**Summary**
Devolver Digital, Inc. (AIMDEVO) released a trading update for the financial year ended December 31, 2025, highlighting improved financial performance compared to 2024. Key points include
1. **Financial Performance**
Revenue and Adjusted EBITDA grew year-over-year, with full-year revenues exceeding US$100 million, meeting guidance.
Strong H2 2025 performance was driven by platform deals and the Steam Publisher Sale.
Adjusted EBITDA is expected to reach double-digit millions in USD, slightly <mark style="background-color:yellow">above</mark> consensus.
Impairments for underperforming titles are estimated at $3.5 million.
2. **Game Releases and Quality**
New releases like *Monster Train 2*, *Stronghold: Crusader*, and *Ball x Pit* received high Metacritic scores and positive user reviews.
Lower-cost titles *Mycopunk* and *Look Outside* performed ahead of expectations.
*Astroneer* continued to contribute with its PDLC *Megatech*.
3. **Cost Management**
Operating expenses decreased slightly compared to FY24, reflecting disciplined cost control.
The company maintains a robust balance sheet with net cash of US$36.4 million as of December 31, 2025.
4. **2026 Outlook**
2026 started strongly with *Quarantine Zone: The Last Check* and *Cult of the Lamb’s* PDLC *Woolhaven* exceeding expectations.
Devolver achieved a historic milestone in January 2026 with three titles (*Woolhaven*, *Cult of the Lamb*, and *Quarantine Zone*) ranking in Steam’s Global Best Sellers Top 10.
5. **Strategic Progress**
CEO Harry Miller attributed success to strategies implemented since 2023, including improved greenlight processes, in-house technologies, and cost-cutting measures.
The company expects sustained profitability growth in the coming years.
Devolver will announce its full FY 2025 results in April 2026. The update underscores the company’s strong portfolio performance, cost discipline, and positive momentum for future growth.