Starbreeze's first 15 years: $14M losses. Starbreeze's last 6 months: $14M profits
Thanks to an incredible six months for Swedish developer Starbreeze Studios, the company has swung from losses to profits, and is now setting plans in motion to get itself listed on the Nasdaq OMX.
Starbreeze was founded in 1998, and up until June 2013, has accumulated total losses of SEK 94 million ($14.4 million). Thanks to a reorganization of the company, and the successes of Payday, Payday 2
and Brothers: A Tale of Two Sons
, the company generated profits of SEK 90.3 million ($13.8 million) in the last six months of 2013.
And the company recorded revenues of SEK 130.4 million ($20.0 million), compared to SEK 25.8 million ($4.0 million) year-over-year. Payday 2
accounted for SEK 121.1 million ($18.6 million) of that, Payday: The Heist
for SEK 7.7 million ($1.2 million), and Brothers
for SEK 1.6 million ($244,700).
A major factor in this swing to profits for Starbreeze was the acquisition of fellow Swedish company Overkill Software back in 2012
. Overkill is the studio behind Payday
-- a self-fulfilling prophecy, perhaps.
It's a stark contrast and a notable turnaround for the company - and as you'd expect, Starbreeze is now looking to take advantage of this. Currently the company is publically listed on the Swedish stock market list Aktietorget, and has been since 2000. Now the company plans to up its game, and is applying to have itself listed on the larger First North stock exchange.
"I would like to think that is what they call a turnaround."
From here, Starbreeze will be hoping to eventually be listed on the Nasdaq OMX Small Cap list. Starbreeze CEO Bo Andersson Klint said simply, "I would like to think that is what they call a turnaround."
He added that he plans to "continue to move the company away from a survival strategy and towards a strategy focused on growth, sustained profits, and value maximization of our own brands."
"We now have a large cash reserve, have created a stable cost structure, a modern business model, we have continued full control of our own brands, and have placed ourselves into a position where we have three games that generate royalties every single day," he added.
The future isn't looking too bad for Starbreeze either. The company just signed a new $6 million agreement with publisher 505 Games, that will see it creating new content for Payday 2
for the next 20 months.