Business
Trading Update
Devolver Digital, Inc. reported a trading update for the financial year ended December 31, 2025, indicating sequential improvement with revenues exceeding US$100 million and Adjusted EBITDA reaching double-digit millions, slightly above consensus, despite approximately $3.5 million in impairments for underperforming titles. The company maintained disciplined cost control, with operating expenses falling slightly year-over-year, and ended the period with a robust balance sheet of approximately $36.4 million in net cash. The start to 2026 has been strong, marked by a historic milestone of three titles appearing in Steam's Global Best Sellers Top 10 in January, demonstrating positive momentum for further profit improvement. Disclaimer*
About this update from Devolver Digital, Inc.
9 February 2026 Devolver Digital, Inc. ("Devolver", the "Group" or the "Company") Trading Update FY 2025: Another sequential Improvement in financial performance owing to strong H2 trading Devolver Digital, Inc. (AIM: DEVO), an award-winning digital publisher and developer of indie video games, announces a trading update for the financial year ended 31st December 2025. All financial figures relate to that period unless otherwise stated. 2025 full year performance showed improvement over 2024 with growth in both revenues and Adjusted EBITDA1. Revenue performance in 2H 2025 was strong and in-line with expectations, bolstered by the timing of platform deals and the Steam Publisher Sale in September, resulting in management meeting guidance of more than US$100m in full year revenues. Underlying Adjusted EBITDA pre-impairments is expected to reach USD double-digit millions, marginally higher than consensus expectations, while an initial unaudited estimate of impairments for released title underperformance is c. $3.5 million. New games released in 2025 maintained very high-quality levels with a full-year average Metacritic score of 78. Notable successes such as Monster Train 2 released by publisher subsidiary Big Fan, Stronghold: Crusader released by subsidiary studio Firefly, and recent sensation Ball x Pit all garnered high-quality scores and user reviews and collectively bolstered front catalogue revenues. Lower cost titles Mycopunk and Look Outside garnered favourable user reviews and performed ahead of expectations. System Era also continued making a solid contribution, with Astroneer releasing its second PDLC Megatech in November 2025. Devolver has continued its disciplined approach to cost control, with FY25 operating expenses falling slightly compared to FY24. The Board remain committed to delivering efficiencies across the Group, with a continued focus on cost management going into 2026. Devolver has a robust balance sheet with c.US$36.4 million net cash as of 31 December 2025. 2026 has started strongly with Quarantine Zone: The Last Check exceeding expectations in the first weeks of its release, and Cult of the Lamb's highly anticipated PDLC Woolhaven receiving rave reviews. Notably, Devolver recorded a historic milestone in January with three titles (Woolhaven, Cult of the Lamb and Quarantine Zone: The Last Che...
View stock analysis, news, and events for Devolver Digital, Inc.