tinyBuild (TBLD) H2 2025 TU earnings summary

Executive summary

• FY 2025 revenue slightly ahead of expectations; positive H2 EBITDA followed a very strong H1, with contributions from new releases and the back catalogue.

• A strong 2026-and-beyond pipeline supports continued investment in new IP and evergreen franchises, with spending aligned to audience validation.

Financial highlights

• Revenue slightly ahead of expectations despite a challenging market; The King is Watching and Of Ash and Steel performed above expectations.

• H2 EBITDA was positive; no EBITDA amount or comparative figure was stated.

• Cash and cash equivalents exceeded $4m at 31 Dec 2025, slightly above expectations and broadly in line with 30 Jun 2025.

Outlook and guidance

• Revenue is expected to improve in 2026 following launches of certain high-potential games; cash is expected to fluctuate during the year.

• Release schedule is weighted toward H2 2026; Hozy and SAND are currently scheduled for H1.

• Pipeline includes several high-potential games with budgets above $1m, alongside catalogue updates, DLCs and platform launches.