One More Level Q3 2025: Deep Investment Phase Ahead of Valor Mortis Launch

Introduction

In the third quarter of 2025, One More Level S.A. (OML) delivered results that clearly reflect a transition from a period driven by Ghostrunner 2 revenues into a heavy investment phase focused on its own IP portfolio. The company is deliberately accepting short-term financial pressure in order to position itself for the planned 2026 premiere of Valor Mortis and the further development of Project Swift. The quarter was also marked by a significant equity issue, a new co-publishing deal, and a visible shift in the structure of the balance sheet.

Financial performance in Q3 2025

In Q3 2025, OML generated net revenue from sales of only PLN 2.1 thousand, compared with PLN 8.8 million in the same period of 2024. This dramatic decline is primarily the result of normalising revenues from Ghostrunner 2 and the lack of new commercial launches in the current year.

The company reported an operating loss of PLN 2.0 million in Q3 2025, versus an operating profit of PLN 8.5 million a year earlier. At the net level, the loss reached PLN 2.0 million, compared with a net profit of PLN 6.9 million in Q3 2024. For the first nine months of 2025, the net loss amounted to PLN 4.5 million, after a PLN 10.5 million profit in the corresponding period of 2024. The reversal clearly illustrates the shift from monetising completed projects to financing new ones.

Operating expenses were driven mainly by general and administrative costs and ongoing commercial activities, while amortisation remained relatively moderate given that key development expenditures are still capitalised as long-term prepayments. Financial operations had a limited impact on the bottom line; net financial costs were modest compared with the operating result.

Balance sheet structure and liquidity

Despite the reported loss, One More Level increased its equity year on year. As at 30 September 2025, equity totalled PLN 20.3 million, up from PLN 18.7 million a year earlier. The key driver was the issue of series E shares, which strengthened the capital base and financed development.

Total assets reached PLN 22.6 million, with a very high share of non-current assets (PLN 21.2 million). The largest item within non-current assets are long-term prepayments of PLN 19.9 million, which mainly represent capitalised development costs and other project-related expenditures. This confirms that the company’s balance sheet is increasingly dominated by investments in future titles rather than legacy products.

Current assets fell sharply to PLN 1.4 million from PLN 12.9 million a year earlier. Cash and cash equivalents decreased to PLN 534 thousand from PLN 8.8 million, while short-term receivables dropped to PLN 744 thousand from PLN 4.0 million. At the same time, short-term liabilities declined to PLN 1.7 million from PLN 4.6 million, and long-term liabilities to PLN 350 thousand from PLN 420 thousand. The company operates with low financial debt, but the cash position is tight and requires careful liquidity management until the next major revenue events.

The cash flow statement illustrates this pressure: from January to September 2025, net cash used in operating activities amounted to PLN 12.6 million, while investment outflows were relatively small. The gap was largely financed by equity, with PLN 9.3 million of inflows from the share issue over the nine-month period.

Capital increase and shareholding

Between June and July 2025, the company conducted a private subscription of series E shares, issuing 9,851,440 new shares at an issue price of PLN 0.95, raising a total of PLN 9.36 million. The entire amount was initially allocated to the continuation of work on Valor Mortis and, after the Lyrical Games agreement, partly redirected to finance early stages of Project Swift and provide a financial buffer for the studio.

Following the capital increase, the share capital stands at PLN 6.64 million and is divided into 66,367,880 shares. The shareholder structure remains relatively dispersed. The largest individual shareholders with at least 5 percent of votes are Michał Sokolski and Krzysztof Jakubowski, each holding around 9.5 percent and 9.4 percent of the capital respectively, alongside investor January Ciszewski (directly and indirectly) with approximately 5.5 percent. The remaining 75.5 percent of shares is in free float, typical for a NewConnect-listed development studio.

Strategic projects and pipeline

Valor Mortis

Valor Mortis is currently the focal point of One More Level’s strategy. It is described as a dynamic, first-person soulslike action game set in an alternative, dark vision of nineteenth-century Europe during the Napoleonic wars. Developed on Unreal Engine, the project leverages the studio’s experience in fast, skill-based gameplay.

In August 2025, the company signed a letter of intent, and in October 2025 a full publishing agreement, with Lyrical Games. Under this deal, One More Level retains full IP rights to Valor Mortis, while Lyrical Games acts as co-publisher, co-financing the production budget and taking responsibility for global marketing. Additionally, Lyrical Games assumes the settlement of prior cost recoup obligations towards Take-Two Interactive related to the earlier cooperation on the project. This significantly improves the risk profile and funding visibility for the title.

The game’s global reveal took place during the Opening Night Live pre-show at gamescom 2025, with a playable demo available for visitors. Valor Mortis was also showcased at PAX West 2025 and Tokyo Game Show. According to the management commentary, the title received very positive feedback from media and players, with long queues at the booth and wide coverage in streaming and press. The commercial premiere is planned for 2026 on PC, PlayStation 5 and Xbox Series X|S.

Project Swift

In parallel, One More Level is developing Project Swift, a cooperative action game set in a futuristic, Neo-Tokyo-inspired world. Work on the project started in 2024. By Q3 2025 the studio had completed a functioning prototype, which was presented to potential business partners and platform owners during gamescom.

The company fully owns the IP and sees Project Swift as a natural extension of its expertise in fast, precise and visually striking action gameplay. Importantly, part of the proceeds from the series E share issue, initially earmarked for Valor Mortis, can now support Project Swift in its early phases thanks to Lyrical Games covering the main Valor Mortis production budget.

Ghostrunner 2

Ghostrunner 2, released in October 2023 under a publishing agreement with 505 Games, remains an important reference point in assessing the studio’s capabilities. By 30 September 2025, 741 thousand copies of the game had been sold in the market (sell-in), of which 639 thousand were settled by the publisher. Despite solid reviews (around 81 percent positive on Steam and a Metascore of 80), the reported sales to date have not yet generated additional royalty income for One More Level beyond the fixed fees already received.

The company has already collected the full fixed development fee of EUR 5 million and additional EUR 0.59 million for post-launch support, as well as a EUR 0.5 million quality bonus. These inflows strongly supported 2024 results and highlight why year-on-year comparisons for 2025 look weak in the absence of a new released title.

Strategy and outlook

One More Level’s development strategy for 2024–2029 is built around two proprietary IPs: Valor Mortis and Project Swift. The company plans to release two games during the strategy period and complete work on a third title, while also building internal capabilities in AI-supported production (Code AI division) and gradually moving towards more self-publishing activity.

Financing is expected to come from a mix of own funds generated by prior projects, debt, and potential equity issues. The recent series E issue and the publishing deal with Lyrical Games strengthen the financial base for the ongoing roadmap, but they do not eliminate execution risk. The company did not publish formal financial forecasts for 2025, underlining the uncertainty typical for project-based businesses in the gaming sector.

Key risks include the commercial performance of Valor Mortis, the timing of milestones and marketing campaigns, and the company’s ability to maintain sufficient liquidity until the next significant revenue streams materialise. On the positive side, the studio has a track record of delivering high-quality action games, a growing team with experience from leading Polish and international developers, and a now clearer funding and marketing framework for its flagship title.

Conclusion

Q3 2025 results confirm that One More Level is in a deep investment phase, with weak short-term financial performance but strengthening foundations for future growth. The combination of a sizeable capital increase, a strategic publishing partnership on Valor Mortis, and steady progress on Project Swift suggests that the company is positioning itself for a potentially transformative 2026–2027 period. For investors, the story is now less about near-term profitability and more about the successful execution and reception of the upcoming portfolio of games.

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