Snail (SNAL) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 139.2% YoY to $33.1M; net income was $6.7M versus a $7.9M loss, and non-GAAP EBITDA was $7.2M versus a $9.7M loss.

• Results were led by ARK: Survival Ascended releases and higher ASA and Bellwright sales; management expects full-year growth versus 2025 and 2024.

Financial highlights

• 9M revenue increased 42.6% to $80.0M; net income was $5.8M versus a $26.4M loss, and non-GAAP EBITDA was $6.5M versus a $15.6M loss.

• Q3 bookings rose 30.4% to $23.0M from $17.6M; 9M bookings increased 7.0% to $71.7M from $67.0M.

• Q3 operating income was $7.2M versus a $9.9M loss; 9M operating income was $6.5M versus a $15.8M loss.

• Q3 sales growth included a $13.9M change in deferred revenue, higher ASA and Bellwright sales, and Honeycomb: The World Beyond sales.

• Nine-month operating cash flow was $6.1M versus $4.2M; net cash increased $3.9M.

Outlook and guidance

• Management expects full-year results to grow versus 2025 and 2024; the Q4 content slate includes Fantastic Tames Season 1, Dragontopia content and the Boundless Sky World Map.

• Three ASA DLCs—ARK Atlantis, Galaxy Wars and Legacy of Santiago—plus ARK Maker, Survival of the Fittest and PixARK Worlds are planned for 2027.

• For The Stars and Nine Yin Sutra titles are in development; Bellwright console ports and a year-end traversal update are planned.