tinyBuild (TBLD) H1 2025 earnings summary

Executive summary

• Continuing-operations revenue was $16.980m, up 1.3% YoY; Adjusted EBITDA improved to $4.230m from a $2.295m loss, with stronger catalogue mix and cost control supporting profitability.

• Own-IP titles generated 85% of gaming revenue and catalogue titles 100% of sales; four games ranked in Steam’s global Top 100 wishlists.

Financial highlights

• Game and merchandise royalties rose 10.1% to $16.129m; Events revenue was $0.751m, up 27.3%, while Development Services fell 93.4% to $0.100m.

• Operating profit was $3.609m versus a $6.593m loss; period profit was $2.721m versus a $6.486m loss.

• Cost of sales fell 48% to $5.535m and administrative expenses fell 31.4% to $7.255m; gross profit rose to $10.4m from $3.1m.

• Operating cash flow rose to $6.850m from $1.987m; net cash was $4.620m at June 30, 2025, with no borrowings.

• Software development investment fell 28.6% to $6.245m from $8.7m, primarily due to timing; development-cost impairment was $1.081m.

Outlook and guidance

• The Board expects FY 2025 results ahead of expectations at Adjusted EBITDA level, while noting H2 uncertainty.

• H2 margins are expected to face higher development-cost amortization and marketing as new titles launch; H1 benefited from release timing and unusually low marketing costs.

• Strong H1 performance provides flexibility on development budgets and release schedules; cash is expected to reduce toward year-end as investment continues.

• Release timing will remain flexible to suit product readiness and market conditions; SAND is targeted for full 1.0 release on PC and at least one console.