Stillfront, who owns the studios of Storm 8, Goodgame, Jawaker, Kixeye, Bytro Labs, among others, announced in an updated financial paper that the ongoing business restructuring could result in up to 40 games being shut down, while continuing to consider the sale of some of the studios.
Alexis Bonte, Managing Director and Chief Executive Officer of the Group, revealed that several games such as Ellen’s Garden Research, Survival Tactics, had been shut down and were expected to close up to 10 more lost works by the fourth quarter, and another 30 were on the “potential closure list”. “These games are either negative for EBITDAC (depreciation of tax interest and pre-amortization profits), or low profitability and lack of growth potential.” At the same time, he reiterated the group’s openness to the sale of part of the studio: “We insist on increasing the value of shareholders by assessing the divestiture of particular assets”. In the third quarter of 2025 (July-September) financial statements, Stillfront disclosed a decline of 8 per cent in the same year, but the EBITDAC profit margin increased by 13 per cent, the Māori rate increased by 3 per cent, and direct-account operations now accounted for 44 per cent of total net income.
Stillfront Key data for the third quarter of 2025:Net income of SEK 1.373 billion (approximately $146 million), a decrease of 83 per cent in the same year compared with 8 per cent of the gross domestic product, SEK 436 million (approximately $46.3 million) after adjustment for the 3 per cent increase, and SEK 183 million (approximately $1.5 million) in the same year as the 13 per cent increase in the free cash flow, including the total net debt of SEK 4,381 million (approximately $466 million) for the next 12 months.
Alexis Bunt added: “The strategic assessment launched this year is moving forward as planned, and the recently completed game transfer and decommissioning is an important initiative in our long-term focus on the core game series.” In particular, he noted that business in the Middle East and Asia and the Pacific, driven by Jawaker and Moonfrog, continued to grow, that the European market was “potentially volatile but expected to improve” and that North American operations, while still difficult, were expected to improve gradually with cost reductions. In May of this year, Stillfront announced an operational evaluation, under the leadership of the new CEO-Group CEO (appointed in March), proposing a strategic direction for “selective divestment or termination of specific assets within the Group”. Stillfront, a Swedish company specializing in the acquisition and management of mobile and browser studios, has created a diverse set of long-life games, with major markets in the United States, Germany, France and the Middle East, through the acquisition of independent playrooms and their independent operation within the same group.
