Inderes Starbreeze Q3’24 preview: Player activity remains subdued - Inderes Starbreeze will release its Q3 2024 results on Thursday, November 14. We expect Q3 revenue to remain at a low level with challenging y/y comparisons due to the timing of the PD3 launch last year. Ruotsista kajahtaa ennakon muodossa. Prosentuaaliset luvut on rumat kun vastassa on viime vuoden Q3 jolloin PD3 julkaistiin. Tulos ulos ensi torstaina 14.11. Our outlook for 2025 remains cautious, and we expect PD3 sales will likely face further headwinds in the next year. We see 2025 as a transitional year, with Starbreeze preparing for more substantial revenue growth in 2026 with the anticipated launch of Project Baxter. Starbreeze’s ongoing high investment levels, coupled with lower expected revenues, will likely place further strains on cash flows in 2025. This may necessitate external financing or other financing support to sustain Project Baxter’s development, especially if PD3 fails to generate a meaningful recovery.

Inderes Starbreeze Q3’24 flash comment: In line with expectations - Inderes Starbreeze’s Q3 revenues and adjusted EBIT aligned with our expectations. The company highlighted its ability to significantly reduce investment levels for PD3 heading into its second year, partly due to the phase-out of Operation Medic Bag (“OMB”). Rapsa storage.mfn.se starbreeze-interim-report-q3-2024.pdf Q3’24: Net sales amounted to SEK 42.7 million (494.4). PAYDAY 2 accounted for SEK 11.5 million (51.6). PAYDAY 3 accounted for SEK 22.9 million (440.8). Third-party publishing accounted for SEK 6.2 million (0.8). EBITDA* amounted to SEK 21.4 million (441.8). Cash flow from operating activities amounted to SEK -15.9 million (11.1). Depreciation, amortization and impairment amounted to SEK 76.5 million (142.0). Profit/loss before taxes amounted to SEK -58.5 million (299.8). Basic and diluted earnings per share amounted to SEK -0.04 (0.21). YTD Net sales amounted to SEK 139.5 million (564.3). PAYDAY 2 accounted for SEK 31.6 million (120.8). PAYDAY 3 accounted for SEK 68.2 million (440.8). Third-party publishing accounted for SEK 32.3 million (0.8). EBITDA* amounted to SEK 78.0 million (460.0), including items affecting comparability of SEK 20.9 million. Cash flow from operating activities amounted to SEK 65.2 million (51.9). Depreciation, amortization and impairment amounted to SEK 227.2 million (174.7). Profit/loss before taxes amounted to SEK -150.1 million (299.2). Basic and diluted earnings per share amounted to SEK -0.10 (0.31). Cash and cash equivalents amounted to SEK 249.3 million (312.9).

PCGamesN Payday 3 will have fewer developers and less investment moving forward, but... Payday 3 developer Starbreeze says the co-op game's second year will have a smaller dev team and less investment, but content is coming. Pelilehdistö bongannut Q3 rapsasta Juhlin kommentin että ensi vuodelle päästään laskemaan kehittäjien määrää PD3:lle. Todennäköisesti kun Operation Medic Bag viimein päättyy. “The level of investment during Payday 3’s first year on the market, both through launched DLCs and Operation Medic Bag, has been at an elevated level. Ahead of year two, we are confident in being able to continue delivering amounts of value to our players with a significantly lower level of investment.”

Ymmärrettävää, ei järkevää pistää markkinointipaukkuja ennenkuin jäljellä oleva pelaajaporukka on tyytyväinen peliin. Oletan että joku kierros yrittää voittaa pelaajia takaisin vedetään kunhan peli on järkevässä kunnossa. Steamin arvostelujen kääntyminen on ensimmäinen merkki että ehkä on toivoa.

Kehitystä tosiaan tapahtunut, mutta ei oikeaan suuntaan. Payday2 kadottanut vuodessa puolet pelaajistaan.

Laitetaan tämä mukaan. Hei loistavaa kehitystä on kyl tapahtunut.

Christoffer Jennel on tehnyt uuden rapsan Starbreezestä Q3:n jälkeen. The PAYDAY 3 game has undergone notable improvements during the past year and the sentiment around the game has shifted more positive in recent months. However, despite these achievements, the player activity remains muted. We believe this reaffirm our conservative investment view on the company and with limited catalysts for the stock in the short-term, we reiterate our Reduce recommendation while lowering our target price to SEK 0.22 (was SEK 0.30). Inderes Starbreeze Q3'24: No immediate rush into the share - Inderes Despite a recent drop in the share price, we don’t see any rush into the stock yet. A PD3 turnaround appears increasingly improbable, and short-term catalysts are limited.