tinyBuild (TBLD) H1 2026 earnings summary

Executive summary

• H1 revenue grew 18% organically to $20.0m, supported by catalogue titles and new launches; net game revenue was $19.096m.

• Adjusted EBITDA fell to $3.2m from $4.2m as a less favorable revenue mix, higher royalties and launch marketing weighed on profitability.

• The Board expects FY 2026 results above expectations, while maintaining a diversified own-IP portfolio and disciplined investment approach.

Financial highlights

• Total revenue rose 18% to $20.021m; game and merchandise royalties increased 18% to $19.096m, while Development Services revenue fell to zero from $0.1m.

• Adjusted EBITDA was $3.232m versus $4.230m; operating profit was $1.088m versus $3.610m, and profit for the period was $1.031m versus $2.720m.

• Gross profit fell to $9.8m from $10.4m; cost of sales rose 84% to $10.194m and SG&A rose 20% to $8.739m.

• Operating cash generated was $6.418m versus $6.8m; cash at 30 June 2026 was $4.720m versus $4.620m at 31 December 2025.

• H1 2026 had no development-cost impairments or exceptional costs.

Outlook and guidance

• The Board expects FY 2026 results above expectations, citing strong early-year revenue, new-launch traction and a high-potential pipeline.

• H2 profitability is expected to be closer to H1 than in 2025; H2 marketing spend is expected below H1, with revenue mix remaining a margin variable.

• The pipeline includes projects with budgets above $5m alongside new IP and catalogue expansions; management expects pipeline titles to support organic growth in H2 FY26 and beyond.

• Kingmakers is confirmed for launch, with timing extended after exceptional audience reception; no launch date was given.