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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.
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H2 2025 earnings summary27 Aug, 2025

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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Frequently asked questions

PlaySide Studios Limited is an Australian video game development company focused on creating interactive entertainment across various platforms, including mobile, PC, and console. The company’s portfolio includes original games as well as titles developed in collaboration with major entertainment brands, covering genres like simulation, strategy, and casual gaming. PlaySide Studios also develops augmented reality (AR) and virtual reality (VR) content, expanding its offerings into immersive experiences. Serving a global audience, the company leverages both in-house intellectual property and partnerships to reach diverse gaming communities. The company is headquartered in Port Melbourne, Victoria, Australia, and its shares are listed on the Australian Securities Exchange.

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