Highlights
- Atari achieved a 66% revenue growth to reach $65 million USD in FY25-26, driven by retro games and hardware.
- The consolidation of newly acquired Thunderful led to a consolidated net loss of $5.5M, despite core Atari achieving operational profitability.
- Expansion efforts included acquiring Hipster Whale for $29.3M, buying Implicit Conversions, and completing a redomiciliation from France to Luxembourg.
Atari is riding high on its biggest revenue surge in over a decade, proving its core retro gaming business still has plenty of extra lives left. For the 2025-26 fiscal year ending March 31, 2026, the iconic company saw its revenue soar by 66% to hit $65 million USD. However, it wasn't a perfect high score. The financial weight of integrating newly acquired Swedish publisher Thunderful dragged the wider, consolidated company into the red.
CEO Wade Rosen celebrated the results by noting that Atari has reached operational profitability for the first time in several years, a major milestone for its turnaround strategy. When looking strictly at Atari's original operations and stripping out Thunderful's numbers, the core business posted a positive current operating income of $1.0M and a net income of $0.1M. Bringing Thunderful fully into the fold, however, proved costly. Thunderful alone recorded an $8.8M operating loss. This massive deficit pulled the consolidated group down, resulting in a total current operating loss of $7.7M and a net loss of $5.5M for the full year.
Despite the bottom-line hit, the products players actually buy performed exceptionally well. The Games division was the main engine of this growth, with overall revenue increasing by 67.7% to $53.2M. Even if you take Thunderful out of the equation, core games revenue still grew by an impressive 25% to $39.5M. Meanwhile, the hardware division spiked by 83%, bringing in $8.4M.
This surge was fueled by an aggressive release schedule. The company launched 30 different titles across original and licensed properties over the year, headlined by heavy hitters like the Mortal Kombat: Legacy Kollection, the System Shock 2: 25th Anniversary Remaster, and a next-generation console release of RollerCoaster Tycoon Classic.
Atari/Official Site
Acquisitions Strategy and Hipster Whale Buyout
Atari isn't slowing down its expansion, steadily building scale through a mix of franchises, tech, and studio buyouts. Over the course of the year, Atari expanded its ownership stake in Thunderful to 97%, eventually delisting the Swedish publisher from the Nasdaq First North Premier Growth Market in February 2026. Shortly after the fiscal year closed, Atari snapped up emulation specialist Implicit Conversions in April 2026.
It also made a major play by acquiring Hipster Whale, the studio behind the mega-hit Crossy Road, for an initial $29.3M. This looks to be a solid bet for the publisher, as Hipster Whale generated $8.3M in revenue and $4.6M in EBITDA in the trailing twelve months up to January 2026. Rounding out its shopping spree, Atari scooped up the IP rights to five Ubisoft titles, including cult favorites Child of Eden and Grow Home.
Behind the scenes, Atari has also been busy restructuring its corporate and financial foundation. On July 6, 2026, the company officially completed a redomiciliation from France to Luxembourg. It also successfully refinanced $33.8M in convertible bonds after Irata, a principal shareholder, opted not to convert them.
Finally, for those tracking the financial fine print, Atari's results are prepared under the EU's IFRS accounting standards rather than US GAAP. This distinction reveals an interesting quirk in the reporting: Atari actually lists a secondary, separate "operating income" line in its results. That figure, excluding Thunderful, jumped to $4.5M from a matching loss a year earlier.
However, Atari noted this swing was mostly driven by a one-off, non-cash accounting gain of $5.1M tied to the Thunderful deal, rather than pure underlying business growth. Moving forward, Atari plans to keep investing heavily in its games pipeline while selectively eyeing future acquisitions, pending the finalization of its full audited annual report.
