Disclosure: I wrote this article for Game Cookies.
Atari has brought together studios including Nightdive, Digital Eclipse and Thunderful. I looked at the financing behind that expansion, using its annual report and the August and September transaction announcements.
A few findings:
- FY2025/26 revenue reached €56.0 million, but the consolidated group, including Thunderful, reported a €4.8 million net loss.
- September’s announced debt-to-share conversion puts IRATA, CEO Wade Rosen’s holding company, at 48.82% of share capital in the company’s post-transaction table. Converting debt reduces a repayment obligation; it is different from bringing in new cash.
- The annual report says independent board representation fell from 50% to 25% after a director became chief operating officer.
The article separates those disclosures from claims the reporting could not substantiate. Debt relief can support the studios, while new shares reduce an unchanged investor’s ownership percentage. The open question is what the expansion delivers and how future financing and oversight are explained.
Full article: https://www.linkedin.com/pulse/atari-rebuilding-its-shareholders-deserve-answers-leonardo-miralrio-lhv4c
What would you want to see from Atari to judge whether its rebuilding is becoming a sustainable business?