Is Vivid Games profitable in 2026?

Vivid Games reported FY2024 revenue of about PLN 19 million, down from PLN 21 million in FY2023, but gross profit rose to PLN 12M from PLN 11M with positive though modest EBITDA, per a July 17, 2026 report. Multi-year revenue decline continues alongside this thin profitability.

Who owns Vivid Games now?

Lithuanian fund Gemini Grupė UAB became Vivid Games' majority strategic investor in September 2024, buying over 40% of shares for PLN 5.23 million (about $1.36 million), earmarked for Real Boxing 3 development and European expansion, per PocketGamer.biz, September 23, 2024.

Is Vivid Games stock a safe investment?

Vivid Games (WSE: VVD) traded in a 52-week range of just PLN 0.47 to 1.80 as of July 22, 2026, versus an all-time high of PLN 8.88, with market cap around PLN 31.1 million, indicating a distressed, thinly traded microcap position, per gurufocus.com.

Could AI replace Vivid Games?

AI is unlikely to replace Vivid Games' core game itself, but the company's own strategy documents state it already invests in machine learning and analytics for monetization and paid user acquisition, meaning its ML-driven edge is largely commodity tooling other studios can also buy as of 2026.

Who is Vivid Games' biggest competitor?

Vivid Games itself named EA's Fight Night Champion as its main incumbent competitor when Real Boxing launched, per a November 20, 2023 postmortem. Today it competes against small indie mobile titles like MMA Manager 2 and ONE Fight Arena rather than major studios.

Is Real Boxing 3 succeeding for Vivid Games?

Real Boxing 3 exited beta and reached version 1.0.0 on December 5, 2025, with live-ops updates continuing through version 1.4.0 on June 12, 2026. No verified revenue inflection or retention data confirming a turnaround has been publicly disclosed yet.

Gaming companies · Poland

Vivid Games

vividgames.com ↗

Polish mobile studio behind the Real Boxing games, listed on the Warsaw exchange.

Losing its protection

Assessed 23 July 2026 · Evidence as of 23 July 2026

The structural protection is eroding.

On the recordSince 23 July 2026 · Checkable from Q4 2026 · Every call on the record Checkpoint: Q3/Q4 2026 WSE quarterly disclosures showing whether Real Boxing 3 revenue is climbing or still falling

The call

Vivid Games is not being eaten by AI or a giant competitor, it is being eaten by its own shrinking revenue and a single aging franchise with no proven successor.

Vivid Games makes mobile boxing games, most famous for Real Boxing, which has been downloaded over 120 million times. The company is struggling because boxing games on phones are easy to copy, and bigger game makers like EA could make something similar whenever they want; Vivid Games' main advantage is that it has been making these games for ten years, but that has not stopped its money from dropping year after year. The one thing that could turn things around is Real Boxing 3, a new game launching in December 2025, but nobody outside the company knows yet if people will actually keep playing it or if it will make real money.

Why

AI pressure: None apparent. AI tools could speed up asset production for Vivid Games itself but no AI product is targeting its boxing niche directly. Could AI do the core job? Only partly.

Bigger players: EA, Supercell, Zynga (capable but not currently focused on mobile boxing). Bigger studios could clone a mobile boxing game overnight, they just have not bothered because the niche is too small to matter to them. Could a giant copy it? Yes, easily.

What protects it. A decade of Real Boxing brand recognition and 120M+ downloads that no rival has bothered to displace yet.

What would change this call

Vivid Games reports Q3/Q4 2026 WSE revenue for Real Boxing 3. Shows whether the new title reversed the multi-year revenue decline or extended it.
Gemini Grupė UAB announces additional capital beyond the 2024 PLN 5.23M investment. Shows whether the majority backer is committing real growth funding or leaving the company undercapitalized.
Vivid Games announces a second game franchise outside Real Boxing. Shows whether the company is reducing its single-IP dependency or remaining fully exposed to one brand.

Key numbers

Revenue fell $5.0M to $2.95M TTM (2025)
Stock down from PLN 8.88 ATH to 0.47-1.80 range (2026-07-22)
Gemini Grupė paid $1.36M for 40%+ stake (2024-09-23)

Named risks

Revenue decline in PLN from ~21M FY2023 to ~19M FY2024 despite Real Boxing 3 launch. Severity: high
Single-IP dependency on aging Real Boxing brand with no verified second franchise. Severity: high
Distress-priced equity (PLN 0.47-1.80 vs PLN 8.88 ATH) raises dilution risk for future funding. Severity: medium
Headcount shrank from ~70 to 54 employees, straining development capacity. Severity: medium
Reliance on majority shareholder Gemini Grupė for continued capital beyond 2024's PLN 5.23M injection. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
EA (Fight Night Champion)	losing to	Vivid itself named EA's Fight Night Champion as main incumbent competitor at Real Boxing launch, per postmortem dated 2023-11-20
MMA Manager 2 / ONE Fight Arena	contesting	Small indie boxing/fighting titles rank alongside Real Boxing in app-store category listings as of 2026-07-04
Untold Tales S.A.	gaining on	Untold Tales, not Vivid, published Real Boxing 2: Remastered on Steam starting 2025-08-04

Questions people ask

Is Vivid Games profitable in 2026?: Vivid Games reported FY2024 revenue of about PLN 19 million, down from PLN 21 million in FY2023, but gross profit rose to PLN 12M from PLN 11M with positive though modest EBITDA, per a July 17, 2026 report. Multi-year revenue decline continues alongside this thin profitability.
Who owns Vivid Games now?: Lithuanian fund Gemini Grupė UAB became Vivid Games' majority strategic investor in September 2024, buying over 40% of shares for PLN 5.23 million (about $1.36 million), earmarked for Real Boxing 3 development and European expansion, per PocketGamer.biz, September 23, 2024.
Is Vivid Games stock a safe investment?: Vivid Games (WSE: VVD) traded in a 52-week range of just PLN 0.47 to 1.80 as of July 22, 2026, versus an all-time high of PLN 8.88, with market cap around PLN 31.1 million, indicating a distressed, thinly traded microcap position, per gurufocus.com.
Could AI replace Vivid Games?: AI is unlikely to replace Vivid Games' core game itself, but the company's own strategy documents state it already invests in machine learning and analytics for monetization and paid user acquisition, meaning its ML-driven edge is largely commodity tooling other studios can also buy as of 2026.
Who is Vivid Games' biggest competitor?: Vivid Games itself named EA's Fight Night Champion as its main incumbent competitor when Real Boxing launched, per a November 20, 2023 postmortem. Today it competes against small indie mobile titles like MMA Manager 2 and ONE Fight Arena rather than major studios.
Is Real Boxing 3 succeeding for Vivid Games?: Real Boxing 3 exited beta and reached version 1.0.0 on December 5, 2025, with live-ops updates continuing through version 1.4.0 on June 12, 2026. No verified revenue inflection or retention data confirming a turnaround has been publicly disclosed yet.

Timeline

2026-07-17Report cites FY2024 revenue PLN 19M, down from PLN 21M, with improved gross profit
2026-06-12Real Boxing 3 version 1.4.0 shipped, continuing live-ops updates
2026-05-13Real Boxing 3 version 1.3.1 released
2025-12-05Real Boxing 3 full version 1.0.0 launch
2025-08-04Real Boxing 2: Remastered launched on Steam/PC via Untold Tales S.A.
2024-09-23Gemini Grupė UAB buys 40%+ stake for PLN 5.23M ($1.36M)
2023-04Vivid Games publishes 2023-2026 development strategy document
2012Vivid Games lists on Warsaw Stock Exchange under ticker VVD
2006Vivid Games founded in Bydgoszcz, Poland

Revision history

23 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

In the same band

Epic Games Gamania Digital Entertainment NetDragon Websoft