Here are Christoffer’s preliminary comments ahead of Starbreeze’s Q2 results on Thursday 
We expect a clear decline in revenue and profitability year-over-year, which primarily reflects the end of the KRAFTON partnership and the still subdued monetization of PD3. We are particularly monitoring management’s comments on the PAYDAY crossover in PUBG, the new Crimebonds system, and the overall IP expansion strategy.
Here are Christoffer’s quick comments on Starbreeze’s morning results
Starbreeze’s Q2 result was mixed in relation to our expectations. Reported revenue fell short of our forecast, but the entire miss was due to our – in hindsight, too optimistic – assumption of a longer continuation of contract work, which we had extended after the stronger-than-expected contribution in Q1. Both contract work and third-party publishing activities produced nothing this quarter, while the PAYDAY core franchise was broadly in line with our forecast. Profitability at the operating profit level fell short of our forecasts due to the revenue shortfall and high depreciation, although cost discipline kept EBITDA well in line with our expectations. We view the recent recovery in PAYDAY 3 player sentiment as a positive sign, even though monetization has not yet followed suit. With the cash balance having fallen to approximately 52 MSEK and free cash flow remaining negative, we consider the path to the company’s stated 2026 positive cash flow target to be increasingly unlikely.
Some insider buying from the management/board would have been needed in this company.
And here is the report from Chrisu
Starbreeze’s Q2 revenue fell short of our forecasts, but the miss was entirely due to the end of the KRAFTON contract work, while the PAYDAY franchise was largely in line with our expectations. PAYDAY 3 monetization remained weak, and although engagement showed preliminary signs of improvement, this has not yet translated into revenue. Previous cost-cutting measures are showing slowly, with headcount decreasing by 20% from the previous quarter, and the full impact is expected from Q3’26 onwards. With a cash balance now at 52 MSEK and free cash flow still clearly negative, we consider the stated goal of positive cash flow by 2026 increasingly unlikely and financing an open question over the forecast period. The company continues to advance its capital-light IP expansion strategy, which we consider strategically consistent but of limited short-term financial significance. We believe Starbreeze still has a lot to prove regarding execution before a more constructive scenario can be justified, and we reiterate our ‘Reduce’ recommendation and target price of 0.08 SEK.