Ten Square Games (TEN) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw continued execution of a growth strategy, balancing stable core portfolio performance with scaling of new titles and disciplined investment in new projects.

• Bookings for Q1 2026 reached PLN 98.4 million, up 3% sequentially and 9% year-over-year, driven by new titles Trophy Hunter and Wings of Heroes alongside stable main titles.

• Core games Fishing Clash and Hunting Clash remain profit drivers, while new titles like Trophy Hunter and Medal Hunter are being scaled.

• Direct-to-consumer (D2C) platform expanded, supporting direct monetization and alternative payment methods.

• Monetization strategies for new titles are being refined, with a focus on long-term player engagement.

Financial highlights

• Group bookings reached PLN 98.4M in Q1 2026, up 3.0% quarter-over-quarter, driven by growth titles.

• Adjusted EBITDA for Q1 2026 was PLN 18.9 million, up 1.9% quarter-over-quarter.

• Net profit increased by 16.0% quarter-over-quarter to PLN 13.6M.

• Cash and cash equivalents increased to PLN 137.2M, supported by strong operating cash flows.

• Dividend of PLN 10.00 per share for 2025, totaling PLN 63.7 million, to be paid in May 2026.

Outlook and guidance

• Focus remains on scaling promising titles, advancing Medal Hunter to global launch, and testing new concepts for future growth.

• Main titles Fishing Clash and Hunting Clash remain the financial foundation, with performance dependent on LiveOps, retention, monetization, and marketing efficiency.

• Growth titles Trophy Hunter and Wings of Heroes are expected to drive future bookings, with focus on scaling and monetization.

• The D2C platform's expansion and adoption, especially in the U.S., is anticipated to improve margins.

• Ongoing market tests for new prototypes may influence the project pipeline and future growth.