Atari has released its consolidated financial results for the full 2025-26 fiscal year, reporting revenue growth of 66% year-on-year to $65 million (€56.0 million), its highest level in more than a decade, driven largely by the acquisition of Swedish publisher Thunderful and continued growth across its Games and Hardware lines.
However, once Thunderful’s results are stripped out, the picture is more mixed. Atari’s pre-existing business drops to a current operating income of $1.0 million (€0.9 million) and net income of $0.1 million (€0.1 million). While both figures are a YoY improvement, the consolidated group that includes Thunderful posted a current operating loss of $7.7 million (€6.7 million) and a net loss of $5.5 million (€4.8 million) for the year.
Thunderful alone lost $8.8 million (€7.6 million) at the operating level.
CEO Wade Rosen described the results as Atari “reaching operational profitability for the first time in several years,” a characterization that applies to the core Atari business rather than the group as a whole.
Here’s what you need to know:
The numbers:
For the full year ending March 31, 2026
- Current operating income/(loss): -$7.7 million (-€6.7 million) with Thunderful; $1.0 million (€0.9 million) excluding
- Net income/(loss): -$5.5 million (-€4.8 million) with Thunderful; $0.1 million (€0.1 million) excluding
The highlights:
Atari’s Games segment released 30 titles across owned and licensed IP during the year, including Mortal Kombat: Legacy Kollection, System Shock 2: 25th Anniversary Remaster, and a next-generation console release of RollerCoaster Tycoon Classic.
Games revenue rose 67.7% YoY to $53.2 million (€46.1 million), or 25% to $39.5 million (€34.3 million) excluding Thunderful. Hardware revenue rose 83% to $8.4 million (€7.3 million). The company also acquired the IP rights to five Ubisoft titles, including Child of Eden and Grow Home.
Atari raised its stake in Thunderful to 97% over the course of the year, delisting the Swedish publisher from Nasdaq First North Premier Growth Market in February 2026. Post-closing, the company acquired emulation specialist Implicit Conversions in April 2026, and Crossy Road maker Hipster Whale for an initial $29.3 million, with the latter generating $8.3 million in revenue and $4.6 million in EBITDA over the trailing twelve months to January 2026.
The company also completed a redomiciliation from France to Luxembourg on July 6, 2026, and refinanced $33.8 million (€29.3 million) in convertible bonds after a principal shareholder, Irata, declined to convert them.
Looking ahead, Atari says it will continue investing in its games pipeline and “selectively consider potential acquisitions,” with its full audited annual report still pending final procedures.
Atari’s results are prepared under IFRS, the international accounting standard used across the EU, rather than US GAAP. That distinction matters; Atari actually reports two different “operating income” figures in its results: “current operating income” and a separate “operating income” line.
That second figure, excluding Thunderful, jumped to $4.5 million (€3.9 million) from a $4.5 million (€3.9 million) loss a year earlier — but Atari says that swing is mostly down to a one-off, non-cash accounting gain of $5.1 million (€4.4 million) linked to the Thunderful deal and not a sign the underlying business grew.
