tinyBuild (TBLD) H2 2025 earnings summary

Executive summary

• FY 2025 revenue rose 17% to $35.511m, net game revenue increased 16.5% to $33.9m, and Adjusted EBITDA swung to $5.6m profit from a $6.1m loss.

• Strategy focuses on owned IP, scalable franchises and multi-format expansion; owned IP contributed 86% of gaming revenue, with seven titles among the top 200 global Steam wishlists entering 2026.

Financial highlights

• Total revenue increased to $35.511m from $30.438m; game and merchandise royalties rose 7% to $31.965m, Development Services revenue was $1.896m and Events revenue was $1.650m.

• Cost of sales fell 10% to $16.821m, primarily from a more favorable owned-IP mix; administrative expenses declined 23% to $14.804m.

• Adjusted EBITDA improved to $5.6m from a $6.1m loss; adjusted EBITDA margin reached 15.8%, versus negative 19.9% in FY 2024.

• Net loss was $4.180m; operating loss narrowed to $2.845m from $20.108m.

• Net cash generated from operations doubled to $12.665m; year-end cash was $4.615m, up $1.527m year over year.

Outlook and guidance

• The Board said the strategy remains on track and results are expected to be ahead of expectations; 2026 expectations were described as achievable even if Kingmakers launches in FY 2027.

• Seven titles ranked in the top 200 global Steam wishlists, with more than 40 projects in development and selected budgets increased following audience validation.

• Hozy surpassed 450,000 wishlists after reaching 400,000 on March 18, with launch scheduled for March 30, 2026; All Will Fall was due to follow shortly.

• Portfolio-based forecasting, cost control, conservative cash forecasts, shorter development cycles and playtesting guide investment and cash protection.