Redeye provides an update following Jumpgate’s Q1 2025 report, where we observed a top line largely in line with our expectations. We argue that the focus now shifts to the upcoming quarters, driven by a release pipeline of four games scheduled for 2025 and ongoing financing efforts. We also raise concerns about the uncertainty surrounding the conclusion of the company’s WFH assignment with Funcom and the company’s dependence on securing a new WFH assignment. We have made revisions to our estimates and updated our fair value range.

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