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PlaySide Studios (PLY) investor relations material
PlaySide Studios H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue declined 25% year-over-year to $48.7M, with record work-for-hire revenue in FY25 but overall performance below expectations due to a 45% drop in Original IP revenue and a slowdown in work-for-hire contracts.
EBITDA swung to a $7.5M loss from a $17.5M profit in the prior year, with NPAT at a $12.1M loss versus $11.3M profit previously.
Major restructuring in April 2025 reduced headcount from 363 to 260, incurring $1.7M in costs but expected to save $5M annually, and closed several underperforming projects.
Raised $6.6M in new capital, bringing pro forma cash to ~$16M, to support upcoming launches, especially Mouse.
Several high-profile game launches and project completions, including Civilization VII - VR and Kill Knight.
Financial highlights
Ended FY25 with $13.5M in cash, down ~$24M YoY, mainly due to investment in future title launches; pro forma post-raise: ~$16M.
EBITDA loss of $7.5M, fully accounting for April's restructuring costs.
Net operating cash outflow of $7.3M, compared to $18.1M inflow last year.
Revenue from work-for-hire and original IP lower than FY24, with future investment outpacing current revenue.
Restructuring costs of $1.7M included in 2H25 results.
Outlook and guidance
FY26 revenue expected to exceed FY25, with Mouse as the primary revenue driver and lower operating costs following restructuring.
No explicit revenue guidance for Mouse until launch; revenues will be weighted post-launch.
Work-for-hire pipeline showing early signs of recovery, with more diversified and smaller contracts being won.
Major Work for Hire RFPs in negotiation and new AAA client opportunities.
Dumb Ways to Die and Game of Thrones: War for Westeros to see increased activity and marketing in FY26.
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