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Analyst Comment

Starbreeze: Roboquest set to officially launch on November 7

By Anton DamsténAnalyst
Starbreeze

Roboquest is an indie game developed by RyseUp Studios and published by Starbreeze. The game has been in early access since August 2020 and will be the first third-party game published by Starbreeze since emerging from restructuring. We assess that the game is a good low-risk project to kick start the third-party operations, but investors’ expectations should match the size of the game.

Roboquest is a lightning-fast FPS with roguelite mechanics, playable in single-player or two-player co-op. Over the three-year early access period, the game has been positively received and currently enjoys a 94% positive rating (4,900 reviews) on Steam. The game has an all-time peak of 821 concurrent players on Steam (SteamDB), which is a modest amount. However, the expectations for an indie game like Roboquest are also lower.

Starbreeze was announced as the publisher in August 2023. No terms regarding the agreement have been published. Consequently, we do not know how much Starbreeze has invested in the game or what share of revenue Starbreeze is entitled to. With Starbreeze coming on at quite a late stage, we assess that their investment is relatively small, and correspondingly, so would their share of any potential future revenues. Thus, our current estimates reflect only minor revenues from the game. Nevertheless, the game has been positively received by the players, and should the popularity of the game increase, it could generate decent revenues for Starbreeze in the future.

The enhanced launch version of Roboquest will be released with much new content, including all-new levels, side quests, power-ups, enemy types, weapons, and perks. The game will retail for €24.99 and will be available on Steam, Xbox Series X|S, Xbox Game Pass, and Epic Games Store. The official launch trailer can be viewed here.

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Starbreeze operates in the gaming industry and focuses on the development, publishing and distribution of computer games and interactive entertainment. The company's portfolio includes both its own games and collaborations with other game developers. The business is aimed at gamers and distributors globally, with the largest operations in Europe. Starbreeze was founded in 1998 and is headquartered in Stockholm, Sweden.

Read more on company page

Key Estimate Figures03.10.2023

202223e24e
Revenue127.6612.9272.5
growth-%1.5 %380.4 %-55.5 %
EBIT (adj.)6.7366.5-17.8
EBIT-% (adj.)5.3 %59.8 %-6.5 %
EPS (adj.)-0.080.26-0.01
Dividend0.000.000.00
Dividend %
P/E (adj.)neg.0.4neg.
EV/EBITDA18.1neg.neg.

Forum discussions

Christoffer and Atte have prepared a new company report on Starbreeze after the Q3 results. \nStarbreeze reported Q3 revenue in line with expectations...
11/12/2025, 8:50 AM
by Sijoittaja-alokas
3
Hi! Our analyst Christoffer interviewed Starbreeze’s CEO today in connection with their Q3 report. Check it out here, the interview is in English...
11/11/2025, 3:05 PM
by Jesper Hagman
5
There isn’t much to share in the coffers; even those small amounts go purely into running the bureaucracy and finding a party that would then...
11/11/2025, 12:40 PM
by Arvuuttaja
0
Optimization would require expertise, and most of the Payday 2 developers left the company even before PD3’s release. Payday 3 and Baxter paint...
11/11/2025, 12:22 PM
by Trivial
1
And there are no changes in player data for Payday 3, so the promising start at the beginning of the year sharply turned back to its lowest ...
11/11/2025, 11:51 AM
by Arvuuttaja
1
Here are Jenneli’s quick comments on Starbreeze’s Q3 results. Starbreeze reported Q3 revenue in line with expectations, but adjusted profitability...
11/11/2025, 10:50 AM
by Sijoittaja-alokas
1
@christoffer.jennel has given his preliminary comments as Starbreeze reports its Q3 results next week on Tuesday. *The quarter is dominated ...
11/7/2025, 8:25 AM
by Sijoittaja-alokas
2
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