The current share price reflects very low market expectations, and with reduced short-term financial risks, we believe this presents a potential contrarian opportunity for risk-tolerant investors.

Starbreeze’s Q4 revenues and adjusted EBIT largely aligned with our expectations, with revenue coming in slightly higher, though this was solely due to earlier-than-expected contributions from the KRAFTON partnership.

We expect Q4 revenue to remain at a low level with somewhat challenging year-on-year comparisons due to the timing of the PD3 launch. We also expect continued cash flow pressures in the quarter due to negative earnings and high investment levels.