Atari's half-year revenue rises 38% to €18.9 million, with Thunderful consolidated from Sep 1

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

Atari says in its half-year financial report, filed with the AMF, France's markets regulator, on Jan 23, 2026, that revenue for the first half to Sep 30, 2025 was €18.9 million, against €13.7 million a year earlier. The company puts the increase at 38% at current exchange rates and 34% at constant rates, and says Thunderful, consolidated from Sep 1, 2025, added €1.8 million. Games revenue was €15.6 million against €11.9 million, up 31%, which Atari ties mainly to new releases, work with platform partners and its back catalog; without Thunderful it was €13.8 million, up 16%.1^,2^,3^,4^,5

The company reports an operating loss of €2.8 million including Thunderful and €1.6 million without it, against €6.2 million a year earlier, a period it says was hit by impairments on its games portfolio. The consolidated net loss was €6.4 million including Thunderful and €5.3 million without it, against €8.3 million.6^,7

In the period the Atari label released six titles, among them RollerCoaster Tycoon Classic+ on Apple Arcade in April 2025 and Missile Command: Recharged on Netflix's cloud gaming service in September 2025. During the period Atari also announced it had acquired the rights to five Ubisoft titles: Cold Fear, I Am Alive, Child of Eden, Grow Home and Grow Up. After the period, Digital Eclipse, a game developer in Atari's family of brands, released Mortal Kombat: Legacy Kollection on Oct 30, 2025.8^,9^,10^,11^,12

On Jul 29, 2025, Atari agreed to take part in a directed share issue of SEK 50.0 million, about €4.5 million, by Thunderful Group AB, whose portfolio includes SteamWorld, ISLANDERS, Lost in Random and Vampire's Fall. After Thunderful's shareholders approved the issue on Aug 28, 2025, Atari owned 81.7% of it. On Dec 19, 2025, Atari announced a further share issue, subject to approval by Thunderful's shareholders, that would take it to 90.2%, followed by a request to delist Thunderful from Nasdaq First North Growth Market and an offer for the remaining shares. During the period Atari repaid €13.9 million of loans from IRATA LLC, the holding company of Chairman and Chief Executive Wade Rosen, by issuing it new shares, and IRATA LLC then held 41.7% of the share capital and 39.5% of the voting rights.13^,14^,15^,16^,17^,18^,19^,20

The report says current liabilities at the end of the period, €69.3 million, consisted mainly of a €30 million convertible loan maturing in July 2026 and current portions of loans from IRATA LLC and other private debt holders. The report says Atari continued to anticipate revenue of approximately $60 million for the year ending Mar 31, 2026.21^,22

The notice says that, after finalizing the report, the company identified adjustments needed in figures of its Dec 23, 2025 press release. Total equity is €3.4 million in the report against €1.1 million in the press release, and net cash from operating activities €1.2 million against €1.8 million.23^,24^,25

In our records, the report is held as 30 pages of text in English, without its pictures, charts or page layout, and the company's website, presentations and appendices it refers to are not held.26^,27