The company provides collaborative resources to its partners through in-house publishing labels Maximum Games, Modus, Merge Games, and Just For Games, and its development division, Modus Studios. Its product portfolio comprises game series including Morbid: The Lords of Ire, Project Velos, Diesel Legacy: The Brazen Age, Whisker Waters, Spirit of the North 2, Squirrel With a Gun and Wild Bastards.
Cyborg Score Rationale
GuruFocus detected 3 severe warning signs with the company. The company faces significant financial distress with negative earnings, a collapsed market cap around $2-3 million, and severely diminished investor confidence reflected in an 80%+ annual stock decline.
Top Insights
Market capitalization has collapsed from $3.68 USD in 2021 to ~$0.01-0.03 USD range in 2026, representing a 99%+ decline
Recent quarterly net loss of 231.97M SEK signals severe financial distress despite 195.41M SEK quarterly revenue
Publishing model with multiple imprints (Modus, Merge Games, Just For Games) provides diversified portfolio but insufficient to offset operational losses
Company is attempting to operate as a multi-label publisher in a highly competitive indie-to-AA game space dominated by larger platforms
Named Competitors
Devolver Digital — Publisher of indie and AA games
Team17 — Independent video game developer and publisher
Raw Fury — Publisher focused on independent games
Recent Developments
(Feb 2025) Latest earnings release showed negative EPS of -4.54 SEK per share and massive net loss of 231.97M SEK
(Dec 2024) Company employed 211 employees, showing modest workforce base
(March 2025) Market capitalization reported at $2.76 million USD with continued stock price deterioration
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