LONDON, June 30, 2026, 16:01 (BST)
- Devolver Digital was quoted at 19p, up 11.76%, on 1.23k shares in delayed LSEG data at 13:59 BST.
- The first-half revenue guide implies at least about $62.1 million, based on 1H 2025 revenue of $38.8 million and the company’s “at least 60% higher” statement. Investegate
- The second-half test is now sharper: STARSEEKER sales disappointed, while three later titles have about 730,000 Steam wishlists.
Devolver Digital, Inc. (LON:DEVO) rose 11.76% to 19p in delayed LSEG data on Tuesday, but the move sat on just 1.23k shares, equal to about £234 of stock at the quoted price. That is the market story for now: a double-digit gain, but not a heavy-volume reset.
The London Stock Exchange’s regular session for June 30 runs from 08:00 to 16:30 BST, so the 13:59 BST quote was not a final close.
| Market gauge | Latest reading | Why investors care |
|---|---|---|
| Last quoted price | 19p | Back above the 17p year low, but still low in the range |
| Day change | +2p / +11.76% | Large percentage move on very small volume |
| Shares traded | 1.23k | About £234 at 19p |
| Market value | £92.24 million | Small-cap liquidity risk stays high |
| Year range | 17p-28p | Price remains about 32% below the year high |
Source: AJ Bell and LSEG-based Investors Chronicle market data.
The harder data point is not the share move. It is the first-half revenue floor. Devolver said 1H 2026 revenue should be “at least 60% higher” than 1H 2025, when it reported $38.8 million. That implies at least about $62.1 million for the half. The company also said underlying adjusted EBITDA should reach “mid single-digit US$ millions”, compared with $0.1 million in 1H 2025. Investegate
| Metric | 1H 2025 reported | 1H 2026 company signal | Data read |
|---|---|---|---|
| Revenue | $38.8 million | At least about $62.1 million | Minimum rise of about $23.3 million |
| Adjusted EBITDA | $0.1 million | Mid single-digit $ millions | Profit swing from near break-even |
| Revenue as share of FY25 sales | 36.0% | At least 57.5% of FY25 sales | First half looks much more front-loaded |
| FY25 revenue base | $107.9 million | — | Used for the share-of-sales check |
Source: company half-year 2025 results, 2025 full-year results and June trading statement. Calculations by writer.
Devolver had already warned in April that adjusted EBITDA in 2026 would be “significantly first half weighted” due to release timing, platform deals and the Steam Publisher Sale. Chief Executive Harry Miller also said then that the year had seen a “strong start to 2026”. Friday’s update put numbers behind that claim, but it also left the market with a second-half gap to watch. Investegate
The gap is STARSEEKER: Astroneer Expeditions. Devolver said the System Era title launched into Early Access in June with a significant platform deal, but “unit sales have been disappointing so far”. The company said review scores were improving and content updates were planned for August and through the end of 2026. Investegate
The offset is the wish-list pipeline. Firefly’s Stronghold 4 had 250,000 wishlists in two weeks, Warhammer 40,000: Boltgun 2 had about 260,000, and Shroom and Gloom had about 220,000, Devolver said. That gives about 730,000 wishlists across three named second-half titles, before any sales conversion.
Stockopedia writer Roland Head called Friday’s update “broadly neutral overall” and said Panmure Liberum and Zeus left their FY26 estimates unchanged. He wrote that there was “some risk of a profit warning later this year” unless the second half is strong. Stockopedia
Investors Chronicle data showed five analyst recommendations dated June 25: two buys, three outperform ratings, no holds and no sells. Its page listed a 34.70p median 12-month target; against Tuesday’s 19p quote, that target would be about 83% above the market price, using the latest delayed quote rather than the page’s older 17p base.
Devolver said it will give more detail on first-half performance and full-year 2026 guidance with half-year results in late September.
