‘The Front' Unleashes Massive Update With Full Vehicle Assembly System
Players can now craft their dream combat vehicles using over 40 parts-including chassis, engines, weapons, armor, and utilities like batteries, gas cans, or storage crates. Each component directly impacts performance metrics like speed, firepower, durability, and electrical usage. Built-in constraints-such as weight limits, power draw, and mounting compatibility-ensure every creation remains balanced and strategic. Once configured, these war machines are immediately ready for battlefield deployment. A new gameplay trailer puts this creation-in-combat process on full display.
To accompany this system, the update introduces seven Black Sun Obelisks, specialized high-difficulty zones packed with terrain challenges, bosses, and twisted "Vehicle Monster" enemies. These zones reinforce a refined gameplay loop: challenge → loot → build → dominate.
Lore-minded players also get a boost: the enigmatic "Black Sun Project" receives deeper narrative exploration through new areas and data logs. Technical improvements-such as optimized terrain streaming, enhanced AI and combat animations, and smoother UI-round out the update.
To celebrate the launch, The Front is offering a 20% discount on Steam from July 14 to July 28.
Copyright The Arena Group, Inc. All Rights Reserved
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Our actual actions or results may differ materially from those expected or anticipated in the forward-looking statements due to both known and unknown risks and uncertainties. Factors that might cause such a difference include, but are not limited to: our ability to successfully implement and execute on our Playing to Win business strategy; our ability to successfully compete in the play industry and further develop our digital gaming, licensing business and partnerships; risks associated with the imposition, threat or uncertainty of tariffs, including reciprocal or retaliatory tariffs, in markets in which we operate which could increase our product costs and other costs of doing business, result in higher prices of our products, impact consumer spending, lower our revenues, result in goodwill impairments, reduce earnings and otherwise have an adverse impact on our business; risks associated with international operations, such as: the imposition or threat of tariffs; conflict in territories in which we operate or which affect areas in which we operate; currency conversion; currency fluctuations; quotas; shipping delays or difficulties; border adjustment taxes or other protectionist measures; and other challenges in the territories in which we operate; risks related to political, economic and public health conditions or regulatory changes in the markets in which we and our customers, partners, licensees, suppliers and manufacturers operate, such as inflation, fluctuating interest rates, tariffs, higher commodity prices, labor strikes, labor costs or transportation costs, or outbreaks of illness or disease, the occurrence of which could create work slowdowns, delays or shortages in production or shipment of products, increases in costs, reduced purchasing power or less discretionary income, or losses and delays in revenue and earnings; uncertain and unpredictable global and regional economic conditions impacting one or more of the markets in which we sell products, which can negatively impact our customers and consumers, result in lower employment levels, consumer disposable income, retailer inventories and spending, including lower spending on purchases of our products; our ability to transform our business and capabilities to address the changing global consumer landscape, including evolving demographics for our products and advancements in emerging technologies, including the integration of artificial intelligence (AI) into our product development, marketing strategies, business operations and consumer engagement, and the associated risks such as ethical concerns, evolving regulatory standards, implementation challenges, and third-party dependencies; our ability to design, develop, manufacture, and ship products on a timely, cost-effective and profitable basis; the concentration of our customers, potentially increasing the negative impact to our business of difficulties experienced by any of our customers or changes in their purchasing or selling patterns; our dependence on third party relationships, including with third party partners, manufacturers, distributors, studios, content producers, licensors, licensees, and outsourcers, which creates reliance on others and loss of control; risks relating to the concentration of manufacturing for many of our products in the People's Republic of China, which include the risks associated with increased tariffs imposed by China and the U.S., and our ability to successfully diversify sourcing of our products to reduce reliance on sources of supply in China; the success of our key partner brands, including the ability to secure, maintain and extend agreements with our key partners or the risk of delays, increased costs or difficulties associated with any of our or our partners' planned digital applications or media initiatives; 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CONSOLIDATED STATEMENTS OF OPERATIONS (1) (Unaudited) (Millions of Dollars and Shares Except Per Share Data) Three Months Ended Six Months Ended June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 Amount % of Net Revenues Amount % of Net Revenues Amount % of Net Revenues Amount % of Net Revenues Net revenues $ 980.8 100.0 % $ 995.3 100.0 % $ 1,867.9 100.0 % $ 1,752.6 100.0 % Costs and expenses: Cost of sales 225.3 23.0 % 237.7 23.9 % 429.8 23.0 % 441.9 25.2 % Program cost amortization 6.2 0.6 % 8.5 0.9 % 13.6 0.7 % 16.6 0.9 % Royalties 84.5 8.6 % 55.3 5.6 % 141.5 7.6 % 106.2 6.1 % Product development 77.5 7.9 % 70.4 7.1 % 158.0 8.5 % 135.9 7.8 % Advertising 63.6 6.5 % 60.4 6.1 % 119.0 6.4 % 111.9 6.4 % Amortization of intangible assets 17.2 1.8 % 17.1 1.7 % 34.2 1.8 % 34.1 1.9 % Impairment of goodwill 1,021.9 104.2 % — — % 1,021.9 54.7 % — — % Loss on disposal of business — — % 15.3 1.5 % 25.0 1.3 % 24.4 1.4 % Selling, distribution and administration 282.8 28.8 % 318.5 32.0 % 552.4 29.6 % 553.3 31.6 % Total costs and expenses 1,779.0 181.4 % 783.2 78.7 % 2,495.4 133.6 % 1,424.3 81.3 % Operating profit (loss) (798.2 ) (81.4 )% 212.1 21.3 % (627.5 ) (33.6 )% 328.3 18.7 % Non-operating expense (income): — % Interest expense 40.6 4.1 % 43.0 4.3 % 82.2 4.4 % 81.5 4.7 % Interest income (5.4 ) (0.6 )% (13.0 ) (1.3 )% (14.3 ) (0.8 )% (21.3 ) (1.2 )% Other (income) expense, net (18.7 ) (1.9 )% (0.8 ) (0.1 )% (17.3 ) (0.9 )% 4.2 0.2 % Total non-operating expense, net 16.5 1.7 % 29.2 2.9 % 50.6 2.7 % 64.4 3.7 % Earnings (loss) before income taxes (814.7 ) (83.1 )% 182.9 18.4 % (678.1 ) (36.3 )% 263.9 15.1 % Income tax expense 40.0 4.1 % 44.4 4.5 % 77.1 4.1 % 66.3 3.8 % Net earnings (loss) (854.7 ) (87.1 )% 138.5 13.9 % (755.2 ) (40.4 )% 197.6 11.3 % Net earnings attributable to noncontrolling interests 1.1 0.1 % — — % 2.0 0.1 % 0.9 0.1 % Net earnings (loss) attributable to Hasbro, Inc. $ (855.8 ) (87.3 )% $ 138.5 13.9 % $ (757.2 ) (40.5 )% $ 196.7 11.2 % Net earnings (loss) per common share: Basic $ (6.10 ) $ 0.99 $ (5.41 ) $ 1.41 Diluted $ (6.10 ) $ 0.99 $ (5.41 ) $ 1.41 Cash dividends declared per common share $ 0.70 $ — $ 1.40 $ 0.70 Weighted Average Number of Shares Basic 140.3 139.5 140.0 139.2 Diluted 140.3 140.0 140.0 139.6 (1) Amounts may not sum due to rounding Expand HASBRO, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (1) (Unaudited) (Millions of Dollars) Six months ended June 29, 2025 June 30, 2024 Cash Flows from Operating Activities: Net Earnings $ (755.2 ) $ 197.6 Impairment of Goodwill 1,021.9 — Loss on Disposal of Business 25.0 24.4 Other Non-Cash Adjustments 106.3 126.8 Changes in Operating Assets and Liabilities (188.6 ) 16.3 Net Cash Provided by Operating Activities 209.4 365.1 Cash Flows from Investing Activities: Additions to Property, Plant and Equipment (29.9 ) (49.5 ) Additions to Software Development (61.8 ) (48.2 ) Purchase of investments (10.0 ) (480.1 ) Other 12.5 2.4 Net Cash Utilized by Investing Activities (89.2 ) (575.4 ) Cash Flows from Financing Activities: Proceeds from Long-Term Debt — 498.6 Repayments of Borrowings (60.5 ) — Dividends Paid (196.0 ) (194.6 ) Payments Related to Tax Withholding for Share-Based Compensation (19.9 ) (11.9 ) Stock-Based Compensation Transactions 4.9 4.0 Payments of financing costs — (5.3 ) Other (3.1 ) (2.3 ) Net Cash Provided (Utilized) by Financing Activities (274.6 ) 288.5 Effect of Exchange Rate Changes on Cash 6.3 3.2 Net Increase (Decrease) in Cash and Cash Equivalents (148.1 ) 81.4 Cash and Cash Equivalents at Beginning of Year 695.0 545.4 Cash and Cash Equivalents at End of Period $ 546.9 $ 626.8 (1) Amounts may not sum due to rounding Expand HASBRO, INC. SEGMENT RESULTS - AS REPORTED AND AS ADJUSTED (1) (Unaudited) (Millions of Dollars) Three Months Ended June 29, 2025 Three Months Ended June 30, 2024 Operating Results As Reported Non-GAAP Adjustments Adjusted As Reported Non-GAAP Adjustments Adjusted % Change Total Company Results External Net Revenues $ 980.8 $ — $ 980.8 $ 995.3 $ — $ 995.3 -1 % Operating Profit (Loss) (798.2 ) 1,045.3 247.1 212.1 36.7 248.8 -1 % Operating Margin -81.4 % >100 % 25.2 % 21.3 % 3.7 % 25.0 % Segment Results Wizards of the Coast and Digital Gaming: External Net Revenues $ 522.4 $ — $ 522.4 $ 452.0 $ — $ 452.0 16 % Operating Profit 241.8 — 241.8 247.1 — 247.1 -2 % Operating Margin 46.3 % — 46.3 % 54.7 % — 54.7 % Consumer Products: External Net Revenues $ 442.4 $ — $ 442.4 $ 524.5 $ — $ 524.5 -16 % Operating Profit (Loss) (1,029.6 ) 1,030.8 1.2 (9.3 ) 9.0 (0.3 ) >100 % Operating Margin >-100 % >100 % 0.3 % -1.8 % 1.7 % -0.1 % Entertainment: External Net Revenues $ 16.0 $ — $ 16.0 $ 18.8 $ — $ 18.8 -15 % Operating Profit (Loss) 6.3 3.8 10.1 (1.0 ) 18.7 17.7 -43 % Operating Margin 39.4 % 23.8 % 63.1 % -5.3 % 99.5 % 94.1 % Corporate and Other: Operating Profit (Loss) $ (16.7 ) $ 10.7 $ (6.0 ) $ (24.7 ) $ 9.0 $ (15.7 ) 62 % (1) Amounts may not sum due to rounding Expand Three Months Ended Wizards of the Coast and Digital Gaming Net Revenues by Category June 29, 2025 June 30, 2024 % Change Tabletop Gaming $ 406.3 $ 307.6 32 % Digital and Licensed Gaming 116.1 144.4 -20 % Net revenues $ 522.4 $ 452.0 Three Months Ended Consumer Products Segment Net Revenues by Major Geographic Region June 29, 2025 June 30, 2024 % Change North America $ 236.0 $ 306.1 -23 % Europe 95.7 92.0 4 % Asia Pacific 63.6 62.6 2 % Latin America 47.1 63.8 -26 % Net revenues $ 442.4 $ 524.5 Three Months Ended Entertainment Segment Net Revenues by Category June 29, 2025 June 30, 2024 % Change Film and TV $ 1.5 $ 1.8 -17 % Family Brands 14.5 17.0 -15 % Net revenues $ 16.0 $ 18.8 Three Months Ended Supplementary Hasbro Gaming Information: June 29, 2025 June 30, 2024 % Change MAGIC: THE GATHERING $ 412.0 $ 336.0 23 % Hasbro Total Gaming (1) 615.8 548.4 12 % (1) Hasbro Total Gaming includes all gaming revenue, most notably DUNGEONS & DRAGONS, MAGIC: THE GATHERING and Hasbro Gaming. Expand Six Months Ended June 29, 2025 Six Months Ended June 30, 2024 Operating Results (1) As Reported Non-GAAP Adjustments Adjusted As Reported Non-GAAP Adjustments Adjusted % Change Total Company Results External Net Revenues $ 1,867.9 $ — $ 1,867.9 $ 1,752.6 $ — $ 1,752.6 7 % Operating Profit (Loss) (627.5 ) 1,097.1 469.6 328.3 69.1 397.4 18 % Operating Margin -33.6 % 58.7 % 25.1 % 18.7 % 3.9 % 22.7 % Segment Results Wizards of the Coast and Digital Gaming: External Net Revenues $ 984.5 $ — $ 984.5 $ 768.3 $ — $ 768.3 28 % Operating Profit 471.8 — 471.8 369.9 — 369.9 28 % Operating Margin 47.9 % — 47.9 % 48.1 % — 48.1 % Consumer Products: External Net Revenues $ 840.7 $ — $ 840.7 $ 937.5 $ — $ 937.5 -10 % Operating Profit (Loss) (1,073.5 ) 1,043.7 (29.8 ) (56.2 ) 18.1 (38.1 ) 22 % Operating Margin >-100 % >100 % -3.5 % -6.0 % 1.9 % -4.1 % Entertainment: External Net Revenues $ 42.7 $ — $ 42.7 $ 46.8 $ — $ 46.8 -9 % Operating Profit (Loss) (4.9 ) 32.4 27.5 4.8 31.1 35.9 -23 % Operating Margin -11.5 % 75.9 % 64.4 % 10.3 % 66.5 % 76.7 % Corporate and Other: Operating Profit (Loss) $ (20.9 ) $ 21.0 $ 0.1 $ 9.8 $ 19.9 $ 29.7 -100 % (1) Amounts may not sum due to rounding Expand Six Months Ended Wizards of the Coast and Digital Gaming Net Revenues by Category June 29, 2025 June 30, 2024 % Change Tabletop Gaming $ 750.1 $ 535.8 40 % Digital and Licensed Gaming 234.4 232.5 1 % Net revenues $ 984.5 $ 768.3 Six Months Ended Consumer Products Segment Net Revenues by Major Geographic Region June 29, 2025 June 30, 2024 % Change North America $ 467.4 $ 545.2 -14 % Europe 180.7 179.5 1 % Asia Pacific 117.4 111.4 5 % Latin America 75.2 101.4 -26 % Net revenues $ 840.7 $ 937.5 Six Months Ended Entertainment Segment Net Revenues by Category June 29, 2025 June 30, 2024 % Change Film and TV $ 5.8 $ 1.8 >100 % Family Brands 36.9 45.0 -18 % Net revenues $ 42.7 $ 46.8 Six Months Ended Supplementary Hasbro Gaming Information: June 29, 2025 June 30, 2024 % Change MAGIC: THE GATHERING $ 758.3 $ 573.9 32 % Hasbro Total Gaming (1) 1,165.9 956.4 22 % (1) Hasbro Total Gaming includes all gaming revenue, most notably DUNGEONS & DRAGONS, MAGIC: THE GATHERING and Hasbro Gaming. Expand HASBRO, INC. NON-GAAP RECONCILIATION (Unaudited) (Millions of Dollars) Three Months Ended Six Months Ended Reconciliation of EBITDA and Adjusted EBITDA (1) June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 Net Earnings (Loss) Attributable to Hasbro, Inc. $ (855.8 ) $ 138.5 $ (757.2 ) $ 196.7 Interest expense 40.6 43.0 82.2 81.5 Income tax expense 40.0 44.4 77.1 66.3 Net earnings attributable to noncontrolling interests 1.1 — 2.0 0.9 Depreciation expense 14.9 28.4 32.1 49.6 Amortization of intangibles 17.2 17.1 34.2 34.1 EBITDA $ (742.0 ) $ 271.4 $ (529.6 ) $ 429.1 Stock compensation 11.3 17.8 29.7 12.8 Strategic transformation initiatives (2) 3.9 7.3 11.1 12.5 Restructuring and severance costs (3) 6.8 1.7 12.7 7.4 Loss on disposal of business (4) — 15.3 25.0 24.4 eOne Film and TV business divestiture related costs (5) 0.1 — 5.6 — Impairment of goodwill (6) 1,021.9 — 1,021.9 — Adjusted EBITDA $ 302.0 $ 313.5 $ 576.4 $ 486.2 (1) Amounts may not sum due to rounding (2) Strategic transformation initiatives costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to support the organization in identifying, realizing and capturing savings to create efficiencies and improve business processes and operations. (3) Restructuring and severance associated with cost-savings initiatives across the Company. (4) Loss on disposal of a business related to the sale of the eOne Film and TV business executed on December 27, 2023. The costs are included in Loss on Disposal of Business within the Entertainment segment. (5) eOne Film and TV business divestiture related costs as a result of the sale of the eOne Film and TV business and certain retained liabilities. (6) During Q2 2025, Hasbro recorded a non-cash goodwill impairment charge of $1,021.9 million in the Consumer Products segment, following completion of an interim quantitative assessment of goodwill triggered by the implementation of tariffs. Expand HASBRO, INC. NON-GAAP RECONCILIATION (Unaudited) (Millions of Dollars) Three Months Ended Six Months Ended Reconciliation of Adjusted Operating Profit (1) June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 Operating Profit (Loss) $ (798.2 ) $ 212.1 $ (627.5 ) $ 328.3 Wizards of the Coast and Digital Gaming 241.8 247.1 471.8 369.9 Consumer Products (1,029.6 ) (9.3 ) (1,073.5 ) (56.2 ) Entertainment 6.3 (1.0 ) (4.9 ) 4.8 Corporate and Other (16.7 ) (24.7 ) (20.9 ) 9.8 Non-GAAP Adjustments $ 1,045.3 $ 36.7 $ 1,097.1 $ 69.1 Consumer Products 1,030.8 9.0 1,043.7 18.1 Entertainment 3.8 18.7 32.4 31.1 Corporate and Other 10.7 9.0 21.0 19.9 Adjusted Operating Profit (Loss) $ 247.1 $ 248.8 $ 469.6 $ 397.4 Wizards of the Coast and Digital Gaming 241.8 247.1 471.8 369.9 Consumer Products 1.2 (0.3 ) (29.8 ) (38.1 ) Entertainment 10.1 17.7 27.5 35.9 Corporate and Other (6.0 ) (15.7 ) 0.1 29.7 Non-GAAP Adjustments include the following: Acquired intangible amortization (2) 12.6 12.4 25.0 24.8 Strategic transformation initiatives (3) 3.9 7.3 11.1 12.5 Restructuring and severance costs (4) 6.8 1.7 12.7 7.4 Loss on disposal of business (5) — 15.3 25.0 24.4 eOne Film and TV business divestiture related costs (6) 0.1 — 1.4 — Impairment of goodwill (7) 1,021.9 — 1,021.9 — Total $ 1,045.3 $ 36.7 $ 1,097.1 $ 69.1 (1) Amounts may not sum due to rounding (2) Represents intangible amortization costs related to the intangible assets acquired in the eOne acquisition. The Company has allocated certain of these intangible amortization costs between the Consumer Products and Entertainment segments, to match the revenue generated from such intangible assets. While amortization of acquired intangibles is being excluded from the related GAAP financial measure, the revenue of the acquired company is reflected within the Company's operating results to which these assets contribute. (3) Strategic transformation initiatives costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to support the organization in identifying, realizing and capturing savings to create efficiencies and improve business processes and operations. (4) Restructuring and severance costs associated with cost-savings initiatives across the Company. (5) Loss on disposal of a business related to the sale of the eOne Film and TV business executed on December 27, 2023. The costs are included in Loss on Disposal of Business within the Entertainment segment. (6) eOne Film and TV business divestiture related costs as a result of the sale of the eOne Film and TV business and certain retained liabilities. (7)During Q2 2025, Hasbro recorded a non-cash goodwill impairment charge of $1,021.9 million in the Consumer Products segment, following completion of an interim quantitative assessment of goodwill triggered by the implementation of tariffs. Expand HASBRO, INC. NON-GAAP RECONCILIATION (Unaudited) (Millions of Dollars and Shares, Except Per Share Data) Reconciliation of Net Earnings and Earnings per Share (1) Three Months Ended June 29, 2025 Diluted Per Share Amount June 30, 2024 Diluted Per Share Amount Net Earnings (Loss) Attributable to Hasbro $ (855.8 ) $ (6.10 ) $ 138.5 $ 0.99 Acquired intangible amortization (2) 9.4 0.07 9.3 0.07 Strategic transformation initiatives (3) 3.0 0.02 5.7 0.04 Restructuring and severance costs (4) 5.3 0.04 1.3 0.01 Loss on disposal of business (5) — — 15.3 0.11 eOne Film and TV divestiture related costs (6) 0.1 — — — Impairment of goodwill (7) 1,021.9 7.24 — — Net Earnings Attributable to Hasbro as Adjusted $ 183.9 $ 1.30 $ 170.1 $ 1.22 Six Months Ended June 29, 2025 Diluted Per Share Amount June 30, 2024 Diluted Per Share Amount Net Earnings (Loss) Attributable to Hasbro $ (757.2 ) $ (5.41 ) $ 196.7 $ 1.41 Acquired Intangible Amortization (2) 18.7 0.13 18.6 0.13 Strategic transformation initiatives (3) 8.5 0.06 9.6 0.07 Restructuring and severance costs (4) 9.8 0.07 5.7 0.04 Loss on disposal of business (5) 25.0 0.18 24.4 0.18 eOne Film and TV business sale process charges (6) 4.2 0.03 — — Impairment of goodwill (7) 1,021.9 7.24 — — Net Earnings Attributable to Hasbro as Adjusted $ 330.9 $ 2.35 $ 255.0 $ 1.83 (1) Amounts may not sum due to rounding (2) Represents intangible amortization costs related to the intangible assets acquired in the eOne acquisition. The Company has allocated certain of these intangible amortization costs between the Consumer Products and Entertainment segments, to match the revenue generated from such intangible assets. While amortization of acquired intangibles is being excluded from the related GAAP financial measure, the revenue of the acquired company is reflected within the Company's operating results to which these assets contribute. (3) Strategic transformation initiatives costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to support the organization in identifying, realizing and capturing savings to create efficiencies and improve business processes and operations. These costs primarily consist of third party consulting of $3.9 ($3.0 after-tax) and $11.1 ($8.5 after-tax) for the three months and six months ended June 29, 2025, respectively, and $7.3 ($5.7 after-tax) and $12.5 ($9.6 after-tax) for the three months and six months ended June 30, 2024, respectively. (4) Restructuring and severance costs $6.8 ($5.3 after-tax) and $12.7 ($9.8 after-tax) for the three months and six months ended June 29, 2025, respectively, and $1.7 ($1.3 after-tax) and $7.4 ($5.7 after-tax) for the three months and six months ended June 30, 2024, respectively, associated with cost-savings initiatives across the Company. (5) Loss on disposal of a business of $25.0 ($25.0 after-tax) for the six months ended June 29, 2025 and $15.3 ($15.3 after-tax) and $24.4 ($24.4) after-tax for the three months and six months ended June 30, 2024, respectively, related to the sale of the eOne Film and TV business executed on December 27, 2023. The costs are included in Loss on Disposal of Business within the Entertainment segment. (6) eOne Film and TV business divestiture related costs of $0.1 ($0.1 after-tax) and $5.6 ($4.2 after-tax) for three months and six months ended June 29, 2025, respectively, as a result of the sale of the eOne Film and TV business and certain retained liabilities. (7) During Q2 2025, Hasbro recorded a non-cash goodwill impairment charge of $1,021.9 million in the Consumer Products segment, following completion of an interim quantitative assessment of goodwill triggered by the implementation of tariffs. Expand
