Playstudios (MYPS) Q4 2025 earnings summary

Executive summary

• Fourth quarter 2025 revenue was $55.4 million, down from $67.8 million in Q4 2024; full year revenue was $235.1 million, down from $289.4 million in 2024.

• Net loss for Q4 2025 was $13.7 million, an improvement from $22.4 million in Q4 2024; full year net loss was $28.6 million, nearly flat year-over-year.

• Reinvention program delivered $29 million in annualized cost savings; a second stage is expected to generate an additional $33–$39 million in annualized savings.

• Strategic focus shifted to sweepstakes-enabled social casino and casual puzzle games, with Tetris Block Party and playSWEEPS as primary growth drivers.

• The Win Zone is now live in all permissible jurisdictions; POP! Slots sweepstakes integration is targeted for late Q2 2026.

Financial highlights

• Q4 2025 consolidated AEBITDA was $5.1 million, down from $12.5 million in Q4 2024; full year AEBITDA was $35.6 million, down from $56.5 million in 2024.

• Q4 AEBITDA margin was 9.3%, a 910 basis point decrease year-over-year; full year margin was 15.1%, down from 19.5%.

• Direct-to-consumer revenue grew 76.7% in Q4 and 78.7% for the year, now representing 18.9% of Q4 virtual currency revenue.

• Cash and cash equivalents at year-end were $104.9 million.

Outlook and guidance

• No formal financial guidance provided due to evolving legacy portfolio performance and early-stage growth initiatives.

• Management remains committed to transparency and ongoing investor engagement.