PlaySide Studios (PLY) H1 2026 earnings summary

Executive summary

• Revenue for the half year ended 31 December 2025 was $20.4 million, down 28% year-over-year, but exceeded guidance of AUD 19–20 million.

• EBITDA improved to $9.5 million from a $3.0 million loss, driven by cost reductions and a $7.8 million Digital Games Tax Offset.

• Net profit after tax (NPAT) was $7.9 million, compared to a $5.3 million loss in the previous year, reflecting a 249% increase.

• Operating cash flow turned positive at $5.6 million, up from $1.1 million.

• Headcount reduced from 353 to 261 after restructuring, delivering annualized cost savings of ~$7 million.

Financial highlights

• External Projects revenue was $14.8 million (down 20%), Original IP revenue was $5.6 million (down 43%), and publishing revenue was $0.05 million.

• Net cash balance stood at $14.0 million at period end.

• Operating cash flow was $5.6 million, up from $1.1 million in the prior period.

• Capitalized development costs increased due to investment in key titles.

• Secured $6 million in debt financing, backed by a $7.8 million Digital Games Tax Offset claim.

Outlook and guidance

• FY26 revenue is expected to exceed FY25, driven by the global launch of MOUSE: P.I. for Hire and further cost reductions.

• Updated guidance will be provided after the launch of MOUSE: P.I. for Hire.

• Positive industry tailwinds and increased RFP activity support optimism for new contract wins.

• Cashflow forecasts are positive but depend on timely launches and revenue from key titles.

• Additional business development hires in the UAE and Germany are expected to boost the project pipeline.