COFFEE-BNasdaq StockholmElectronic Gaming & MultimediaIFRS · SEK

Coffee Stain Group

Coffee Stain Group is a Swedish video game group built around independent studios that develop, update and publish PC and console games. Its business combines game development, publishing support and long-term live operations, with a focus on community-driven titles and downloadable content.

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Revenue1,089m SEK
+0.0 %y/y
Operating profit (EBIT)55.0m SEK
−82.9 %y/y
EBIT margin5.1%
−24.5 ppy/y

Fiscal year 2025 · change from previous year

Development 2023–2025

02505007501,0001,250m SEK2023: 1,085 m SEK2023: EBIT 404 m SEK20232024: 1,089 m SEK2024: EBIT 322 m SEK20242025: 1,089 m SEK2025: EBIT 55 m SEK20251,08955
RevenueOperating profit (EBIT)
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Business

Share of revenue
Game development45 %

Creation of original video games by decentralized studio teams.

Publishing services25 %

Launch, distribution and commercial support for studio-developed games.

Live operations and DLC20 %

Ongoing updates, downloadable content and long-tail game support.

Community and marketing support10 %

Community-led promotion, early access and organic player engagement.

Customers

Coffee Stain sells to game players through its own titles and to the broader gaming audience that discovers its games via digital storefronts, communities and word-of-mouth. Its commercial success depends on players who value replayable, systems-driven games and on communities that stay engaged after launch through updates, mods and DLC.

PC and console players

Buy base games and later DLC or expansions for Coffee Stain titles.

Early-access communities

Engage before launch and provide feedback that shapes game design.

Modding and live-service players

Return for updates, community content and long-tail gameplay.

Digital storefront audiences

Discover and purchase games through online distribution channels.

Strategy

Coffee Stain’s strategy is to let small studios build games independently while the group provides publishing, governance and strategic support. It emphasizes a gameplay-first approach, early community feedback and long-term post-launch support to extend game lifecycles and strengthen player engagement.

Decentralized studio modelLong term

Keeps creative decisions close to development teams and supports accountability.

Community-driven game developmentMedium term

Player feedback helps improve fit, retention and long-tail engagement.

Long-life monetizationMedium term

DLC and post-launch updates extend the commercial life of each title.

Geography

Coffee Stain is headquartered in Sweden and operates through a decentralized studio model with development teams in multiple locations. The report excerpt discloses Sweden and Denmark as the only named geographic balances, but the business itself reaches a global player base through digital game distribution.

Risks

The main risks are tied to hit-driven game development, talent retention and the ability of studios to deliver titles that sustain player interest over time. The group also faces typical software and digital-business risks such as cyber security, data privacy, IP protection, contingent consideration from acquisitions and judgment-heavy impairment testing for goodwill.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Hit-driven game performance1Talent retention and studio execution2Goodwill impairment3Cyber security and data privacy4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Hit-driven game performanceImpact: HighLikelihood: Medium

    Revenue depends on a limited number of successful titles and their long-tail engagement.

    ExposureBase game salesDLCLive operations
  2. Talent retention and studio executionImpact: HighLikelihood: Low

    The decentralized model relies on skilled creative teams and strong studio autonomy.

    ExposureDevelopment schedulesQualityPost-launch support
  3. Goodwill impairmentImpact: MediumLikelihood: Low

    Annual impairment tests depend on growth, cash flow and discount-rate assumptions.

    Exposure: Acquired studios and historical acquisitions

  4. Cyber security and data privacyImpact: MediumLikelihood: Low

    The business handles employee, player and partner information across digital systems.

    ExposureOperationsCommunity platformsInternal systems
  5. Contingent consideration remeasurementImpact: Medium

    Acquisition earn-outs are revalued each period and can move reported profit.

    Exposure: Business combinations and acquisition-related liabilities

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Accounting

Judgemental items
Revenue recognition

Game sales, DLC and related services can be recognized at different points in time depending on the performance obligation.

Impact: Affects quarterly revenue timing and comparability

Goodwill impairment

Annual impairment tests rely on management assumptions about growth, cash flow and discount rates.

Impact: Can create large non-cash charges

Contingent consideration

Acquisition earn-outs are measured at fair value and revalued each reporting period.

Impact: Can move operating profit and net profit

Capitalized development expenditure

Game development costs may be capitalized when criteria are met, then amortized later.

Impact: Changes EBITDA and asset carrying values

Lease accounting

Office premises are recognized as right-of-use assets and lease liabilities under IFRS 16.

Impact: Affects leverage, depreciation and interest expense

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Last updated: 24/09/2026