m), while the firm posted a net result loss of SEK 72m ($7.6m).

Regional growth 

Stillfront said its Q2 growth was driven mostly by increased direct-to-consumer (DTC) penetration across key franchises, with DTC bookings making up 51% of total bookings. 

Similarly in the MENA & APAC region, DTC bookings saw a 44% increase. However, revenue from key franchises fell 6.3%. 

Even so, Stillfront’s MENA & APAC region reported net revenue of SEK 473m ($50m) in Q2, a 1.9% organic increase driven by strong performance from the Jawaker and Board franchises which boosted key franchise revenue to SEK 278m ($29.2m). 

Legacy live ops grew due to transferred Storm8 games, while active live ops declined amid fewer publishing deals.

User acquisition costs (UAC) dropped to 4% of net revenue due to cuts at 6waves and Babil.

Planned market review 

Stillfront president and Group CEO Alexis Bonte said the company is looking at markets that have underperformed and will address them through revised marketing, AI-driven updates and possible IP partnerships. 

“Narrative games underperformed, and we are taking  steps to address this by reviewing marketing strategies, exploring AI-driven updates, and evaluating third-party IP opportunities to enhance player engagement & distribution,” said Stillfront president and Group CEO Alexis Bonte.

He added: "The pace of new mobile game releases remains slow, with players increasingly gravitating toward established titles and franchises. 

“This environment rewards incumbents with strong IP portfolios, active live ops, and strong DTC channels. These are areas where Stillfront is well-positioned to win market share."