PlaySide Studios (PLY) H2 2026 earnings summary

Executive summary

• FY26 revenue reached $54.9m, exceeding guidance and up 13% year-over-year, driven by the launch of MOUSE: P.I. for Hire and significant cost restructuring, reducing overheads by $12m annually.

• MOUSE: P.I. for Hire became the most commercially successful original IP, generating $24m in revenue, over 1.1 million units sold, and $30m in gross sales.

• The company lost the Horizon Worlds contract with Meta but replaced it with new contracts from Meta, Epic Games, and Zero Latency.

• Major marketing campaigns are underway for Game of Thrones: War for Westeros, with a significant gameplay reveal planned at gamescom and an early 2HFY27 launch.

• New PC/console title Dumb Ways to Build announced, launching September 10.

Financial highlights

• Revenue for FY26 was $54.9m, up 13% year-over-year and above the guided range of $50–53m.

• Original IP revenue surged 108% to $34.7m, with MOUSE: P.I. for Hire contributing $24m.

• EBITDA improved to $15.5m from a $7.5m loss year-over-year, aided by a $7.8m Digital Games Tax Offset.

• NPAT returned to profitability at $5.4m; operating cash flow positive at $10.7m; year-end cash balance of $15.4m.

• Cost savings from restructuring totaled $12m annualized, with an additional $5m annualized savings expected in FY27.

Outlook and guidance

• FY27 catalysts include rebuilding the external projects pipeline, launching Game of Thrones: War for Westeros, and monetizing Dumb Ways to Die IP.

• Game of Thrones: War for Westeros expected to be a major revenue driver in FY27, with a major marketing push.

• Continued investment in business development, publishing, and new IP development, including Dew by MVRX Games.

• Capitalized development spend for Game of Thrones: War for Westeros to remain high through calendar 2027.