Atari's main business segment has returned to profitability; however, the consolidated group reported a net loss of $5.5 million, with Thunderful negatively impacting the overall financial results
Atari has announced its consolidated financial outcomes for the fiscal year 2025-26, showing a 66% increase in revenue compared to the previous year, reaching $65 million (€56.0 million). This marks the highest revenue level for the company in over ten years, primarily due to acquiring Swedish publisher Thunderful and steady growth in its Games and Hardware sectors.
However, excluding Thunderful's contributions, Atari's existing operations show an operating income of $1.0 million (€0.9 million) and a net profit of $0.1 million (€0.1 million). Although both figures have improved year-on-year, the overall group, which includes Thunderful, reported an operating loss of $7.7 million (€6.7 million) and a net loss of $5.5 million (€4.8 million) for the fiscal year.
Thunderful faced an operating loss of $8.8 million (€7.6 million). CEO Wade Rosen noted that Atari has achieved operational profitability for the first time in several years, focusing on the core Atari business and not the entire group.
The numbers for the year ending March 31, 2026, reveal:
- Operating income/(loss): -$7.7 million (-€6.7 million) including Thunderful; $1.0 million (€0.9 million) without it
- Net income/(loss): -$5.5 million (-€4.8 million) including Thunderful; $0.1 million (€0.1 million) without it
Throughout the year, Atari's Games division launched 30 titles featuring its own and licensed intellectual properties. This includes releases like Mortal Kombat: Legacy Kollection, System Shock 2: 25th Anniversary Remaster, and a new console version of RollerCoaster Tycoon Classic.
Revenue from Games increased by 67.7% year-on-year to $53.2 million (€46.1 million), or 25% to $39.5 million (€34.3 million) without Thunderful. Meanwhile, Hardware revenue surged by 83% to $8.4 million (€7.3 million). Additionally, Atari obtained the intellectual property rights to five Ubisoft games, such as Child of Eden and Grow Home.
Over the past year, Atari expanded its ownership in Thunderful to 97% and removed it from the Nasdaq First North Premier Growth Market in February 2026. Following this acquisition, the company purchased emulation technology firm Implicit Conversions in April 2026, and Hipster Whale, the developer behind Crossy Road, for an initial $29.3 million. Hipster Whale generated $8.3 million in revenue and $4.6 million in EBITDA over the twelve months leading to January 2026.
The company completed its move from France to Luxembourg on July 6, 2026, and refinanced $33.8 million (€29.3 million) in convertible bonds after Irata, a principal shareholder, chose not to convert them.
Looking forward, Atari plans to continue investing in its gaming projects and might consider strategic acquisitions. The company's full audited annual report is still undergoing final steps. Atari's financial reporting adheres to the IFRS standards used across the EU, rather than US GAAP, which is significant because two distinct "operating income" results are reported: "current operating income" and an additional "operating income" figure.
Without Thunderful, this second "operating income" figure increased to $4.5 million (€3.9 million) from a loss of the same amount last year. However, this change is mainly due to a one-time, non-cash accounting gain of $5.1 million (€4.4 million) related to the Thunderful deal rather than a true enhancement in the core business.