Ubisoft reported net bookings of €290.0 million for its first fiscal quarter of 2025, the three months ended June 30, 2024, up 8.3% on the same quarter of the prior year and ahead of its target of around €275.0 million. The company credited “robust engagement metrics driven by our GaaS franchises” and described XDefiant’s launch as encouraging. The release did not quantify XDefiant’s financial contribution or give a player count for the game. XDefiant was discontinued in December 2024, and its announced server closure date of June 3, 2025 has since passed.
“Q1 FY2025” refers to Ubisoft’s fiscal year, which runs from April to March. It does not mean the first quarter of calendar 2025.
The headline numbers
Ubisoft published its results for the quarter on July 18, 2024. The table below uses the labels from the company’s own release, and compares each figure with the same quarter of fiscal 2024 (April to June 2023), which Ubisoft refers to as Q1 2023-24.
| Metric (Ubisoft’s label) | Q1 FY2025 amount | Change versus Q1 2023-24 | Share of net bookings, Q1 FY2025 vs Q1 2023-24 |
|---|---|---|---|
| Net bookings | €290.0 million | Up 8.3% | Base figure (100%) |
| IFRS 15 sales | €323.5 million | Up 12.0% reported; up 11.4% at constant exchange rates (from €288.9 million) | Not applicable |
| Digital net bookings | €257.2 million | Up 6.6% | 88.7% vs 90.2% |
| PRI net bookings | €158.7 million | Up 24.6% | 54.7% vs 47.6% |
| Back-catalog net bookings | €249.5 million | Up 1.5% | 86.0% vs 91.8% |
Net bookings and IFRS 15 sales are different measures and should not be treated as interchangeable. Net bookings are the figure Ubisoft used to compare against its target. The IFRS 15 sales figure is the accounting-based revenue line, and it is the one that carries the 12.0% reported growth rate. The release says net bookings were ahead of target, but it does not say that every business line grew at the same pace. The back-catalog line rose only 1.5%, and its share of the total fell, while PRI grew 24.6% and its share rose.
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What Ubisoft says about engagement and XDefiant
The headline phrase “solid engagement” reflects Ubisoft’s own wording. The release describes “robust engagement metrics driven by our GaaS franchises,” which is the company’s characterization of its live-service portfolio. It is not an independently measured audience result, and the release does not attach a dataset or player-activity figures to it.
XDefiant’s Season 0 launch (May 21, 2024)
XDefiant’s Season 0 launched on May 21, 2024, inside the quarter. Ubisoft said the game was off to an “encouraging start” and that its audience was growing “at a steady pace.” Both phrases are management assessments. The release did not put a number on the audience, and it did not separate XDefiant’s revenue from the rest of the portfolio. Readers should not treat the quarter’s results as a measured contribution from the game.
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Season 1 (July 2, 2024)
Season 1 launched on July 2, 2024, which is after the quarter closed. Ubisoft said it had started a quarterly content roadmap, with additional factions inspired by Ubisoft franchises, new maps, weapons, game modes, and engagement features to be introduced over time. Any effect from Season 1 falls in later periods and is not part of the Q1 figures.
What Ubisoft’s CEO said
Yves Guillemot, Ubisoft Co-Founder and Chief Executive Officer, said in the July 18, 2024 release: “In a selective market, we delivered a solid start to the year with net bookings above target, reaffirming that we are on the right track. The quarter notably saw the launch of XDefiant, that is off to an encouraging start as we continue to grow the audience at a steady pace and plan a quarterly roadmap of content that will allow us to firmly establish the game over time.” This is management’s view at the time of publication, not an independent audience measurement.
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How to read the quarter’s data
Keep four comparisons separate when you cite these numbers:
- Measure: IFRS 15 sales (€323.5 million) and net bookings (€290.0 million) are different figures.
- Currency basis: The 12.0% sales growth is the reported rate. The 11.4% rate is at constant exchange rates, and it is the better guide to underlying growth without currency movements.
- Period: The amounts cover April to June 2024. Season 1 and anything after June 30, 2024 are outside this quarter.
- Target: The €275.0 million figure is Ubisoft’s own target for the quarter, not an external forecast.
The release does not give comparable engagement numbers for individual games, so it is not possible to rank XDefiant against other Ubisoft titles on audience size from this document.
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XDefiant today
The picture changed after the quarter. On December 3, 2024, Ubisoft announced that it was discontinuing development on XDefiant, stopping new downloads and registrations, and keeping servers running until June 3, 2025. The company also said the decision involved closing its San Francisco and Osaka production studios and winding down its Sydney production site, with associated workforce departures. The Ubisoft announcement of December 3, 2024 is the primary source for these details.
XDefiant is no longer an active service. The June 3, 2025 server closure date has passed, so readers cannot use the game as a current option.
What the evidence establishes, and what it does not
- Established by Ubisoft’s release: the fiscal-quarter figures listed above, the net bookings target comparison, and management’s characterization of engagement and XDefiant’s start. The full release is available as a PDF from Ubisoft.
- Established by Ubisoft’s later announcement: the discontinuation decision and the June 3, 2025 server closure date.
- Not established by these sources: any XDefiant player count, any revenue figure for XDefiant alone, or any measured share of the quarter’s growth attributable to the game. The headline’s link between XDefiant and the quarter’s results is therefore the company’s framing, not a quantified finding.
XDefiant was a free-to-play title, so it generated no product sales that could be separated from its in-game spending in these figures. No physical product is relevant to this story.
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