Ten Square Games (TEN) Q3 2026 earnings summary

Executive summary

• Q3 bookings were PLN 97.8M, up 15.0% YoY, with growth titles contributing more while core games remained the foundation.

• Q1–Q3 bookings rose 12.2% YoY to PLN 288.2M; revenue was PLN 290.0M and net profit PLN 33.4M, down from PLN 65.2M.

• Higher marketing investment supported product scaling and weighed on Q3 Adjusted EBITDA, which was PLN 8.9M.

Financial highlights

• Q3 sales revenue was PLN 98.9M, gross profit PLN 82.0M, operating profit PLN 6.5M, EBITDA PLN 9.8M and net profit PLN 5.1M.

• Q3 marketing spend was PLN 42.6M, up PLN 16.8M QoQ; 9M spend reached PLN 100.9M versus PLN 48.4M a year earlier.

• 9M EBITDA was PLN 47.7M and Adjusted EBITDA PLN 49.2M, versus PLN 85.5M and PLN 79.6M, respectively, in 9M 2025.

• Q3 operating cash flow was PLN 10.1M; cash and equivalents reached PLN 82.2M at September-end.

Outlook and guidance

• Near-term performance depends on core-game bookings, scaling Trophy Hunter and Wings of Heroes, Medal Hunter monetisation, Fishing Trip soft-launch results and disciplined investment allocation.

• Fishing Trip was ready for soft launch, pending platform validation; testing will assess retention, monetisation and acquisition economics before further investment.

• Medal Hunter priorities are monetisation and LTV improvement before broader marketing scale; Trophy Hunter must demonstrate efficient, sustainable scaling.

• No 2026 financial forecast was issued; Q4 marketing may be shifted or reduced if seasonal competition and acquisition costs weaken returns.