Tinybuild (LSE:TBLD) — Interim results for the six months ended 30 June 2026

0:01 Good afternoon, and welcome to the TINYBUILD H1 twenty twenty six Results Investor Presentation. Your screen. Simply type in your questions and press send. Before we begin, I would like to submit the phone poll. And I would now like to hand you over to the management team of TINYBUILD, Alex Jess. Good afternoon to you both. Hello. Good afternoon. Thanks everyone for joining. And, I'm actually broadcasting from a very special place right now. This, living room right behind me is where we started fifteen years ago. We had seven people crammed into a tiny space before we got our very first office.

0:47 So happy to be here, and it's been fifteen years now, which is kind of crazy. So today, we have our traditional presentation structure, which is, you know, go over the disclaimer where... Hi. I'm Alex. I'm founder and CEO of TINYBUILD. Been in the business for twenty odd years now. Everything from marketing to professional gaming to game journalism. And today, I get the honor of working on video games. And I'm joined by Jazz. Would you like to make a short intro? Hi, guys. Jazz, CFO. I've joined TINYBUILD just before the IPO in 2021.

1:32 Before that, over twenty years in finance and been CFO for the past three and a half years. And what, three and a half years it has been? So today, I think, so here is going to be our presentation structure. I'll do a brief operational intro, and, then we'll dive into the finances with Jazz, and then we'll talk a few case studies and strategy. And I'm sure, you will have a lot of questions about TINYBUILD, so please feel free to submit those. Now the way to look at the first half year of this year is we're seeing the fruits of our strategy. Remember that games take a while to develop. While we are shortening the development time spans, it's still two, three, four, five years for some of the titles.

2:27 And with the recent launches, you're seeing that we have had very strong publishing performance. We have proven that we know how to select games, how to get involved in development because we are a developer at heart with a very strong publishing division. Between launches like sand, graveyard keeper to Restory, Hosey, and several more this year, we are demonstrating a track record that we know what we're doing. And by we, I mean the team. We have best in class people working and making decisions really fast, creating campaigns that are really unique, and this directly feeds into our results.

3:15 That said, there is still a lot of work being done on the back catalog. So the back catalog is everything that we have launched in the previous calendar year between games like The King is Watching, getting DLC and new platforms, and continued work on our Hello Neighbor franchise. We are in quite a good place. Now we continue to invest. We do that in a very cost cautious way. We are investing into a lot of new IP alongside our back catalog. And currently, we have three games in the steep top 100 wish list, which we'll talk about at the end of the presentation. Speaking of the highlights, I think the main highlight for me is our direct to consumer game revenue. So our sales, how much money do we make by actually selling our games?

4:09 And that is $20,000,000 USD for the first half of the year, which is 18% up for... Compared to the previous half year. All of the other numbers, Jazz will talk more in-depth with you, but I am quite happy that we are maintaining a very healthy balance of own IP revenues, back catalog, as well as our cash position. We are a multi franchise company. This is something that I will probably be talking a lot more and, you know, more loudly because this year, we have clearly shown that it's not just about the one game.

4:54 A lot of shareholders, analysts, etcetera like to fixate on just the one game in the portfolio that looks really shiny. And half a year ago when we did our full year results, I did mention that, hey. Everyone should be looking at games like Cozy, like Restory, and yet everyone was focused on games like Kingmakers. And I'm sure there will be a lot of questions about Kingmakers in terms of when is it coming out, etcetera. We will not be talking about that here. What I said last time is that we're not going to reveal information that would skew our marketing. And for Kingmakers, there recently was a full twelve minute showcase demonstrating where the game is right now. If you want more information on Kingmakers, please go ahead and watch that. But getting back to multi franchise, we have very diversified revenues, and most of our revenues come from our own intellectual property.

5:55 As a reminder, the more I work with franchises and the more we're engaging with linear media, with cross media, the more important it is to have your own intellectual properties that you can control and steer into expansion. As a reminder, we are now seeing that some franchises will have their best year on its third or fourth decade. Case in point, the recently released Resident Evil has set records for that franchise. And just recently, a movie came out, which I'm yet to see. Please don't spoil it in the comments here. Now our back catalog has actually grown compared to last half year.

6:45 Specifically, this is due to a few launches that have happened in the last calendar year. And at the same time, with all of the new releases that we have, we are seeing quite significant revenue growth, as I mentioned, 18%. Right now, we're seeing at about 68% of back catalog revenues, and it doesn't mean that there is no work being done on the back catalog. There is a lot being done, but this gives you an idea of our new IP versus existing IP and how that gets split up. And I do believe it's quite a healthy split right now. And with that, let's dive into the finances with Jazz. To just look at the financials financials across h one for for net revenues on the left hand side, up 18%, and this is all organic. As you can see from the chart, it's the third six months period in a row that we see positive growth after three years of decline.

7:46 That reflects a slightly improved industry outlook, but mostly an organic drive, both combi... Combination of both, but Caterpillar doing well and new launches. In terms of adjusted EBITDA in the middle chart, 3,200,000, positive in the first half of twenty twenty six, up from the first, from the second half last year and slightly down from the first half last year, which benefit from an incredible throw through of first party title Deadside, which launched on console. And thirdly, on the right hand side, software development at $6,400,000. That's broadly flat. It has been broadly around the same level for the past three six months periods after a decline since 2022 peak.

8:44 Delving into adjusted EBITDA and operating profit, starting from 20,000,000 revenues, we subtract 6,800,000 in cost of sales. That includes royalties paid to development studio. So this is where you will see the the difference between first, second, and third party studio flow through. 3,400,000 of amortization of debt expenses. As a reminder, this is included in our adjusted EBITDA measure. And then 6,600,000 of s g and a, what you see as as as one of the most important items, marketing and expensed development costs. From there, from €3,200,000 adjusted EBITDA down to €1,100,000 operating profit after a depreciation and amortization and share based compensation of 800,000 Looking at the p and l compared to h one twenty twenty five, revenue up 18%.

9:47 In this half, we've had zero contribution from development services. Cost of sales increased 84%, mostly due, as we said, to the revenue mix. We had more second party titles versus first party title that side last year. SG and A was also up 20%, primarily due to higher marketing. We launched three games in h one twenty twenty six versus only one game in 2025 and a higher share of development costs, which were expensed in the half. This is development costs that occur after version one dot zero launch, which are expensed rather than capitalized. It means, basically, we're still working on some of our catalog titles as we see further further upside.

10:33 Zero impairments and no exceptional costs in the half. In terms of development cost, 6,400,000. You can see a longer time series of development costs starting from 2020, the peak in 2022, and then the resizing down to the recent level. At this point, we are at around a third of revenues being reinvested in software development. We feel comfortable with this level. It's a sustainable level, and it it is something that we we we... We're looking at preserving going forward. So as we as we see revenue grow, we'll probably tilt that pocket or that bucket of of investments slightly upwards while maintaining a very diversified approach. So on the right hand side, you can see over 30 projects we are investing in, including both catalog and pipeline.

11:31 And you can also see that no projects typically account for more than 10% of the total. We have also four projects of a slightly larger size with an annual spend of over 500,000. Moving on to the cash flow. In the... In terms of operating cash flow, 6,400,000. It's slightly down compared to last year, primarily due to the revenue mix. So slower... Slightly smaller flow through and as a result of minor impact from net working capital changes. Below that, in terms of investment activities, we already mentioned the 6,400,000 and nothing to report of any size in financial financing activities.

12:18 As a result, cash increased slightly from the end of twenty twenty five, 600,000 to 4,700,000 at the end of h one twenty six. In terms of cash utilization, from the beginning, 600,000 cash, add cash profit of 6,900,000. Pretty much all of that was reinvested in software developments. We see a number of very interesting investment opportunities. We are working both on the portfolio we already have, but also especially keen on creating new IP at this point. And we've had some some notable successes, including Sand, Restore, and so on. Closing the the half, as I mentioned, at 4,700,000, that's a level we feel comfortable with.

13:06 4 to 5,000,000 going forward is a is a very comfortable level for for where we stand right now. If revenues grow further as we expect, we'll we'll start accumulating a little bit more cash, but we will also start spending a little bit more on on software developments. In terms of balance sheet, nothing major to report on receivables and payables. No impairment in h one twenty twenty six. The only thing I'd like to flag, it's the '26 increase in deferred revenues up to 2,400,000. That includes some small platform deals already signed for which we already received the cash, but for which we haven't booked revenues yet. And as we said, cash up 2% to 4,700,000 And back over to you, Alex, for the strategic review.

13:58 Thank you so much, Jess. So I thought that for this one, we will do just a few showcases, three specifically, because we always get a lot of questions about recent launches. And let's talk about that. So Graveyard Keeper two. It launched two days ago, and I believe we are about to announce a sales milestone. Yeah. It's going to go out during this call. So this is an example of I see one of the questions here in the chat is what would happen if TINYBUILD goes on autopilot similar to how the king is watching plays where, you know, if the king is not watching, then work doesn't get done. I like the cheeky question, and it's relevant to this slide because if I was to step back or we were to, like, stop innovating and just do the same thing that worked for us this year, then we wouldn't have situations like Graveyard Keeper.

14:56 Because what happened here? Well, the original launched eight years ago. It was a runaway success for the company. We launched a few DLCs over the years for it. And as we were preparing to announce the sequel, the question was, well, how do we reactivate as many people as possible? How do we make sure that a lot of eyeballs are on the original? And how do we make sure that people get really engaged in the SQL and started displacing it? So the idea was something that hasn't been done before to my knowledge is to give away the original for free with a 100% discount on Steam, which means that every single person who wishlisted it and the game was saying on quite a big number of wishlists would get notification that the game is free.

15:47 That immediately spiked the concurrent users for the original graveyard keeper. Within the the game, there was a really convenient link to wishlist, the upcoming just announced sequel. So pretty much overnight, we've had half a million wishlists for the upcoming sequel and a very expanded audience that has just tried the game or remembered that they liked it eight years ago that was really engaged and waiting for the sequel. Then we did another thing that everyone recommended not to is to do preorders for the game. Now the reason we did preorders is because leading up to the launch, we knew that a lot of players were still very warm on the original, and we wanted to do a demo. We thought it was going to be critical for players to try the game before it launches.

16:48 And that's also something that, you know, for such high profile releases during a demo, we usually do that for a new IP or to participate in a festival. We did neither of those. We essentially gave players the first between four and six hours of the game, the beginning of it, and said that the save file will be transferable to the full game. So this worked like a charm despite everyone saying that it was a crazy series of ideas for marketing this game. Because on launch, we have hit 50,000 concurrent users. We have had the steam take over the big banner up top, and a very significant amount of engagement on this launch, which is actually the biggest launch for us in terms of concurrent users.

17:42 And it might end up being the biggest launch month in company's history. We're only two days in, so it's a little bit too early to tell. So none of this would be possible if we were just sitting on a formula that works because the stuff I just mentioned, everyone is already trying to copy it and it doesn't work because you can do such things once. And we do these kind of marketing campaigns and go to market strategies pretty much every year. We have a title that benefits from We always try. It doesn't always work, which is why we do a portfolio approach, which is again why shareholders should not be focused on, like, the one specific title. Because sometimes things go really well. Other times they go a little bit less well. But so far, our track record shows that doing things that are out of the norm is the way to go.

18:37 Now the second title I want to talk about today is SAND. I know that there were a lot of questions in the q and a here already about it. But here's the thing about SAND. It was probably the most difficult project of my career. It took us seven years to develop it. If it wasn't for... Well, first, the pandemic and then the war in Ukraine, it would have been shorter. But we knew that we want to launch multiplayer, highly competitive, and innovative shooters. We all love this genre and we want to be in it. And doing it with external studios so far has not worked for us.

19:23 We've tried and tried many times with some titles. And this one, when it launched on June 22 after a series of open betas, closed betas, a big trailer at the game awards... Sorry. Not the game awards, the Summer Games Fest in June. We finally launched it on June 22, and I'm happy to report that this is the most commercially successful launch we've ever had in the company's history. Caveat that for the first month, Graveyard Keeper two might overtake it, but we are very happy with this launch. We are right now working on a path towards the one point o release because the game did launch into early access and working on things like server stability, cheating, etcetera, which all come with a successful launch.

20:20 And acute observers will know that the game currently sits at the mixed racing. And to me, this is less of an issue because some of the highest profitable games on Steam still sit at the mixed ratings, including a game I play every day called PUBG. That is not an indicator of success. It means that a lot of people care and really voice their opinions. Another aspect here is that we will be doing a console launch. We have said that publicly, we are working on it. And as Jazz mentioned, last year, we launched Deathside on consoles, which was one of the biggest game launches for us even though it's a secondary launch, definitely. So SANT has a lot of potential still to unlock here, which I hope answers all of the questions that I see here pouring about SANT.

21:17 Now let's talk about another example, Restory. Restory is a game where you manage a cozy Japanese repair shop. You fix retro devices, which is definitely on the screen here. It's not a PlayStation Portable. It's a PNP. And there is a device called the Patento BS, which is definitely not a reference to Nintendo DS. But essentially, it's a cozy simulator that is narrative driven that we were able to figure out how to make almost infinitely replayable. If anyone has played it, they know that there is the marketplace where you have a chance of specific items spawning. And this is a wonderful production test case or case study where we were able to find a really enjoyable core loop, wrap it into a package that...

22:14 While it feels niche, it's actually quite mass market because we have shipped over half a million copies on this one so far. And everything was tied together in, like, a really neat package. Now this is a second game that we have shipped with this developer with Mandragora games. And the first one was called I am Legend, which we shipped just a few years ago. And within that game, there was... Sorry. I am future. I mixed up with the the movie. Now in that game, there was a micro mechanic about disassembling and fixing devices. And we saw that players will spend a lot of time within that mechanic. And by doing that game as a developer, we were able to stumble upon that mechanic and then figure out how to scale this into what it ended up becoming.

23:07 And through countless playtests and a very concentrated marketing campaign, the game was announced just last December and launched in August. We've had one of the most successful commercial launches for us and the fast list... Fastest wish list progression in company history. And these are just three examples. We have launched many more games this year in which I will be happy to talk about. Now speaking of the pipeline, the obvious one, Kingmakers, is still sitting comfortably in the top 10. I encourage everyone to watch the twelve minute showcase that we have revealed. But I do want to mention a newly announced game here that is sitting at the top 120 number in Steam top wish list. That is called Last Harbor.

23:55 There is a question about what's... Some of our internals to use are working on. Are they still working on those games? Well, one of our internals to use that has previously shipped Duckside, which is a Deadside spin off, is working on Last Harbor, which is getting a lot of traction. I should also say that probably Stolen has recently shown very good engagement in its demo, so we are excited about that launch. But when you look at the portfolio as a whole, if the game is in our portfolio, you should be looking at it. I would not single out specific titles at this point, and I hope that we have proven that that is the right call to look at everything as a portfolio.

24:43 Now closing remarks, I will just reemphasize that when you look at TINYBUILD as a company in the publishing space, we're not necessarily a publisher. We are a developer. We get very involved both creatively, technically on the go to market strategy with the game development process. In fact, I've been trying to remember examples when what we started working on was an external or internal development studio initially is what ended up shipping. So we always go through series of iterations. And when something works, we go full speed ahead on it. We will throw more marketing dollars. We'll throw more production resources to make whatever works work even better. And when something doesn't work, we use that as a data point to pivot and make very swift action to make sure that we are allocating resources in the right direction.

25:46 So with that said, the board remains confident that we're doing the right decisions and that we're headed in the right direction, and I am happy to jump into q and a. So, Jess, how do we wanna do this? I'll ask the questions. Let's start from from the elephant in the room. Where are we with Kingmakers? Part part of the... These questions have been partly answered, but just for fairness, I'll I'll repeat some of them. Will it be launched, and why is it taking so long? Games take a long time, especially unique games, which is why games like game makers are taking quite a while. Yeah. And we we we should also mention that, you know, when we get stronger audience validation, we're not shy to to to go back and re... Redraw our plan, our original plan.

26:42 So in this case, the key makers had an exceptional reception, and that explains why we we we are taking longer than originally forecast. Mhmm. The game is definitely gonna launch. We... We're definitely working on that. Not too worried about it. Second question, is Last Arbor being developed by Duckside team? And you answered that. Mhmm. With Duckside engine, and is BadPixel helping with development? I cannot talk about what BadPixel is working on right now. There's going to be a marketing beat at some point. Okay. And there was another question on Bad Pixel, which which is attached to this, whether it's it's gonna be working only on that side or something else. I think you I think you've answered that just now. I can say that they will be working on something else.

27:41 How do you think about the balance between self published titles and third party publishing deals in 2026 slate? I assume it's not about self published. It's about, like, our own, internal titles and first party. I feel like, there is a delicate balance. So, like, we will still do third party publishing where it makes strategic sense. Be that, you know, it's either a short hit or we really want to have a game in our portfolio, or we really love working with our developers so we know exactly what to expect. Obviously, the business rationale is better for us in terms of first party, and that is the strategy. But we're not excluding third party publishing. It's just not a priority for us. Okay.

28:27 Next question is on sand. I think, again, you partially answered, but let's go through that. Commercial potential of sand might not have been fully realized due to technical matchmaking and cheaters issues resulting in mixed reviews. Are there any lessons to learn from in terms of the release, which could be applied to the upcoming launch of Kingmakers? Well, actually, Kingmakers is irrelevant to the example of Sandd because Kingmakers doesn't use this dedicated servers. It's a peer to peer co op, and it's also co op. It's not player versus player. The challenges that Sam faces are similar to any multiplayer shooter. It's just that they are kind of bloated by the game's design. When you have a lot of dynamic objects in the game with these giant mechs walking around, the technology infrastructure you need to have there is intense.

29:27 And the lesson learned there is that we need to invest into anti cheat solutions that are process driven. So no anti cheats, you know, easy anti cheat or ballet will actually solve your cheating problems. What will solve them is a process built internally to catch, ban, and prevent cheaters from coming back. Okay. Next question is is on multimedia. Can you provide an update on the Hello Neighbor movie and on season three of the animated series? On the movie, not yet. Season three of the animated series. I I have spoken about this on Discord yesterday that, we will be seeing a trailer for it quite soon.

30:19 Another question. Can you give an estimate of your percentage split of unannounced or released games you're working on versus unannounced? So I I guess with I assume it's workload. Right? Workload or number of titles could be. Well, I mean, number of titles. We have 100 launched in the portfolio, and we're working on on 30 of them. But, I mean, in terms of workload, there is less work being done on the back end, back catalog versus new titles because there is a lot more work to do on new titles. Next question. Congrats on the amazing CCU numbers for new titles, including Graveyard Keeper two. Which metrics or signals tell you when to double down on a game or scale back your investment?

31:14 It's it's about the time spent. That is what it comes down to me. When... Whenever we we do an internal playtest and we look at how much time players spend in that playtest, if it's over a certain threshold or above what we expected, it's a very, very good sign for us. The rest of the science that we look at is is more data driven with a lot of surveys, and I will not dive into that too much because it's it's kind of commercially sensitive. Next question about scouting. What makes a new pitch a new pitch a strong fit for TINYBUILD's portfolio?

32:02 It's something that we believe is in front of a trend. It... It's very difficult to describe. I'd say that there's a lot of intuition that goes into selecting the games, and it's not just about the game. I'd say that's just half. The other half is how much are we vibing with the development team. Like, do we like each other? Do we... Are... Do we feel comfortable with each other in terms of collaboration? Because, again, none of the games that we are launching were in the same shape or had the same vision when they were pitched to us or when we found the the developers by Skousy.

32:50 It's a collaborative brainstorm, which actually, over the past couple of months, I... I'm noticing that this is catching a lot of developers off guard when on a call, you know, like an intro call, they expect to be pitching an idea to us. And instead, we're just starting to, like, spitball ideas about, like, where can this go or, like, what what aspect can be fun, how can we test it, etcetera. So this is where the developer DNA comes in because my own background is development, but also most of our production team are from game development companies that transitioned into publishing. So for us, it's it's a very intricate process, and we're also extremely selective in terms of the titles that get into our portfolio.

33:43 Next question. Back to multimedia. What's happening with the kingmakers movie? Let's just say that the announcement that went out was not an official announcement. It was a link from an agent. Another question on kingmakers. Will there be prepurchase? I guess it's preorders for kingmakers as well as there has been for g k two. No. Unlikely. Because for g k two, we have, like, a lot of content in the game. Like, it... It's a game where you replay the same thing over and over again, and you build a lot of factories and systems where zombies work. Kingmakers is a different game, I believe.

34:29 But what we will have is a playtest of it. It's kinda like similar to a demo, but right now, you can go to the Kingmaker Steam page and apply for a playtest. And whenever that releases, you might be eligible to get it. Okay. Couple of questions on finance. I'll take them. What cash position are you comfortable with until you start thinking about buybacks or expanding size number of projects? So for now, we're with the current cash position. We're necessarily trying to accumulate more cash. A buyback or any other options, including a dividend, we'll have to compete with investment opportunities. If we were to stumble on the biggest game ever at a reasonable budget with a very strong dev team, etcetera, we'll probably sign that up as we see more upside there.

35:23 But buybacks and dividends have been discussed at board level will be discussed again as options for for cash utilization. Second question on... Another question on financials. Do you expect EBITDA margin to increase in the second half compared to h one? So that really depends a little bit on the on the mix of of revenues as we've saw... As as we saw in in in h one. This year is mostly a second party titles in terms of a a new release. The back catalog is doing well, including including Hello Neighbor, which is, of course, a first party. But it's... It... At this point, it's still not very clear how the second half is gonna pan in terms of margins.

36:15 We know it's gonna be a much more even split between h one and h two in terms of profitability. Last year, we had a very strong profit in h one and a much smaller profit in the second half. This year, we see a much closer comparison between h one and h two. Back to you, Alex, or maybe shared. Can you explain your involvement in the game Smallland regarding Max Entertainment, lawsuit since you're now listed as publisher? Yeah. Just very briefly, we worked on that game, like, when it was just being announced, and then we worked out a deal where we, sold off the publishing rights to what ended up becoming Max Entertainment. That's about the gist of it.

37:10 And from from a financial side, I should add, and I think that's that's now clear to everybody that our our lawsuit, our... The the litigation we started with Maxent asking for €1,900,000 in unpaid royalties has only upside, meaning none of that has ever been booked as revenues. So and every single penny we receive from from Max Ant will have net positive effect on p and l and cash flow. In terms of timing, is maybe another questions related, always difficult to say with with litigations, Probably not this year. We... We're working on that in in good terms with the with the with the other party.

37:56 One more question on Graveyard Keeper. How is Graveyard Keeper two tracking versus internal expectations? How many wish list... Wish lists does Kingmakers currently have? Okay. So Graveyard Keeper two is tracking above our internal expectations, so we are very happy with that launch. I don't have the exact number on the number of pushless key makers has, but it's it's saying above what we had previously reported, which I believe was one and a half million. What are the key milestones before year end for TINYBUILD? Before year end, we have a few surprises up our sleeve that, I don't think we can spoil right now.

38:50 I'd say that, players players already noticed some things that are being teased in terms of an ARG, and, let's just leave it at that. Okay. What does management believe a full year 2026 will finish... Sorry. Why does management believe full year 2026 will finish ahead of expectations despite a lower h one profit? So on h one profit, I really need to emphasize, the anomaly, was h one twenty twenty five, which was exceptionally high because of the, incredible success of that side, which which has a very high flow through. So we we are not looking at h one twenty twenty six as as a bad number. It's it's a pretty solid number.

39:38 And we created a lot of value, a lot of new IP in in the first half. We believe we're gonna close ahead of expectations because we are seeing... I mean, one game we mentioned just launched two days ago, so we we had to incorporate that into into our expectations and in in the release very, very quickly. We believe we we are seeing already traction, and we we have been conservative forecasting revenues and profit for the past three or four years. We continue to be conservative. The estimates we see now in the markets, it's fair to say are at bottom end of what we expect right now. Another question, what level of marketing spend is still expected in the second half? And maybe Alex, I can take this one.

40:27 We had important launches in the first half. Some of them went out with a higher marketing than the average game. We don't expect the same in the second half of the year. So I'd say marketing would probably track below the first half in the second half. There was a question about speedrunner two, which is a fair one that from the outside, it seems like, it may not be getting as much traction, which is true for Steam. So with speedrunners, which is actually the first game we've published way back in 2013, the thing was that Steam was...

41:15 While it seemed like the biggest platform, it's actually a couch game. So when it came out on consoles, it actually did quite well. So the strategy with speedrunners was that we knew that fans of the original that play it on PC, we will never be able to make them happy because they know the game so much. They know the feel of it that we we won't be able to achieve something that they feel comfortable with because that's a game they love. But for console players, we knew that we could bring the game to a newer generation. So the strategy was to launch it on all platforms at once with cross play, and we worked out the deal with Game Pass that was not necessarily financially motivated, but to get access to the big audience in Game Pass so that Xbox essentially is feeding the player pool and the matchmaking for all other platforms.

42:16 And that part of the strategy has worked out, and I am quite happy with it. K. Do you have an estimate for graveyard keeper to sales after launch over the next few days... Over the last few days? Apologies. Let me just quickly check if the number went out because I don't want to put the number here on the call. Just one second. It has not went out yet. Just keep an eye on Twitter on x. And as we said, it's it's the... It's it's gonna compete with sand as the more most successfully...

43:04 More commercially successful launch to date. What do you think the market is missing today when valuing TINYBUILD? Common sense. I would add the the the video game industry has has come out of of three very tough years. We start seeing some some some positive signs in the industry, but most of what most of what we have done in the first half is organic, is is TINYBUILD juice. And it takes a little bit of time for for that to to to be understood. And for the results we have achieved in h one and after h one, launches like a king... Sorry, Graveyard Keeper two or or the same Restore it to get through the numbers.

43:56 We... We're not in a rush. We're here for the long term, and we we we we think we have built and we we are continuing to build a a very interesting portfolio, creating new IP that really has the longevity we we... We're looking for. Another question we can't answer, unfortunately, for commercial reasons is what gross margins do you get on first versus second party? Well, it is it is much higher on on on first party. We we can't discuss specific numbers. It's commercially sensitive, and it it varies contract to contract. Yep. Alright. I think that's all of the questions.

44:44 That's great. Yes. Alex and Jess, thank you for addressing all those questions for investors today. But, Alex, before we direct investors to provide you with a feedback question that's particularly important to yourself and the company, I please just ask you for a few closing comments? Well, I think, the one thing to think about when, when you look at the games industry is, it is going up. We are seeing more and more players. PC, Steam specifically, is growing at a rapid pace. So right now, to me, the industry feels healthier than it was during the pandemic. The flip side of that coin, we're seeing in AAA because there were... There was just a bit too much overinvestment on the AAA front that resulted in unrealistic expectations in terms of sales. So for us, outside of focusing on highly replayable games, the strategy is really how do we get something to market fast and with a budget that makes sense for ROI.

45:49 So from a business perspective, it's really important for me to make games faster. I don't want to spend another seven years working on a game like sand. A couple of years, that is reasonable. And these days, trends, they change so much so fast that it is important to keep your finger on the pulse of the industry, which is what we're doing now, and I believe the results are showing. So thank you so much for everyone to... Who joined, asked the difficult questions, and thank you for your support. Fantastic. Alex, Jess, thank you once again for updating investors today. Could I please ask investors not to close the session? As you know, we'll be automatically redirected to provide your feedback, which help the company better understand your views and expectations.

46:39 On behalf of the management team, we would like to thank you for attending today's presentation, and good afternoon to you all.