Independent Slovak game developer Pixel Federation has reported strong financial results for 2024, closing the year with €38.43 million in revenue, surpassing its annual target by nearly €2 million. The studio also achieved its highest post-pandemic profit, with EBITDA nearly doubling to €4.66 million and net profit (ETA) quadrupling to €3.73 million.
The success was driven by long-term live operations, smart budget management, and a deep understanding of its global player base. The studio’s transport tycoon portfolio continues to deliver stable growth.
“We approached 2024 as a stabilisation year, but ended up surpassing our targets. This success strengthens our ability to invest in what’s next, including the global launch of TrainStation 3 by the end of May and a brand-new tycoon IP later this year.”
Daniel Duranka, CEO of Pixel Federation
TrainStation Universe Keeps Growing
The company’s leading title, TrainStation 2, generated €15.9 million in revenue in 2024, bolstered by the introduction of a browser-based version via PLEY, which now accounts for roughly 10% of total game income. Early data shows higher retention and ARPU among web players compared to mobile audiences.
Aiming to better understand the motivations and expectations of its train-loving community, Pixel Federation created a 15-metre model train diorama. Handcrafted by experts over the course of a year and shaped by feedback from TrainStation 2 players, the diorama also served as a creative inspiration for the studio’s upcoming title, TrainStation 3: Journey of Steel.
Pixel Federation’s portfolio keeps delivering
Beyond its train-based titles, Pixel Federation continued to see solid results across its broader portfolio. Diggy’s Adventure remained a steady performer, generating €13.4 million in annual revenue, and the studio’s newest title, Puzzle Adventure, doubled its event frequency in 2024, earning over €4.1 million.
Legacy games—including TrainStation Classic, Port City, and Seaport—continue to engage dedicated niche communities, generating €4.6 million in revenue in 2024. Though smaller in scale, they contribute to long-term stability thanks to their strong community management and efficient live operations, with minimal ongoing investment.
Strengthening Leadership in the Transport Tycoon Genre
Looking ahead, Pixel Federation is preparing for several key releases. TrainStation 3: Journey of Steel is set for a global launch by the end of May 2025, followed by the soft launch of a new truck-themed tycoon game in Q4.
To support continued growth and innovation in the genre, the studio has also established a dedicated Tycoon Game Vision unit, tasked with developing spin-offs and pushing the boundaries of the transport tycoon experience.
