Up to 40 games at risk as Stillfront net revenue falls 17%

• Stillfront's net revenue has fallen 8% in Q3 and 17% over 2025 so far.
• Up to 10 games will end service this year, while another 20 to 30 games will have performance reviews with potential closures in the future.

Stillfront’s net revenue has continued to fall in Q3 2025, down to SEK 1.4 billion ($146.4 million) at an organic decline of 8% year-over-year.

The company recorded a small quarterly decline compared to Q2, which was itself down by 17% YoY.

With lower results across quarters, Stillfront has generated SEK 4.4bn ($464.3m) over the first nine months of the fiscal year, also down 17% from the SEK 5.1bn ($541.9m) achieved in the first three quarters of 2024.

Dozens of games may be closed down depending on performance.

Many games at risk

Adjusted EBITDA rose from SEK 535m ($57m) in Q3 2024 to SEK 552m ($58.9m) in Q3 2025.

Stillfront’s gross profit declined to SEK 1.1bn ($120.8m) in Q3, down 11% YoY, though its gross profit margin increased from 80% to 83%.

However, as net revenue has continued to decline, the company closed down Trivia Star maker Super Free Games during the quarter.

Now, it has confirmed a further five to 10 small loss-making games will end service by the end of Q4. Up to 30 games have been shortlisted for potential closures in the coming quarters, pending ongoing performance reviews.

Yet, in the latest interim report, Stillfront president and CEO Alexis Bonte stated that ongoing strategic efforts are beginning to "yield results". This was attributed to Europe especially, a region which saw organic net revenue growth in contrast to North America’s fall.

Overall, SEK 643m ($68.6m) of Stillfront’s net revenue came from Europe last quarter, representing 47% of its worldwide net revenue.

Another of Stillfront’s strategic efforts is expanding its portfolio in MENA and APAC. Performance in these regions is expected to grow steadily through its subsidiaries Jawaker and Moonfrog.

Stillfront also has three new game launches planned for Q4, namely Big Farm: Homestead, Supremacy: Warhammer 40,000, and Unfolded: Webtoon Stories.

"After a period of normalisation and correction, the global games market is entering a more constructive phase," said Bonte.

"Mobile remains the largest segment, but growth is increasingly concentrated among established IPs and publishers with strong live operations capabilities and efficient direct-to-consumer channels, areas where Stillfront is well positioned.

"While user acquisition costs remain elevated and platform policies continue to evolve, we see stabilisation in monetisation trends and a rebound in player engagement across core genres, particularly strategy, cards and RPG MMO, categories central to our portfolio."

Bonte also confirmed that 44% of Stillfront’s net revenue now comes from direct-to-consumer initiatives, versus 33% in Q3 2024. DTC has become increasingly prevalent in the mobile games industry over recent years, with its latest boost following legislative changes to the App Store and Play Store.