REG - tinyBuild, Inc. - 2025 Half Year Results
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RNS Number : 4145Z tinyBuild, Inc. 16 September 2025
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Group's obligations under Article 17 of MAR.
Upon the publication of this announcement, this inside information is now
considered to be in the public domain.
16 September 2025
tinyBuild, Inc
("tinyBuild" or the "Group")
2025 half year results ahead of expectations
tinyBuild (AIM:TBLD), a premium video games publisher and developer with
global operations, is pleased to announce its unaudited results for the six
months ended 30 June 2025.
Financial highlights:
● Revenue from continuing operations of $17.0m (H1 2024: $16.8m),
broadly flat year‑on‑year thanks to strong catalogue performance; events
showed good growth to $0.8m (H1 2024 $0.6m).
● Adjusted EBITDA¹ from continuing operations of $4.2m (H1 2024:
$2.3m loss), a strong improvement due to favourable revenue mix and lower
operating costs (SG&A was $7.1m vs $10.5m in H1 2024).
● Gross profit improved to $10.4m (H1 2024: $3.1m), reflecting a
reduction in the impairment of development costs to $1.1m (H1 2024: $3.0m)
and lower cost of sales (ex‑impairment 33% of revenue vs 64% in H1 2024).
● Net cash from operating activities increased to $6.8m (H1 2024:
$2.0m), mirroring the earnings uplift from higher-margin mix and tighter
operating spend.
● Disposal of Red Cerberus in April 2025; results presented as
discontinued operations with $1.0m net cash inflow and a $0.5m pre‑tax loss
on disposal.
● Cash and cash equivalents of $4.6m at 30 June 2025
(31 December 2024: $3.1m), higher than expected throughout the summer
thanks to the strong performance of Deadside on console, and it is anticipated
to reduce towards the end of the year as the Company continues to invest in a
disciplined manner in upcoming game releases.
(
1) Includes amortisation of Development costs. Excludes impairment of
Development costs ($1.1m) and share-based compensation expenses (see note 6).
Operational highlights:
● Contribution from own-IP (first and second party) titles increased
to 85% of Gaming revenues(2) (H1 2024: 78%), primarily due to the success of
Deadside release on console.
● Back catalogue(3) sales increased to 100% of Gaming revenue(2) (H1
2024: 89%), again due to Deadside performance and a smaller number of new
titles launched in the first six months 2025 compared to 2024.
● Release of new titles such as Deep Cuts, plus additions to
catalogue titles such as version 1.0 of Level Zero: Extraction, the console
launch of Deadside and physical Switch editions for Graveyard Keeper and the
Hello Neighbor published by Atari.
● Announcement of new games such as Hozy, SpeedRunnners 2 and
Trainfort, plus SAND for console, plus numerous playtests and demos including
ALL WILL FALL, FEROCIOUS and prototype 2 for Hello Neighbor 3.
● Production of Season 3 of Hello Neighbor animated series
continued, and progress has been made on the Hello Neighbor film announced
back in 2024.
(
2) Excludes revenues from Development Services and Events
(3) Includes titles released prior to the current fiscal year
Post-Period End highlights:
● Successful release of new title The King is Watching, which sold
over 200k units in the first two weeks, and Drill Core version 1.0.
Outlook
● 2025 started with a strong EBITDA performance, but uncertainty
remains about the second part of the year in a crowded market (Steam saw 10%
more releases in H1 2025 than H1 2024).
● The pipeline includes a number of high-potential games; the strong
H1 gives management greater flexibility both in terms of development budget
and release schedule to achieve the full potential for each title.
● The implication of the conflict in Ukraine and the evolving
macroeconomic situation still impose caution and vigilance. In particular,
tinyBuild continues to carefully assess the position of its staff, its
exposure in terms of revenues and any other factor that may have an impact on
the business.
● All considered, the Board remains confident the Company is on
track to deliver results ahead of expectations at Adj. EBITDA level.
Alex Nichiporchik, Chief Executive Officer of tinyBuild, commented:
"tinyBuild has rocked so far in 2025, and I really want to thank our people
for the amazing achievements. We currently have 4 titles on the Steam Top100
Wishlist chart, a new record, and the second edition of TinyBuild Connect
reaffirmed our position as a leading developer publisher in the global
landscape."
"In a slowly-improving environment, our strategy to invest cautiously in new
own-IP with a diversified approach of higher and lower budget is showing good
results. We can look to the future with cautious optimism."
Enquiries:
tinyBuild, Inc investorrelations@tinybuild.com (mailto:investorrelations@tinybuild.com)
Alex Nichiporchik - Chief Executive Officer
Giasone (Jaz) Salati - Chief Financial Officer
Zeus (Nominated Adviser and Broker) +44 203 829 5000
Antonio Bossi / James Edis (Investment Banking)
Ben Robertson (Corporate Broking)
SEC Newgate (Financial PR) tinybuild@secnewgate.co.uk
Robin Tozer, Molly Gretton, Harry Handyside +44 (0)7540 106366
About tinyBuild:
Founded in 2013, tinyBuild (AIM: TBLD) is a leading premium AA-rated and indie
video games publisher and developer. tinyBuild has a strong portfolio of over
80 titles and it strategically secures access to IP and partners with
developers to establish a stable platform on which to build multi-game and
multimedia franchises.
Headquartered in Bellevue, Washington, USA, the Group has key operations
worldwide, with employees, contractors or partners in multiple locations
across five continents. tinyBuild's geographic diversity enables it to source
high-potential IP, cost-effective development resources and a loyal customer
base through innovative grassroots marketing. tinyBuild was admitted to AIM, a
market operated by the London Stock Exchange, in March 2021.
For further information, visit: www.tinybuildinvestors.com
(http://www.tinybuildinvestors.com) .
OPERATIONAL REVIEW
In the first half of 2025 we saw Steam setting a new record at 40m concurrent
players as the industry reboots after a couple of tough years. Funding remains
scarce and studio closures are still being announced as some of the most
ambitious projects fall short of expectations, but the worst seems behind us
and those that continued to invest in new IP may reap well-deserved rewards.
Over the past few years we have refocused on products that connect with
audiences, on infinitely re-playable games centred around systems: the
one-thousand hour game. Players validated our strategy with the highest amount
of Steam wishlists tinyBuild ever collected on the upcoming pipeline: four
games in the top 100 global ranking. As the market evolves, we refined our
go-to-market approach using demos and playtests to stay close to our audience
ahead of the launch and work hard to fix bugs and prioritise features that
affect game reviews after launch. The second edition of tinyBuild Connect last
May was another success introducing new playable versions for FEROCIOUS and
ALL WILL FALL, and announcing new games such as Trainfort and Hozy.
In slowly improving market conditions we are making every effort to remain
lean and nimble, keeping a close eye on our costs, which in turns gives us
more flexibility on our commercial strategy: we are not afraid to move the
release date for a game if we see a strong return on incremental development
to meet expectations of increasingly demanding players. Since 2023 lots of
work has gone into improving internal processes and communication: ownership
of each line of budget and timeliness of internal gives everyone more time to
act in an over-crowded industry.
In the first half, back catalogue and own-IP titles contributed 100% and 85%
of Gaming revenue, respectively, (H1 2024: 89% and 78%), broadly in line with
the average of the past five years. The pipeline of new titles has been
realigned to maximise the long-term revenue and profitability potential, while
maintaining a well-diversified portfolio.
Current portfolio and pipeline
Releases in the first half of 2025:
● Deadside (console) - Open‑world survival shooter with persistent
PvPvE (Player Vs Player Vs Environment), base‑building and tactical gunplay.
● Level Zero: Extraction (version 1.0) - An asymmetrical PvPvE
extraction shooter that blends survival‑horror tension with
objective‑driven looting and exfiltration.
● Deep Cuts (VR) - A physics‑driven VR action‑adventure that drops
players onto living movie sets, mixing melee, gunplay and light
puzzle‑solving in a "play‑the‑scene" structure.
After the end of the period, tinyBuild published:
● The King is Watching - Roguelite kingdom‑builder where
production only runs under your "royal gaze," creating tight, replayable
trade‑offs between economy and defence.
● Drill Core (version 1.0) - Strategic 2D "platform‑miner" sim/
roguelite about running planetary drilling operations, balancing crew
management, tech upgrades, and defences against alien threats.
● DUCKSIDE (console) - Persistent‑world survival shooter where you
literally play as armed ducks, combining PvPvE combat, base‑building, and
mission‑driven progression.
Looking ahead, tinyBuild has the strongest pipeline it has ever had:
● Kingmakers - Action-strategy sandbox where modern firearms and
co‑op command tools reshape medieval mass battles with thousands of units.
● Hello Neighbor 3 - Systems‑driven stealth‑adventure in a
simulated open town where emergent puzzles and social AI drive infiltration
and escape.
● FEROCIOUS - Survival FPS on a hostile prehistoric island, blending
exploration, crafting, and high‑intensity firefights against dinosaurs and
mercenaries.
● SAND - Open‑world PvPvE extraction shooter on a fallen desert
planet, anchored by customizable walking‑base "Tramplers" for traversal,
combat, and extraction.
● ALL WILL FALL - Physics‑driven ocean‑city builder where every
structure can collapse, forcing disciplined resource management and
risk‑aware vertical construction.
● Of Ash and Steel - Third‑person, low‑fantasy open‑world RPG
emphasizing methodical melee combat, unguided exploration, and old‑school
progression without quest markers.
● Streets of Rogue 2 - Procedural, systems‑heavy open world that
supports multiple playstyles-sneak, fight, trade, build, or farm-within a
chaotic immersive‑sim sandbox.
● SpeedRunners 2 - Competitive side‑scrolling racing/platformer
sequel with 8‑player lobbies and a new 64‑player tournament format for
large‑scale events.
● Trainfort - Co‑op survival‑crafting game about dwarven nomads
building a mobile train‑base to traverse a vast, post‑apocalyptic world in
search of resources.
● Hozy - Cozy renovation sim focused on cleaning, refurbishing, and
decorating neglected interiors with straightforward tools and high
"before/after" payoff.
● I Am Future (console) - Cozy post-apocalyptic survival/crafting on
flooded city rooftops; build and decorate a base, farm and fish, tinker with
gadgets, and automate chores with helper robots.
● VOIN (version 1.0) - Fast first‑person hack‑and‑slash
action‑RPG with loot‑driven builds and expanding regions like the
"Permafrost" zone adding progression and late‑game challenges.
Investing and innovating for growth
The Group continuously reviews the allocation of resources to maximise the
potential of each game during the development process. Since before the IPO,
tinyBuild's mantra has been to maintain a well-diversified portfolio of own-IP
that can be scaled into cross-media franchises, and we remain loyal to that.
Strict discipline on investments goes hand in hand with nimble and
decentralised structure. At a time when most are re-trenching on their
catalogue, the Company proved it is capable of delivering high-quality new-IP
and minimise the setbacks. The launch of The King is Watching is a good
example of how the Company's sophisticated marketing strategy can attract a
large audience even for a brand-new franchise.
Our focus has been on cash generation and financial stability. The executive
team is more selective about signing up new titles, while an uncertain
macroeconomic environment creates many opportunities. The disposal of Red
Cerberus (2 April 2025) refocused the Company on its' core competencies, with
more direct investments in high-potential studios.
People
Excluding the disposal of Red Cerberus, the number of staff remained broadly
stable in 2025 at nearly 200. Project and budget ownership means it is even
easier to spot and reward talent across the Group, which translates in a high
retention rate.
tinyBuild continues to support all its staff (employees and independent
contractors) and their families affected by the war in Ukraine and it
continues to carefully monitor the situation. Having helped staff move out of
the riskiest areas, the Group remains focused on mental health and
administrative support so they can settle in their preferred location across
Europe.
Position and strategy
tinyBuild is well-positioned with a strong pipeline of new titles and a proven
ability to attract, screen and market high-quality game franchises. Our
balanced investment strategy aims at building a diversified portfolio of
high-potential own-IP, and our multimedia franchise model allows us to extend
the life of our IP, maximising our return on investment.
Our medium-term strategy is to expand our position as a leading global video
games developer and publisher, focussing on IP ownership while creating
long-term scalable franchises across multiple media formats. 2025 has seen
significant progress towards that ambition, and I would like to thank all of
our staff for their amazing contribution and our shareholders for their
support.
Alex Nichiporchik
Chief Executive Officer
16 September 2025
FINANCIAL REVIEW
Results for the six months ended June 2025 were ahead of expectations, in a
market that remains extremely competitive. The Group continued to strengthen
its financial position, including the disposal of Red Cerberus (QA subsidiary
in Brazil), and had $4.6m in cash and cash equivalents (no debt) at the end of
the period.
Revenue
In the six months to June 2025, tinyBuild revenues from continuing operations
(excluding Red Cerberus) were $17.0m, broadly even compared to the previous
period (H1 2024: $16.8m). Back catalogue performed particularly strongly in
the first half, with the successful release of Deadside on console, supported
by over 90 titles and by well-established franchises such as Hello Neighbor,
Graveyard Keeper, Potion Craft and Streets of Rogue. Revenue from events,
primarily DevGAMM, increased slightly at $0.8m as the Group consolidated its
presence in Central and Western Europe.
Adjusted EBITDA and Operating Profit
Adjusted EBITDA is presented net of amortisation of development costs,
excluding impairment of development costs, share-based compensation expenses,
exceptional costs (e.g. legal costs related to M&A) and other operating
income, giving a clear yet conservative picture of the business progression.
Adjusted EBITDA from continuing operations for H1 2025 was positive $4.2m
($2.3m loss in H1 of 2024), reflecting stable revenues, a more favourable
revenue mix (85% own-IP revenues Vs 78% in H1 2024) and the full benefit of a
lower cost base, along with lower amortisation of development costs ($3.9m in
H1 2025 vs $4.5m in H1 2024).
Operating profit from continuing operations for H1 2025 was positive $3.6m (H1
2024: $6.6m loss), after accounting for the $1.1m impairment of development
costs (H1 2024: $3.0m). Excluding the impairment charges, a higher EBITDA is
derived by lower general and administrative expenses ($7.3m in H1 2025
compared with $10.5m in H1 2024) following the reduction in workforce
undertaken in 2024.
Finance costs and taxation
As the Group carries no debt, finance costs were immaterial in H1 2025.
Taxation charges were $0.3m (H1 2024: $0.3m).
Impairment
In H1 2025, tinyBuild incurred $1.1m charges relating to the impairment of
development costs ($3.0m in H1 2024).
Cash Flow
Cash flows from operating activities were $6.8m ($2.0m in H1 2024), including
a $3.0m decrease in net working capital (H1 2024: $1.4m decrease). Software
development costs, mainly consisting of developer salaries, advances,
localisation and porting, decreased 29% to $6.2m ($8.7m in H1 2024),
reflecting the rationalisation in investment for upcoming pipeline releases.
Employee incentive plan and EBT update
The Employee Benefit Trust continued to hold a total of 3,937,587 ordinary
shares as at 16 September 2025. The EBT was set up in 2022 for the benefit
of current and future employees and will continue to act independently of the
Company to satisfy potential share awards and future option exercises, once
vested.
As previously announced, the Remuneration Committee of tinyBuild intends to
utilise share awards to incentivise and retain key employees and executive
directors and further announcements are expected to be made in the near term.
The share awards not only encourage share ownership and stakeholder alignment
in the business but also serves to preserve cash resources that would
otherwise be used by the Company to satisfy bonus awards.
Financial Position
The net cash position at the end of June 2025 was $4.6m ($3.1m at the end of
December 2024), with the majority of the variation driven by the $1.0m net
proceeds from the disposal of Red Cerberus in April 2025.
Giasone (Jaz) Salati
Chief Financial Officer
16 September 2025
TINYBUILD INC.
UNAUDITED INTERIM RESULTS
FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2025
TINYBUILD INC.
CONSOLIDATED CONDENSED INCOME STATEMENT
6 months ended 30 June 2025 6 months ended 30 June 2024 Year ended 31 December 2024
Note
Unaudited Unaudited Audited
$'000 $'000 $'000
Revenue 4 16,980 16,764 30,438
Cost of sales:
- Cost of sales (5,535) (10,652) (18,672)
- Impairment of development costs 8 (1,081) (3,028) (13,663)
Total cost of sales (6,616) (13,680) (32,335)
Gross profit/(loss) 10,364 3,084 (1,897)
Administrative expenses:
- General administrative expenses (7,145) (9,522) (17,277)
- Impairment of trade receivables - (946) (1,811)
- Share-based payment expenses (110) (102) (147)
Total administrative expenses (7,255) (10,570) (19,235)
Gain on disposal of intangible assets - 773 -
Other operating income 500 137 1,024
Operating profit/(loss) 3,609 (6,593) (20,165)
Finance costs (14) (42) (27)
Finance income - 60 133
Profit/(loss) on ordinary activities before taxation 3,595 (6,558) (20,001)
Income tax expense (309) (323) (267)
Profit/(loss) from continuing operations 3,286 (6,881) (20,268)
Discontinued operations
(Loss)/profit for the year from discontinued operations (565) 395 (326)
Profit/(loss) for the period 2,721 (6,486) (20,594)
Attributable to:
Owners of the parent company 2,690 (6,581) (20,522)
Non-controlling interests 31 95 (72)
2,721 (6,486) (20,594)
Basic and diluted earnings/(loss) per share ($) 6 0.007 (0.018) (0.054)
Adjusted EBITDA (continuing operations)* 7 4,230 (2,295) (5,875)
*Adjusted EBITDA is a non-IFRS measure and is defined as earnings from
continuing operations after capitalised software development costs, but before
interest, tax, depreciation, amortisation, share-based payments expenses,
impairment and other significant one-off other income or expense items.
TINYBUILD INC.
CONSOLIDATED CONDENSED STATEMENT OF COMPREHENSIVE INCOME
6 months ended 30 June 2025 6 months ended 30 June 2024 Year ended 31 December 2024
Unaudited Unaudited Audited
$'000 $'000 $'000
Profit/(loss) for the period 2,721 (6,897) (20,325)
Other comprehensive income/(loss) net of taxation
Exchange differences on translation of foreign operations - items that may be 73 (3) (30)
reclassified to profit and loss
Total comprehensive income/(loss) for the period 2,794 (6,894) (20,355)
Attributable to:
Owners of the parent company 2,763 (6,992) (20,253)
Non-controlling interests 31 95 (72)
2,794 (6,894) (20,355)
TINYBUILD INC.
CONSOLIDATED CONDENSED STATEMENT OF FINANCIAL POSITION
30 June 31 December 2024
2025
Unaudited Audited
ASSETS Note $'000 $'000
Non-current assets
Intangible assets 8 41,034 41,750
Property, plant and equipment:
- owned assets - 287
- right-of-use assets 117 374
Other receivables 411 408
Total non-current assets 41,562 42,819
Current assets
Trade and other receivables 3,929 7,951
Cash and cash equivalents 4,620 3,088
Total current assets 8,549 11,039
TOTAL ASSETS 50,111 53,858
EQUITY AND LIABILITIES
Equity
Share capital 9 397 397
Share premium 76,809 76,809
Own shares (1,100) (1,100)
Warrant reserve 1,920 1,920
Translation reserve (62) (135)
Retained earnings (35,787) (38,587)
Equity attributable to owners of the parent company 42,177 39,304
Non-controlling interest (392) (423)
Total equity 41,785 38,881
LIABILITIES
Non-current liabilities
Lease liabilities 24 218
Deferred tax liabilities 166 154
Total non-current liabilities 190 372
Current liabilities
Trade and other payables 8,045 14,441
Lease liabilities 90 164
Total current liabilities 8,135 14,605
Total liabilities 8,325 14,977
TOTAL EQUITY AND LIABILITIES 50,111 53,858
TINYBUILD INC.
CONSOLIDATED CONDENSED STATEMENT OF CHANGES IN EQUITY
Share capital Share premium Own shares Warrant reserve Translation reserve Retained Total equity attributable to owners of the parent Non-controlling interest Total
earnings equity
Note $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
Balance at 1 January 2025 397 76,809 (1,100) 1,920 (135) (38,587) 39,304 (423) 38,881
Profit for the period - - - - - 2,690 2,690 31 2,721
Other comprehensive income:
Foreign exchange differences on translation of foreign operations - - - - 73
- 73 - 73
Total comprehensive income for the period - - - - 73 2,690 2,763 31 2,794
Transactions with owners in their capacity as owners:
Share-based payments - - - - - 110 110 - 110
Total transactions with owners - - - - - 110 110 - 110
Balance at 30 June 2025 397 76,809 (1,100) 1,920 (62) (35,787) 42,177 (392) 41,785
TINYBUILD INC.
CONSOLIDATED CONDENSED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
Share capital Share premium Own shares Warrant reserve Translation reserve Retained Total equity attributable to owners of the parent Non-controlling interest Total
earnings equity
Note $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
Balance at 1 January 2024 204 65,593 (1,031) 1,920 (17) (18,213) 48,456 (351) 48,105
Loss for the period - - - - - (6,581) (6,581) 95 (6,486)
Other comprehensive income:
Foreign exchange differences on translation of foreign operations - - - - (57) - (57) (57)
-
Total comprehensive loss for the period - - - - (57) (6,581) (6,638) 95 (6,543)
Transactions with owners in their capacity as owners:
Issue of shares, net of transaction costs 9 193 11,216 - - - - 11,409 - 11,409
Share-based payments - - - - - 102 102 - 102
Own shares acquired - - (69) - - - (69) - (69)
Total transactions with owners 193 11,216 (69) - - 148 11,443 - 11,443
Balance at 30 June 2024 397 76,809 (1,100) 1,920 (74) (24,692) 53,261 (256) 53,005
TINYBUILD INC.
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
6 months ended 30 June 2025 6 months ended 30 June 2024 Year ended 31 December 2024
Unaudited Unaudited Audited
Note $'000 $'000 $'000
Cash flows from operating activities
Cash generated from operations 10 6,850 1,987 6,173
Interest received (14) 6 117
Net cash generated from operating activities 6,836 1,993 6,290
Cash flows from investing activities
Software development costs (6,245) (8,748) (19,315)
Proceeds from disposal of intangible assets - 2,557 2,594
Costs arising from disposal of intangible assets - (262) -
Purchase of property, plant and equipment (26) (11) (22)
Proceeds on disposal of subsidiaries 988 - -
Net cash used in investing activities (5,283) (6,464) (16,743)
Cash flows from financing activities
Acquisition of own shares - (69) (69)
Proceeds from issuance of shares - 12,298 12,298
Transaction costs arising from issuance of shares - (889) (889)
Payment of principal portion of lease liabilities (21) (167) (299)
Net cash generated from/(used in) financing activities (21) 11,173 11,041
Cash and cash equivalents
Net increase/(decrease) in the period 1,532 6,702 588
At beginning of period 3,088 2,500 2,500
At end of period 4,620 9,202 3,088
TINYBUILD INC.
NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2025
1 GENERAL INFORMATION
tinyBuild Inc. ("the Company") is a public company limited by shares, and is
registered, domiciled and incorporated in Delaware, USA. The address of the
registered office is 1239 120(th) Ave NE, Suite A, Bellevue, WA 98005, United
States.
The Group ("the Group") consists of tinyBuild Inc. and all of its
subsidiaries. The Group's principal activity is that of an indie video game
publisher and developer.
The Board of Directors approved this interim financial information on 16
September 2025.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
These condensed, consolidated financial statements for the interim half-year
reporting period ended 30 June 2025 have been prepared in accordance with IAS
34 'Interim Financial Reporting'. These interim financial statements do not
constitute full financial statements and do not include all the notes of the
type normally included in annual financial statements. Accordingly, these
financial statements are to be read in conjunction with the annual report for
the year ended 31 December 2024.
The annual financial statements of the Group are prepared in accordance with
International Financial Reporting Standards ("IFRS") as issued by the
International Accounting Standards Board ("IASB"). The Annual Report and
Financial Statements for 2024 have been issued and are available on the
Group's investor relations' website:
https://www.tinybuildinvestors.com/documents-and-presentations.
The financial statements have been prepared on the historical cost basis
except for, where disclosed in the accounting policies, certain financial
instruments that are measured at fair value. The financial statements are
prepared in US Dollars, which is the functional currency and presentational
currency of the Group. Monetary amounts in these financial statements are
rounded to the nearest thousand US Dollars (US$'000).
Tax charged within the six months ended 30 June 2025 has been calculated by
applying the effective rate of tax which is expected to apply to the Group for
the year ending 31 December 2025 as required by IAS 34.
With the exception of the new standard set out below, the Group has applied
the same accounting policies and methods of computation in its interim
consolidated financial statements as in its 31 December 2024 annual financial
statements.
Standard/amendment Effective date
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of 1 January 2025
Exchangeability
The above standard, that will apply for the first time in the next annual
financial statements, has not had a material impact on the Group.
Going concern
The Group remains in a significant net asset position of $41.8m at the
reporting date. The Group continues to have no borrowings and has cash and
cash equivalents of $4.6m at the reporting date. Generating further funds
through the sale of intellectual property remains an option for the Group.
Furthermore, the Group has a number of high-potential games in the pipeline,
which are anticipated to contribute to organic revenue growth in the second
half of FY25 and beyond. Having considered the information available and
recent changes to the business, the Directors have concluded that there are no
material uncertainties related to events or conditions that might cast
significant doubt upon the Group's ability to continue as a going concern.
3 DISCONTINUED OPERATIONS
In April 2025, the Group disposed of Red Cerberus LLC, together with its
subsidiary Red Cerberus Brasil LTDA. Accordingly, these subsidiaries have been
classified as discontinued operations in the current period. In line with the
requirements of IFRS 5, the results of these subsidiaries have been presented
within discontinued operations for the current and comparative periods.
The results of the discontinued operations, which have been included in the
profit for the 6 month period presented, are as follows:
6 months ended 30 June 2025 6 months ended 30 June 2024 Year ended 31 December 2024
$'000 $'000 $'000
Revenue 329 2,071 4,261
Cost of sales 123 (1,039) (2,698)
Administrative expenses (465) (624) (1,834)
Finance income 2 7 11
Finance costs - (20) -
(Loss)/profit before tax from ordinary activities (11) 395 (260)
Loss on disposal of subsidiaries (482) - -
(Loss)/profit before tax from discontinued operations (494) 395 (260)
Income tax (72) - (66)
(Loss)/profit for the year from discontinued operations (565) 395 (326)
The pre-tax loss on disposal of subsidiaries was determined as follows:
6 months ended 30 June 2025
$'000
Cash consideration received 1,296
Cash disposed of (308)
Net cash inflow on disposal of subsidiaries 988
Net assets disposed other than cash:
Intangible assets (355)
Property, plant and equipment - owned (252)
Property, plant and equipment - leased (229)
Trade and other receivables (1,319)
Trade and other payables 438
Lease liabilities 248
(1,470)
Pre-tax loss on disposal of subsidiaries (482)
The cashflows from discontinued operations included in the consolidated cash
flow statement for the year 2025 and 2024 are as follows:
Cash flows from / (used in) discontinued operations
6 months ended 30 June 2025 6 months ended 30 June 2024 Year ended 31 December 2024
Unaudited Unaudited Audited
$'000 $'000 $'000
Net cash inflow from / (used in) operating activities 227 658 1
Net cash from investing activities (including cash inflows from the sale of - (9) (15)
subsidiaries)
Net cash (used in) / inflow from financing activities - - -
227 649 (14)
4 REVENUE 6 months ended 30 June 2025 6 months ended 30 June 2024 Year ended 31 December 2024
Unaudited Unaudited Audited
An analysis of the Group's revenue is as follows: $'000 $'000 $'000
Revenue analysed by class of business
Game and merchandise royalties 16,129 16,837 29,861
Development services 100 (663) (805)
Events 752 590 1,382
16,980 16,764 30,438
Revenue from development services is stated net of a true up adjustment of
$nil for the period ended 30 June 2025 (30 June 2024: $1,092,000, 31 December
2024: $1,092,000).
5 SEGMENTAL REPORTING
IFRS 8 'Operating Segments' requires that operating segments be identified on
the basis of internal reporting and decision-making. The Group identifies
operating segments based on internal management reporting that is regularly
reported to and reviewed by the Chief Executive Officer, who is identified as
the chief operating decision maker. Management information is reported as one
operating segment, being revenue from self-published franchises and other
revenue streams such as royalties, licensing, development and events.
Whilst the chief operating decision maker assessed there to be only one
segment, the Group's portfolio of games is split between those based on IP
owned by the Group and those based on IP owned by a third party, therefore to
aid the readers' understanding of our results, the split of revenue from these
two categories is shown below.
Game and merchandise royalties 6 months ended 30 June 2025 6 months ended 30 June 2024 Year ended 31 December 2024
Unaudited Unaudited Audited
$'000 $'000 $'000
Owned IP 13,762 13,070 23,107
Third-party IP 2,367 3,767 6,756
16,129 16,837 29,861
For the six months ended 30 June 2025, three customers were responsible for
approximately 81% of the Group's revenues (30 June 2024: four - 75%, 31
December 2024: three - 68%). Three customers were responsible for
approximately 71% of the Group's accounts receivable balance (30 June 2024:
four - 43%, 31 December 2024: four - 68%).
As at 30 June 2025, the Group has one right-of-use asset located overseas with
a carrying value of $117,000 (30 June 2024: seven - $516,000, 31 December
2024: five - $374,000). As at 30 June 2025 the Group also has tangible fixed
assets located overseas with a total carrying value of $nil (30 June 2024:
$397,000, 31 December 2024: $291,552). The reduction is due to the disposal of
Red Cerberus LLC, see note 3. All other non-current assets are located in the
US.
6 EARNINGS PER SHARE
The Group reports basic and diluted earnings per common share. Basic earnings
per share is calculated by dividing the profit attributable to common
shareholders of the Group by the weighted average number of common shares
outstanding during the period, which excludes any treasury shares held by the
Group.
Diluted earnings per share is determined by dividing the profit attributable
to common shareholders by the weighted average number of common shares
outstanding, taking into account the effects of all potential dilutive common
shares, including options.
6 months ended 30 June 2025 6 months ended 30 June 2024 Year ended
31 December 2024
Unaudited Unaudited Audited
$'000 $'000 $'000
Profit/(loss) attributable to the owners of the Group 2,690 (6,581) (20,522)
Weighted average number of shares 397,219,319 369,513,019 383,484,707
Basic earnings/(loss) per share ($) 0.007 (0.018) (0.054)
6 months ended 30 June 2025 6 months ended 30 June 2024 Year ended
31 December 2024
Unaudited Unaudited Audited
$'000 $'000 $'000
Profit/(loss) attributable to the owners of the Group 2,690 (6,581) (20,522)
Weighted average number of shares 397,219,319 369,513,019 383,484,707
Dilutive effect of share options - - -
Dilutive effect of warrants - - -
Weighted average number of diluted shares 397,219,319 369,513,019 383,484,707
Diluted earnings/(loss) per share ($) 0.007 (0.018) (0.054)
There are 2,078,083 options outstanding at period end (30 June 2024: 2,837,095
and 31 December 2024: 2,078,084) and 1,511,449 warrants outstanding at period
end (30 June 2024: 1,511,449 and 31 December 2024: 1,511,449). The options
and warrants are not included in the calculation of diluted earnings per share
for the periods ended 30 June 2025 and 30 June 2024, and the year ended 31
December 2024 because they are antidilutive.
Pursuant to IAS 33 'Earnings per Share', options whose exercise price is
higher than the value of the Group's security were not taken into account in
determining the effect of dilutive instruments. The calculation of diluted
earnings per share does not assume conversion, exercise, or other issue of
potential ordinary shares that would have an antidilutive effect on earnings
per share.
7 ALTERNATIVE PERFORMANCE MEASURES
The Directors of the Group have presented the performance measure 'Adjusted
EBITDA' as they monitor this performance measure at a consolidated level and
they believe this measure is relevant to an understanding of the Group's
financial performance. Adjusted EBITDA is calculated by adjusting profit from
continuing operations to exclude the impact of taxation, net finance costs,
share-based payment expenses, depreciation, impairment of intangible assets,
amortisation of purchased intellectual property, acquisition costs, legal and
professional costs associated with the purchase of subsidiaries and
intellectual property, Ukraine-related expenses and fair value gains on
contingent consideration liabilities. Adjusted EBITDA is not a defined
performance measure in IFRS. The Group's definition of Adjusted EBITDA may not
be comparable with similarly titled performance measures and disclosures by
other entities.
Amortisation of $3.9m (30 June 2024: $4.5m, 31 December 2024: $10.5m) of
software development costs has been included in arriving at Adjusted EBITDA,
as they are a primary cost in the Group's ordinary course of business.
Accrued royalties of $1.7m (30 June 2024: $nil, 31 December 2024: $2.3m) have
been derecognised as part of a legal settlement. This release of accrued
royalties is included as a reduction in royalty expenses within cost of sales.
It relates to the second step in the renegotiation of a specific contract and
is not expected to recur, therefore it has been deducted in arriving at
Adjusted EBITDA.
6 months ended 6 months ended Year ended
30 June 2025 30 June 2024 31 December 2024
Unaudited Unaudited Audited
$'000 $'000 $'000
Profit/(loss) for the period from continuing operations 3,286 (6,881) (20,268)
Income tax expense 309 323 267
Finance costs 14 42 27
Finance income - (60) (133)
Share-based payment expenses 110 102 147
Amortisation of purchased intellectual property, brands and customer 1,545 1,758
relationships
3,291
Depreciation of property, plant and equipment 85 303 424
Impairment of development costs and other intangible assets 1,081 3,028 13,663
Release of accrued royalties (1,700) - (2,269)
Other operating income (500) (137) (1,024)
Gain on disposal of intangible assets - (773) -
Adjusted EBITDA from continuing operations 4,230 (2,295) (5,875)
8 INTANGIBLE ASSETS Purchased intellectual property Software development costs
Goodwill Brands Customer relationships Total
$'000 $'000 $'000 $'000 $'000 $'000
Cost:
As at 1 January 2024 13,202 1,815 4,261 29,966 97,183 146,427
Additions - internally generated - - - - 19,315 19,315
Disposals - - - (2,000) (1,159) (3,159)
As at 31 December 2024 13,202 1,815 4,261 27,966 115,339 162,583
Additions - internally generated - - - - 6,245 6,245
Disposals (5,960) - (4,261) - - (10,221)
As at 30 June 2025 7,242 1,815 - 27,966 121,584 158,607
Amortisation and impairment:
As at 1 January 2024 13,202 879 3,786 13,868 63,180 94,915
Amortisation charge for the year - continuing operations
- 73 - 3,219 10,504 13,796
Amortisation charge for the period - discontinued operations
- - 97 - - 97
Impairment charge for the year - - - - 13,663 13,663
Disposals - - - (510) (1,128) (1,638)
As at 31 December 2024 13,202 952 3,883 16,577 86,219 120,833
Amortisation charge for the period - continuing operations -
36 - 1,545 3,921 5,502
Amortisation charge for the period - discontinued operations -
- 24 - - 24
Impairment charge for the period - - - - 1,081 1,081
Disposals (5,960) - (3,907) - - (9,867)
As at 30 June 2025 7,242 988 - 18,122 91,221 117,573
Carrying amount:
As at 30 June 2025 - 827 - 9,844 30,363 41,034
As at 31 December 2024 - 863 378 11,389 29,120 41,750
During H1 2025, the Group has recorded impairment losses of $1.1m against the
carrying value of software development costs. The impairment of software
development costs relates to a small number of recently released games that
didn't meet management expectations. The recoverable amounts of the intangible
assets have been determined by a value-in-use calculation using a discounted
cash flow model, based on an annual projection period approved by management
and extrapolated for a further 3 years. The pre-tax discount rate applied was
7%.
The sensitivities are as follows for the impairment:
• A 1% increase/decrease in the pre-tax discount rate would
increase/decrease the impairment charge by $3,000
The disposals during H1 2025 related to the disposal of Red Cerberus (see note
3).
9 SHARE CAPITAL 30 June 31 December 2024
2025
Unaudited Audited
Number Number
Class of share
Ordinary shares of $0.001 each 397,219,319 397,219,319
30 June 31 December 2024
2025
Unaudited Audited
$'000 $'000
Class of share
Ordinary shares of $0.001 each 397 397
10 CASH GENERATED FROM OPERATIONS 6 months ended 6 months ended Year ended
30 June 2025 30 June 2024 31 December 2024
Unaudited Unaudited Audited
$'000 $'000 $'000
Profit/(loss) for the period 2,721 (6,486) (20,594)
Adjustments for:
Share-based payments 110 102 147
Amortisation of intangible assets 5,525 6,295 13,893
Impairment of development costs and other intangible assets 3,028
1,081 13,663
Loss on disposal of subsidiaries (note 3) 482 - -
Write off of bad debt - 946 1,814
Depreciation of tangible fixed assets 86 303 522
Loss on disposal of tangible fixed assets - 9 125
Gain on disposal of intangible assets - (773) (1,024)
Finance costs 14 62 (144)
Finance income - (68) 27
Income tax expense 309 323 333
Movements in working capital:
Decrease in receivables 2,703 2,810 3,877
Decrease in payables (5,862) (4,241) (6,133)
Income tax paid (319) (323) (333)
Cash generated from operations 6,850 1,987 6,173
11 RELATED PARTY TRANSACTIONS
An analysis of key management personnel remuneration is set out below:
Key management personnel remuneration 6 months ended 6 months ended Year ended
30 June 2025 30 June 2024 31 December 2024
Unaudited Unaudited Audited
$'000 $'000 $'000
Short term employee benefits 580 636 1,197
Equity-settled share-based payments/(reversals) - (52) 9
580 584 1,206
Transactions with other related parties
There were no other related party transactions during the period which require
disclosure.
12 CONTINGENT LIABILITIES
The sale of Red Cerberus during the period is subject to final closing debt
adjustments which are in dispute between tinyBuild and the purchaser. The
potential liability is $96,000. No provision has been made as management have
concluded that it is not probable that a material liability will arise.
In June 2025, tinyBuild received a Notice of Claim from the purchaser of Red
Cerberus in relation to a municipal tax assessment against Red Cerberus Brasil
LTDA. tinyBuild is disputing the claim and has engaged legal counsel. The
potential liability is $511,000. No provision has been made as management have
concluded that it is not probable that a material liability will arise.
13 SUBSEQUENT EVENTS
Subsequent events have been reviewed and evaluated up to 16 September 2025
when these financial statements were approved and authorised for issue by the
Directors, and there are no material events to be disclosed or adjusted for in
these financial statements.
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