Jujubee Q3 2025: Marginal Profit, Heavy Development Spend and Dark Moon Launch

Quarter in brief

In the third quarter of 2025 Jujubee S.A. reported a virtually break-even result at the bottom line while continuing to invest heavily in new games and integrating projects acquired from Space Fox Games. The period covered 1 July–30 September 2025 and preceded the late-October release of Dark Moon, a key new IP for the studio.

The company remains listed on NewConnect and operates as a developer and co-producer of multiplatform titles, focusing on strategy and narrative-driven projects. Its Q3 2025 report highlights a tension between modest current revenues and a rapidly expanding pipeline reflected in swollen inventories and negative operating cash flows.

Financial results and profitability

The income statement shows a clear year-on-year decline in sales but a still positive full-year-to-date profit:

Revenue from sales for the first nine months of 2025 reached approximately PLN 745.4k, down from around PLN 839.6k in the same period of 2024.
In Q3 alone, sales amounted to roughly PLN 209.8k versus PLN 327.9k a year earlier.

Management attributes the drop in revenue mainly to the completion of the production stage on projects under publishing agreements with Fulqrum Publishing and 101XP Limited. As milestone-based payments wind down, new sources of recurring revenue have not yet fully replaced them.

Operating costs moved in the opposite direction:

Operating expenses for 9M 2025 totalled about PLN 796.1k (9M 2024: PLN 642.5k).
In Q3 2025 they reached roughly PLN 244.8k, compared with PLN 205.9k in Q3 2024.

Within the Q3 cost base, the largest categories were:

External services of about PLN 71.0k.
Amortisation of approximately PLN 80.3k, mainly relating to completed R&D projects.
Cost of goods sold of roughly PLN 54.2k, linked to the activation of development costs for games currently in sale.
Overhead salaries of about PLN 29.1k (project team wages are capitalised in inventories rather than expensed).

At the level of profitability:

The company recorded a loss on sales of around PLN 35.0k in Q3 2025, versus a profit of roughly PLN 122.0k in Q3 2024.
Other operating income, dominated by grants, reached about PLN 46.1k in the quarter, allowing Jujubee to post an operating profit of approximately PLN 11.1k.
After financing costs, Q3 2025 closed with a net profit of just PLN 286, compared with PLN 145.4k in the prior-year quarter.
For 9M 2025, net profit amounted to about PLN 62.3k, down from PLN 306.5k in the same period of 2024.

The picture is therefore one of sharply reduced commercial inflows, partly offset by grant income and tight cost control, with a full-year-to-date profit that is modest in absolute terms.

Balance sheet: asset build-up and project concentration

The balance sheet as at 30 September 2025 reflects a company in an intensive development phase:

Total assets increased to roughly PLN 8.30m from PLN 5.71m a year earlier.
Fixed assets fell to about PLN 0.50m (from PLN 0.80m), driven by lower capitalised completed development costs.
Current assets rose strongly to around PLN 7.80m (from PLN 4.90m).

The key driver of growth is inventories:

Inventories reached approximately PLN 6.73m, up from PLN 4.52m at the end of Q3 2024.
The vast majority of this amount is work in progress on ongoing projects rather than finished goods.

Management notes that the largest components of inventories are costs capitalised for Dark Moon and Realpolitiks 3, as well as projects acquired from Space Fox Games S.A. in a spin-off transaction. Among these acquired titles, Space Inn and Noc Dziadów are singled out as important, with associated development grants also reflected in short-term accruals.

Other notable assets include:

Trade receivables of around PLN 141.5k (down from PLN 182.5k).
Short-term financial investments of roughly PLN 925.3k, mainly a PLN 920.4k stake in subsidiary Space Fox LAB.
Cash and cash equivalents of only about PLN 5.0k, sharply down from PLN 114.4k a year earlier.

On the equity and liabilities side:

Equity increased to approximately PLN 5.97m (from PLN 4.57m), supported by new share issues and accumulated reserves.
Share capital rose to PLN 709.4k, while supplementary capital exceeded PLN 12.19m.
Retained losses from prior years remain substantial at about PLN –7.0m, only partially offset by the current-year profit.
Liabilities and provisions totalled roughly PLN 2.33m, up from PLN 1.13m, including higher short-term trade and tax payables as well as provisions and accruals.

Overall, the balance sheet shows significant leverage to the success of a few key projects. A large portion of the company’s value is tied up in capitalised development expenditures and grants linked to specific titles.

Cash flows and liquidity

The cash flow statement underlines the pressure on liquidity:

Net cash used in operating activities for 9M 2025 amounted to about PLN –803.3k (9M 2024: approximately –648.9k).
This outflow reflects increased inventories, negative working-capital movements and relatively low cash earnings, despite positive accounting profit.
Investing activities consumed a modest PLN 3.3k, mostly minor purchases of intangible and tangible assets.
Financing activities generated net inflows of around PLN 788.8k, driven by:
- Net proceeds from share issues of roughly PLN 334k.
- New loans of about PLN 279.0k.
- Additional financial inflows of approximately PLN 191.4k.
- Partially offset by interest payments of around PLN 15.5k.

Despite the inflow from financing, overall net cash flow for 9M 2025 was negative at about PLN –17.7k. Cash at the end of the period stood at just under PLN 5.0k versus PLN 114.4k a year earlier.

In practical terms, this means Jujubee is funding its development pipeline largely through equity, loans, grants and the accumulation of accruals, rather than through internal cash generation. The company will need either improving operating cash flows or continued access to external capital to comfortably support its current project load.

Operational developments and project pipeline

Dark Moon

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The most important near-term milestone is the release of Dark Moon on 29 October 2025, shortly after the reporting date. The title is positioned as a flagship project and has accumulated over 100,000 wishlists on Steam, a record for the studio. Management has set a price point below the psychological threshold of 10 dollars to drive adoption.

Initial feedback on Steam, however, translated into user scores of under 60%, which the company aims to push above 70% through gameplay balancing, bug fixes and quality-of-life improvements. There are also plans to bring the game to additional PC distribution platforms such as GOG and Epic Games Store once the launch version stabilises.

Realpolitiks 3 and other own IP

Beyond Dark Moon, the report emphasises ongoing work on Realpolitiks 3, continuing Jujubee’s established geopolitical strategy franchise. Capitalised costs for this project form a significant portion of inventories, indicating that it is still in an investment phase with little or no revenue contribution so far.

The portfolio also includes several other titles at different stages of development and maintenance, though they are not broken out in the same detail as the two flagship projects.

Projects acquired from Space Fox and the LAB subsidiary

A major structural change in recent periods has been the acquisition of selected projects from Space Fox Games S.A. through a division by spin-off. Key acquired titles include Space Inn and Noc Dziadów, both supported by grants that are recognised as accruals and will be released to income as work progresses.

Jujubee also controls Space Fox LAB sp. z o.o., a subsidiary whose financial data are presented separately in the report. Given the limited scale of this entity and in line with Polish accounting regulations, the company decided not to prepare consolidated financial statements. With no attractive offers to sell LAB, the management board has initiated a merger process with Jujubee, targeting completion by year-end 2025.

Grants and public funding

Public funding continues to play a meaningful role in Jujubee’s business model. During Q3 2025 the company received confirmation of a grant of PLN 107k from the Polish Agency for Enterprise Development under the “Granty na Eurogranty” programme. The funds are earmarked for preparing an application within the EU’s Creative Europe – Video Games framework.

A second grant application under the same EU programme was positively evaluated but did not receive funding due to exhaustion of the relevant budget, illustrating both the importance and the uncertainty of relying on competitive public schemes.

Grants for Space Inn and Noc Dziadów are also material. In the case of Noc Dziadów, part of the previously recognised loan was reclassified and recognised as grant income, supporting the operating result in the current period.

Risks and key challenges

The Q3 2025 report points to several risk factors that investors should monitor closely:

Liquidity and funding risk
Operating cash flows are negative and cash levels are very low. The company’s ability to continue its current production tempo depends on access to external capital (equity, debt, grants) and on timely monetisation of its games.
Project concentration risk
A large share of the balance sheet is concentrated in a small number of titles, primarily Dark Moon, Realpolitiks 3 and the acquired Space Fox projects. Underperformance by any of these could force write-downs and weigh on future results.
Execution and quality risk
The early reception of Dark Moon shows that user scores and community feedback can materially influence sales trajectory. Jujubee must deliver rapid improvements and strong live-ops support to convert wishlists into sustainable sales.
General industry conditions
Like many mid-sized developers, the company operates in a crowded market with high expectations for production quality and limited visibility on individual title performance.

Despite these challenges, the management board states that the financial statements were prepared under the going-concern assumption, indicating confidence that the company will be able to meet its obligations in the foreseeable future.

Management commentary and outlook

Management’s commentary underscores that Q3 2025 was a transitional period: milestone payments on existing publishing contracts declined, while large projects moved from intensive production towards launch and post-launch support phases.

Short-term priorities include:

Stabilising and improving Dark Moon based on player feedback, raising its review score and rolling out versions on additional stores.
Continuing development of Realpolitiks 3 and ensuring that capitalised costs translate into a compelling product.
Progressing the Space Fox-originated projects so that the associated grants can be recognised in income and inventories gradually converted into sales.
Completing the merger with Space Fox LAB to simplify the group structure and potentially reduce administrative overhead.

Over the medium term, Jujubee’s trajectory will depend on its ability to transform a balance sheet heavy with development assets into recurring revenue streams, while managing cash constraints and maintaining access to external funding sources.

Conclusion

Jujubee’s Q3 2025 report portrays a studio standing at a critical inflection point. Current revenues are modest and cash flow remains clearly negative, yet the company has assembled a sizeable pipeline of internally developed and acquired projects, with Dark Moon at the forefront. A thin net profit of just a few hundred złotys in the quarter underlines how finely balanced the business currently is.

If upcoming releases meet expectations and player reception improves, the substantial inventories on the balance sheet could turn into a multi-year stream of digital revenues, validating the present investment phase. If not, Jujubee may face renewed pressure on liquidity and may need to reassess the scope and pace of its development plans.

For now, investors are presented with a high-risk, high-optional-upside profile typical of smaller NewConnect game developers: limited downside buffer, but meaningful potential if key titles break through.

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