Redeye updates its view on Thunderful. Atari’s majority acquisition (80%) of Thunderful offers clear strategic logic: combining Atari’s retro IP with Thunderful’s development capabilities could unlock a differentiated niche in the mid-tier gaming market. Near-term, however, Thunderful is financially fragile, and Atari itself is still loss-making despite strong revenue growth. We see upside in Atari’s focused strategy and the potential for consolidation synergies, but also elevated risk from weak cash positions, title delays, and execution complexity.
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