Starbreeze's 2025 annual report showed a net loss of SEK 399.32 million on revenue of SEK 220.98 million

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.

Starbreeze's annual report for the year from Jan 1, 2025 to Dec 31, 2025 was added to the ESEF registry on Oct 26, 2026. ESEF is the digital format in which companies listed in Europe file their annual reports. The report's statements give revenue of SEK 220.98 million, up 18.9% from SEK 185.85 million the year before. Revenue in 2023 was SEK 633.51 million.1^,2^,3^,4^,5^,6^,7

The operating loss was SEK 400.94 million, against a loss of SEK 319.71 million the year before. The net loss was SEK 399.32 million, the same for the group as a whole and for the owners of the parent, against SEK 317.85 million a year earlier. The diluted loss per share was SEK 0.25, against SEK 0.22.8^,9^,10^,11^,12^,13^,14^,15

The report's own text is in Swedish. It states EBITDA, the operating result before depreciation, amortisation and impairment, of SEK 29.0 million, against SEK 97.6 million a year earlier, and gives SEK 78.9 million for the year earlier once the items affecting comparability for that year are taken into account. It puts the total impairment for 2025 at SEK 279.8 million, mainly on Project Baxter at SEK 261.9 million, and says the impairment was made on projects the company decided not to pursue or in connection with a revaluation of those projects. The report also says its direct costs include amortisation of intangible assets of SEK 398.4 million, against SEK 396.3 million a year earlier, and that this figure includes the impairment of Project Baxter of SEK 261.9 million.3^,16^,17^,18^,19

We hold the report's tagged figures and its text, but not its tables as printed, and this article draws on only the passages of that text that state EBITDA and impairments, so what else the report says about the loss is not told here. The year-earlier figures are the same as in the earliest earlier report we hold that gave that year.3^,20