tinyBuild (TBLD) H2 2024 earnings summary

Executive summary

• FY24 was a reset year focused on cash generation, tighter cost control and data-led investment in high-potential games.

• Revenue was $34.699m; adjusted EBITDA loss narrowed to $3.681m, and cash generated from operations was $6.173m.

• The portfolio comprised 90+ games; own IP generated 77% of gaming revenue, back catalogue 87%, and three titles ranked in Steam’s global top 100 wishlists.

Financial highlights

• Revenue fell 22% to $34.699m from $44.663m; game and merchandise royalties declined to $27.710m from $34.296m.

• Operating loss narrowed to $20.378m from $63.756m; development-cost impairments were $13.663m versus $36.206m.

• Adjusted EBITDA loss improved to $3.681m from $7.113m as cost savings and a slightly better revenue mix offset lower sales.

• Cost of sales fell to $21m from $31m and administrative expenses to $21m from $26.27m.

• Cash generated from operations was $6.173m versus $10.618m; software development investment fell to $19.315m from $31.898m.

Outlook and guidance

• The Board said the strategy was right and remained on track to deliver results in line with expectations.

• Development spending is planned at a similar level to 2024, with flexibility to protect a cash buffer and business viability; budgets will respond to audience validation.

• Upcoming own-IP launches are expected to support revenue growth and margin expansion; substantial cost changes are not expected.

• Platform-deal revenue showed green shoots for 2025, though the outlook remained difficult to quantify; development services revenue is expected to fall with Red Cerberus removed.

• Kingmakers targeted a 2025 launch and ranked among Steam’s top 15 wishlisted games; the announced pipeline included 10 titles.