Press release from Companies
Published: 2026-02-27 08:00:00
MindArk PE AB (publ) ("MindArk", the "Company") hereby announces that the Company''s Year-End Report 2025 has been published.
Reporting period
The report covers the period October 1 – December 31, 2025 ("Q4") and January 1 – December 31, 2025.
October 1 – December 31, 2025
Comparative figures in parentheses refer to the same period last year.
January 1 – December 31, 2025
Comparative figures in parentheses refer to the same period last year.
Message from CEO Leif Evander Andersson:
"During 2025, MindArk implemented the most far-reaching changes in the company’s history. By integrating AI across the entire development process and rebuilding the organisation from the ground up, we have not only improved operational efficiency—we have fundamentally changed how we build and evolve Entropia Universe. This is a change in basic assumptions that positions MindArk for a new era of innovation and growth.
From an organisational perspective, Q4 2025 was defined by preparations for the planned organisational transformation implemented in early 2026. In this CEO statement, I therefore provide a deeper view of the overarching strategic direction that now defines the company.
Financial performance and user growth
The financial performance in the fourth quarter continued to be shaped by a materially lower USD exchange rate than in the prior year, as well as lower activity in Entropia Universe compared with the corresponding quarter of the previous year. However, we saw a clear inflection in activity during the final month of the quarter. In December, activity approached the level seen in December of the prior year, and deposits were almost 10% higher year-on-year. We also saw a clear inflection in cash flow, with positive cash flow for the quarter. The company’s strong liquidity position and the absence of interest-bearing debt provide us with the financial resources to continue the transformation into a fully AI-based organisation.
User growth during the fourth quarter is the most clearly positive development during the period. The proportion of newly recruited users who convert into active users has more than doubled, and the number of daily active users increased by approximately 45 percent. Since this primarily relates to new users, the full financial impact is not yet visible in the figures and is expected to become more apparent during 2026.
These results are clear effects of improvements implemented during 2025, including an expanded Steam presence, a more modern website, ongoing video content, more frequent updates, and a stronger focus on the new player experience; LLM-driven NPCs capable of contextual conversations with users; an AI-assisted character creator; an AI-based voting system; and automated content production and analytics through Celest (our AI hub).
AI transformation and Conductors of Code
What is reality today began as a vision more than a decade ago. As early as 2014, our founder laid the groundwork for AI and the way of working we now fully embrace. That vision has matured over time and has now been realised. Over the past two years, we have intentionally transformed the organisation. We have hired a dozen high-profile AI specialists while at the same time reducing the organization by approximately 35 positions. A significant portion of the tasks that were previously performed manually are now handled by our autonomous AI agents.
We have moved from AI support to AI production. Today, our autonomous AI systems generate a substantial portion of our code. Our developers - who remain the core of the business—have therefore moved up the value chain. They orchestrate requirements, direct specialised AI agents, and evaluate deliveries. We refer to this way of working as Conductors of Code.
The impact is clear. We are seeing significantly shorter lead times across all development processes. Our December 2025 update is the single largest delivery in the company’s history, and it was delivered by a smaller yet more effective team than ever before.
Celest AI
Celest AI is now at the core of our in-game economic analysis. The system is built for recursive learning. We continuously update Celest with game fundamentals, statistics, and real-time data from across the entire economy. Each iteration is stored, distilled, and fed back as training data, sharpening the system with every cycle.
Celest has already delivered tangible results, including a comprehensive review of the issues in the blueprint system. Celest has also assessed an ongoing initiative to reactivate materials and items that have long remained dormant in the Entropia Universe marketplace. In short, blueprints form the foundation of all crafting, i.e. digital recipes specifying which resources are required to create an item. Users extract raw materials, craft products using blueprints, and sell them to other users, creating a fully player-driven value chain linked to real-world currency.
For the first time, Celest has begun producing fact-based recommendations to support decisions related to balancing the extraordinarily complex virtual economy of Entropia Universe.
Outlook
MindArk enters 2026 with a streamlined cost structure, demonstrably improved delivery capacity as evidenced by the Q4 updates, and a clear strategic direction.
We view MindArk as an intelligent machine that we continuously optimise. Traditionally, a game company’s primary investment has been labour hours. For us, that balance is increasingly shifting toward compute, what we internally refer to as "token spend." Every investment in AI capability translates directly into a more engaging, dynamic, and entertaining experience for a growing global audience.
Our architecture is designed for near-unlimited scalability, meaning each incremental investment in intelligence can be directly converted into a richer gameplay experience. Our primary objective is to increase the number of satisfied, paying users. We believe that more engaged users, in turn, generate the revenue that enables accelerated investment in the platform’s intelligence, a self-reinforcing cycle in which better experiences drive growth, and growth drives further innovation.
Our focus remains consistent: to increase the number of users in our real-cash economy, accelerate global marketing, increase the pace of technical innovation, and continue building a company that leads in an AI-driven games industry at maximum speed, while maintaining sound and sustainable financial management."
Financial reports
The Company''s financial statements, including the forthcoming report, are available on the Company''s website, www.mindark.se/investor-relations/financial-reports/. It is available in a Swedish and an English version.
Auditor
This financial statement has not been reviewed by the Company’s auditor.
This disclosure contains information that Mindark PE AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 27-02-2026 08:00 CET.
For more information, please contact:
Gunilla Krogh
CFO, MindArk PE AB (publ)
gunkro@mindark.com
Tel: +46 31 607 260
MindArk PE AB (publ)
Org. nr. 556640-4769
Masthamnsgatan 5
413 29 Gothenburg
www.mindark.com
About MindArk
MindArk PE AB (publ) (“the Company” or “MindArk”) develops and operates Entropia Universe, the world's first MMORPG (Massive Multiplayer Online Role-playing Game) with a “Real-Cash-Economy”, and Entropia Platform. Entropia Universe is a virtual universe consisting of a number of planets with different themes and activities. The software is provided globally and free of charge with the possibility to spend money in the virtual universe for anyone with access to PC and the internet. Entropia Universe consists of a digital economy where resources, materials, land, and buildings are represented as digital assets with an underlying base value. Entropia Platform is the technology platform that powers Entropia Universe. The platform is shared with partners who develop their own unique game content for their planets in Entropia Universe.
