Tinybuild Inc. · LSE:TBLD
Tinybuild — FY2025 Earnings Presentation
27 slides from Tinybuild's earnings presentation, March 2026
Slide 1: FY 2025 Results Presentation
FY 2025 RESULTS PRESENTATION
Slide 2: Disclaimer
DISCLAIMER IMPORTANT: You must read the following disclaimer before continuing. The following disclaimer applies to the following presentation and you are therefore advised to read this disclaimer carefully before reading, assessing or making any other use of the presentation. In accessing the prese
Slide 3: Presenting Today
PRESENTING TODAY Alex Nichiporchik - CEO, Founder 20+ years' industry experience. Pro-gamer, shipped tens of titles as Producer, discovered pillar titles and built relationships with key influencers. Giasone (Jaz) Salati - CFO 20+ years’ finance experience. Top ranked equity research analyst, and Chie
Slide 4: Agenda - FY 2025
AGENDA - FY 2025 OPERATIONAL REVIEW FINANCIAL REVIEW STRATEGY APPENDIX 4
Slide 5: Operational Review
OPERATIONAL REVIEW Alex Nichiporchik, CEO
Slide 6: FY 2025 - Back in the Game
FY 2025 - BACK IN THE GAME ▪ Investments in new IP bearing fruits (e.g. The King is Watching) ▪ Strong operating leverage resulting from Own-IP strategy ▪ Growth ambitions supported by strong pipeline (seven games in the top 200 Steam global wishlist) ▪ Data-driven capital allocation boost investmen
Slide 7: FY 25 Highlights
FY 25 HIGHLIGHTS $35.5m $5.6m >100 games portfolio consolidated revenues Adj. EBITDA1 86% 88% $4.6m of sales from Own-IP cash at the end of Dec ‘25 of sales from catalogue 1 Adjusted EBITDA is presented net of amortisation of development costs, excluding impairment of intangible assets, depreciation
Slide 8: Diversified Portfolio / Own-IP
DIVERSIFIED PORTFOLIO/ OWN-IP OVER 100 GAMES FOR A DIVERSIFIED PORTFOLIO FY25 FY24 86% OWN-IP AS % OF GAMING REVENUE* 8 * Gaming revenues exclude revenues from Development Services and Events
Slide 9: Back Catalogue / Front List
BACK CATALOGUE / FRONT LIST 88% BACK CATALOGUE* AS % OF GAMING REVENUES** * Back catalogue is defined as any games released in the prior financial year and before 9 ** Gaming revenues exclude revenues from Development Services and Events
Slide 10: Financial Review
FINANCIAL REVIEW Giasone (Jaz) Salati, CFO
Slide 11: FY 25 - Summary
FY 25 - SUMMARY Net Game Revenues 1 Adj. EBITDA 2 Software Development ▪ Net game revenue returned to growth in ▪ Adj. EBITDA was $5.6m in FY 2025 ($6.1m ▪ Investments in software development FY 2025 were $33.9m (+16.5% y-o-y) loss in FY 2024) demonstrating high decreased to $11.8m, or 33% of revenu
Slide 12: Adj. EBITDA
ADJ. EBITDA $5.6m Adj. EBITDA in FY 2025 ▪ Swing to positive Adj. EBITDA in 2025 primarily driven by more favourable revenue mix (own-IP) ▪ Continued cost control enhances operating leverage ▪ Impairments also includes a $1.8m charge for the Versus Evil brand 12
Slide 13: Profit & Loss
PROFIT & LOSS (12m to 12/31/2025, audited, $'000) 2024 2025 Change Game and merchandise royalties 29,861 31,965 7% Development Services (805) 1,896 n.a. ▪ Revenue from game sales (including Licensing) Events 1,382 1,650 19% increased 7%; DevGAMM continued to perform well Total Revenue 30,438 35,511
Slide 14: Development Costs
DEVELOPMENT COSTS $11.8m DEVELOPMENT INVESTMENTS 40 PROJECTS UNDER DEVELOPMENT ▪ Software development investments decreased in FY ▪ 9 projects have an annual spend of over $500k, including catalogue and 2025 while the budget for a number of games increase unreleased titles. Spending on a single game
Slide 15: Cash Flow
CASH FLOW (12m to 12/31/2025, audited, $'000) Profit/ Loss for the period 2024 (20,594) 2025 (4,180) Change na Share-based payments 147 231 57% Amortisation of intangible assets 13,892 10,497 -24% Impairment of goodwill & intangible assets 13,663 7,231 -47% Depreciation of tangible fixed assets 522 16
Slide 16: Cash Utilisation
CASH UTILISATION $4.6m CASH AT 30 DECEMBER 2025 ▪ Cash position improved to $4.6m at the end of December 2025 thanks to a strong operational performance ▪ $11.8m investments in development of new games ▪ M&A generated $0.8m net proceeds (disposal of Red Cerberus) 16
Slide 17: Balance Sheet
BALANCE SHEET (12m to 12/31/2025, audited, $'000) 2024 2025 Change Intangible Assets 41,750 35,301 -15% Property, Plant and Equipment 661 133 -80% Other Assets 408 412 1% Total non-current assets 42,819 35,847 -16% Trade and Other Receivables 7,951 6,031 -24% Cash 3,088 4,615 49% ▪ Intangible assets
Slide 18: Strategic Review
STRATEGIC REVIEW Alex Nichiporchik (CEO, Founder)
Slide 19: Case Study: The King is Watching
CASE STUDY: THE KING IS WATCHING ▪ from jam prototype to stronger roguelike ▪ 1 million+ players on free Itch.io and Opera GX ▪ Steam Next Fest key breakout (60k wishlists) ▪ 11-hour playtime boosted Steam’s algorithm ▪ Localisation led to ~40% of sales from China -> top 3 launch on Steam 19
Slide 20: Case Study: Hozy
CASE STUDY: HOZY ▪ Revealed at tinyBuild Connect 2025 + demo ▪ Hit 150k wishlists within ~4 months of reveal ▪ Steam Next Fest Feb 2026 breakout, top cozy demo lists ▪ 300k wishlists milestone (Feb 18, 2026) ▪ 400k wishlists (Mar 11, 2026) -> March 30, 2026 launch 20
Slide 21: Case Study: D-Side
CASE STUDY: D-SIDE ▪ Deadside console launch after 5y early access PC ▪ 150k new players in 2 weeks (trial conversion) ▪ Duckside from April’s fool to real survival game ▪ Traction exploded as big survival influencers jumped in ▪ Systems cross‑pollination: progression, base‑building, etc. -> “engine
Slide 22: Announced Pipeline
ANNOUNCED PIPELINE 1. ALL WILL FALL (#167) - a physics based city builder 2. Hello Neighbor 3 - a physics-powered heist / home-alone game by the creator of Hello Neighbor 3. Hozy (#135) - a cozy renovation and decorating sim 4. Kingmakers (#7) - an action/strategy sandbox to change history with time
Slide 23: Franchise Expansion
FRANCHISE EXPANSION ▪ Hello Neighbor 3 devlogs traction ▪ Season 3 Animated series + movie ▪ Modding relaunched Hello Neighbor ▪ Portfolio effect expands brand reach -> full multimedia development
Slide 24: Closing Remarks
CLOSING REMARKS Alex Nichiporchik (CEO, Founder)
Slide 25: Core Strategy
CORE STRATEGY …across Global …creating long …focused on IP multiple developer term scalable ownership… media publisher… franchises… formats 25
Slide 26: Outlook
OUTLOOK The Board remains confident the Company has adopted the right strategy and is on track to deliver results at least in line with expectations 26
Slide 27: Q&A
Q&A