tinyBuild (TBLD) Trading update summary

Trading and liquidity

• Revenue for the first five months of 2025 slightly ahead of expectations, excluding Red Cerberus, sold in April 2025.

• Cash and cash equivalents in the mid-single-digit millions at 31 May 2025; reduced cash burn, disciplined cash management and no borrowings.

• Cash expected to reach a trough in summer 2025, then improve following launches of certain high-potential games.

• Difficult industry backdrop; catalogue management includes Deadside console release, alongside investment in new IP such as Kingmakers and SAND.

Pipeline and releases

• Steam wishlist rankings: Kingmakers #13, SAND #41, Streets of Rogue 2 #61 and Ferocious #120.

• 2025 release schedule heavily weighted to H2; launch risks remain, with cost control and investment reviews tied to audience validation.

• Pipeline for 2025 and beyond includes larger-budget games above $1m, alongside catalogue updates, DLCs and platform launches.

• Games showcased at tinyBuild Connect included SAND, Kingmakers, DUCKSIDE, Streets of Rogue 2, The King is Watching, Trainfort, All Will Fall, Of Ash and Steel and SpeedRunners 21.

Outlook and other updates

• Board confident results remain on track to meet expectations; macroeconomic changes and the conflict in Ukraine warrant medium- and long-term caution.

• Employee Benefit Trust held 3,937,587 ordinary shares as of 3 June 2025, to support future share awards and vested-option exercises.