REG - Winking Studios Ltd - Preliminary Results For Year Ended 31 Dec 2025
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RNS Number : 6099U Winking Studios Limited 27 February 2026
WINKING STUDIOS LIMITED
(Company Registration No. 159882)
(Incorporated in the Cayman Islands)
27 February 2026
Preliminary Results For The Year Ended 31 December 2025
Scaling delivery and building the platform for long-term growth
Winking Studios Limited (AIM / SGX: WKS) ("Winking Studios" or the "Company"
and together with its subsidiaries, the "Group"), one of the leading global
AAA game art outsourcing studios and an established game development company,
announces its unaudited full year results for the financial year ended 31
December 2025 ("FY2025").
Financial Summary
(US$ million) FY2025 FY2024 Change (%)
Revenue 45.5 31.9 +42.6
Gross profit 13.5 9.5 +43.2
Gross margin (%) 29.8 29.7 +0.1 percentage point
Adjusted EBITDA( 1 ) 5.4 4.8 +13.2
Adjusted EBITDA margin (%) 12.0 15.1 (3.1) percentage point
EBITDA 3.4 2.0 +69.2
Adjusted net profit( 2 ) 3.0 3.4 (12.3)
Net profit 0.3 0.5 (37.9)
· Underlying organic revenue growth( 3 ) was 8.6%, with momentum strengthening
in second half of the year as expected.
· Mineloader contributed revenue of US$11.4 million following completion of the
acquisition in April 2025. Excluding this, the Group's underlying revenue
growth rate was 7.0%.
· Mainland China and Hong Kong( 4 ) remained the largest revenue contributor,
increasing 51.1% to US$16.7 million (FY2024: US$11.1 million).
· US revenue more than doubled to US$7.3 million (FY2024: US$3.5 million),
driven mainly by the addition of Mineloader.
· Repeat revenue from follow-up projects represented 32.8% of revenue (FY2024:
41.4%), reflecting the larger mix of console projects following the Mineloader
acquisition, which typically generate fewer follow-up projects.
· Gross profit rose in line with revenue growth, with gross margin maintained.
· Cash, cash equivalents and bond investments of US$28.8 million at year end,
with zero debt, after completion of the acquisition of Mineloader (31 December
2024: US$41.3 million; zero debt).
Strategic Highlights
· Successfully integrated Mineloader, one of Asia's leading game art outsourcing
and development studios, and the Group's largest acquisition to date (US$19.8
million), adding AAA console capability.
· Launched Vertic Studios, a new high-end art production brand in Southeast Asia
focused solely on AAA projects, with English-speaking teams.
· AAA titles worked on increased to 117 in FY2025 (FY2024: 14), supported by
Mineloader and the expanded studio network. The Group coordinated delivery on
major franchises, including Ninja Gaiden.
· Headcount increased by 68.6% to 1,426 employees (FY2024: 846), reflecting the
addition of Mineloader and continued investment in Southeast Asia.
Outlook
· As at 31 December 2025, indicative artist bookings of at least US$48.6 million
over the following 24 months, with approximately US$34.6 million expected to
be recognised as revenue in FY2026 (subject to final customer confirmation).
· Trading in FY2026 has started in line with the Board's expectations, with
outsourcing demand exceeding earlier expectations as the global games market
enters a recovery phase, albeit with continued price sensitivity.
· Establishing the Group's operational presence in Western markets remains a key
priority, alongside selective M&A.
· Supported by favourable long-term market drivers, good revenue visibility,
increased capacity and a robust balance sheet, the Board is confident in the
Group's positioning for FY2026 and its ability to continue executing its
growth strategy.
Executive Director and Chief Executive Officer (Founder) of Winking Studios,
Johnny Jan, commented:
"FY2025 was a standout year for Winking Studios. We delivered strong growth,
scaled the business meaningfully and showed what the Group can do with
Mineloader fully embedded in our platform. We also saw a clear recovery in
organic momentum in the second half, alongside a step-change in our AAA
delivery across the expanded studio network. That progress reflects the
quality of our teams and the trust we have built with leading developers and
publishers.
"Our focus now is on the next stage of execution. 2026 is set to be an
important year for the Group, as we continue investing in talent and capacity
in Southeast Asia and forge ahead with formally establishing an operational
presence in Western markets. Overall market conditions are improving and,
while developers and publishers remain cost-conscious, more development and
art work is being allocated to outsourcing partners. With a strong balance
sheet, solid revenue visibility and supportive long-term market drivers, we
have entered the new financial year confident in our strategy and in our
ability to deliver sustainable value for shareholders."
Enquiries
Singapore UK
Winking Studios Limited Alma Strategic Communications
Johnny Jan, Executive Director and Chief Executive Officer (Founder) Justine James / David Ison / Emma Thompson
Oliver Yen, Finance Director and Group Chief Financial Officer +44 (0)20 3405 0205
WKS@almastrategic.com (mailto:WKS@almastrategic.com)
8PR Asia (Investor Relations) Strand Hanson Limited
Alex Tan (Financial and Nominated Adviser)
+65 9451 5252 James Harris / James Bellman
alex.tan@8prasia.com (mailto:alex.tan@8prasia.com) +44 (0)20 7409 3494
PrimePartners Corporate Finance Pte. Ltd. SP Angel Corporate Finance LLP (Joint Broker)
(Continuing Sponsor) Stuart Gledhill / Charlie Bouverat (Corporate Finance)
Foo Jien Jieng Abigail Wayne / Rob Rees (Corporate Broking)
sponsorship@ppcf.com.sg (mailto:sponsorship@ppcf.com.sg) +44 (0)20 3470 0470
Zeus Capital Limited (Joint Broker)
James Hornigold (Investment Banking)
Ben Robertson (Equity Capital Markets)
About Winking Studios Limited (AIM and SGX: WKS)
Headquartered in Singapore and dual-listed on the London Stock Exchange and
Singapore Exchange (Trading Code: WKS), Winking Studios Limited is one of the
leading global AAA game art outsourcing studios and an established game
development company.
With over 25 years of experience and an established track record, the Group
provides end-to-end art outsourcing, game development services and other
gaming services across various platforms for the global gaming industry via
its three business segments of Art Outsourcing, Game Development and Global
Publishing & Other Services.
The Group has 13 studios across Taipei, Nanjing, Suzhou, Dalian, Tianjin,
Shanghai and Kuala Lumpur with over 1,400 highly skilled employees serving a
global customer base that includes 22 of the top 25 game development companies
in the world. For more information, please visit www.winkingworks.com
(https://www.winkingworks.com/) .
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.
CEO's Statement
Strong full-year performance and delivery against expectations
FY2025 was a year of significant growth and strategic progress for Winking
Studios. I am pleased to report we delivered 42.6% revenue growth, with
full-year revenue increasing to US$45.5 million (FY2024: US$31.9 million),
marginally higher than market expectations( 5 ).
This robust performance was underpinned by the contribution of Mineloader, our
largest acquisition to date, which was completed in April 2025, and a rebound
in organic growth during the second half. Underlying organic revenue grew by
8.6%, with most of that growth coming in 2H2025, as we anticipated at the half
year point. Excluding revenue contribution from Mineloader, the Group's
underlying revenue growth rate was 7.0%.
In addition, the Group significantly increased the number of AAA titles worked
on during the year, from 14 in FY2024 to 117 in FY2025, driven primarily by
the inclusion of Mineloader and supported by broader execution across our
expanded studio network. AAA games are high-budget, high-production-value
video games developed to the highest commercial and technical standards,
typically by major international publishers and studios.
The year saw continued progress in diversifying our geographic mix, with
revenue from new and existing customers in the United States increasing 109.3%
to US$7.3 million (FY2024: US$3.5 million), mainly due to Mineloader's higher
concentration of Western customers. Mainland China and Hong Kong continued to
be the Group's main revenue contributor, increasing 51.1% to US$16.7 million
(FY2024: US$11.1 million).
Closely aligned with revenue growth, gross profit increased 43.2% to US$13.5
million (FY2024: US$9.5 million), with gross margin stable at 29.8% in FY2025
(FY2024: 29.7%). The contribution from Mineloader, which specialises in
higher-margin AAA console art projects, mitigated some pressure from Asian
mobile gaming projects, which typically have lower pricing.
Adjusted EBITDA for the year increased by 13.2% to US$5.4 million (FY2024:
US$4.8 million), demonstrating the resilience of our underlying business
despite the addition of ongoing public listing costs and the expanded cost
base following our acquisitions. More details of our financial results for
FY2025 can be found in the CFO's Review and detailed financial statements.
The Company's dividend policy is to distribute approximately 5% to 15% of its
annual distributable profits, although such payments remain at the discretion
of the Board. In light of the positive business momentum in FY2025 and taking
into account Winking's cash balance, the Board has proposed an annual final
dividend per share for FY2025 that exceeds these parameters, which is the same
amount of dividend per share paid for FY2024. The proposed final dividend is
subject to shareholders' approval at the upcoming AGM and will be paid based
on the prevailing exchange rate at the time of payment.
We remain disciplined in how we allocate capital, maintaining the flexibility
to invest in the Group's capabilities and to continue pursuing value-accretive
M&A opportunities, supported by our strong balance sheet.
Supported by our expanded scale, enhanced capabilities, and solid base of
repeat revenue, with follow-up projects representing 32.8% of total revenue in
FY2025, we are confident that Winking Studios is well positioned to advance
its growth objectives and deliver sustainable, long-term value for our
stakeholders.
Scaling capacity and capability to meet growing demand
Demand for our art outsourcing and game development services was robust
throughout FY2025, with momentum accelerating through Q2 and carrying into the
second half. Activity was strongest in Asia, driven by a sharp rebound in
mobile gaming content demand, while Western demand, particularly for console
projects, recovered more gradually.
We continue to invest in expanding our capabilities to support rising global
demand. In 2H2025 we launched Vertic Studios, our new high-end art production
brand based in Southeast Asia, which focuses solely on AAA-quality projects
and enables clients to work directly with English-speaking artist teams. The
Southeast Asia production hub grew rapidly to more than 80 people by the end
of the year, and is already contributing to the business with many new client
engagements that leverage the hub's top-tier talent and cost-efficient
production. Vertic Studios also expands our service offering, including into
high-end CGI cinematics and animation for game trailers and media, areas of
increasing demand.
Throughout the year, we continued to strengthen relationships with major
global game developers and publishers. These deep client partnerships,
combined with our expanded capacity, have resulted in a growing pipeline of
new and follow-up projects. As at 31 December 2025, the Group's indicative
artist bookings totalled at least US$48.6 million over the next 24 months
(subject to final customer confirmation), with approximately US$34.6 million
expected to be recognised as revenue in FY2026, supporting strong revenue
visibility into the new financial year.
Our involvement in high-profile game franchises remains extensive, including,
for example, work on major titles within the Ninja Gaiden series. Delivering
time-critical work across multiple studios demonstrates the Group's ability to
execute reliably on large-scale AAA projects within compressed development
schedules. By supporting such blockbuster titles and other top-selling games
around the world, we not only contribute to our clients' success but also
secure a dependable stream of follow-up work that underpins our future growth.
The Group ended FY2025 with approximately 1,426 employees across its studio
network (FY2024: 846), reflecting the scale added through Mineloader and
continued investment in Southeast Asia.
Successful Mineloader integration and continued progress on M&A
The benefits of our proactive M&A-led growth strategy are clearly
demonstrated in our results. The acquisition of Mineloader added significant
scale, expertise and new client relationships to the Group.
Revenue from Mineloader amounted to approximately US$11.4 million during the
year, based on a nine-month contribution period, and - just as importantly -
brought almost 500 talented employees into Winking Studios.
I am pleased to report that the integration of Mineloader has progressed very
well. Culturally and operationally, the Mineloader team has fit seamlessly
into our Group, and their reputation for outstanding quality and long-term
client loyalty is bolstering our own capabilities. This successful integration
further validates our M&A strategy and gives us confidence as we pursue
additional opportunities.
We continue to view strategic and targeted acquisitions as a core pillar of
our growth strategy, especially given the highly fragmented nature of the game
development services industry. Following the acquisition of Mineloader, we
have strengthened our market position and further proven our ability to
execute and integrate deals effectively. We continue to assess selective
M&A opportunities, with a focus on established, profitable studios in Asia
and Europe that can add specialised expertise, broaden customer access, and
scale efficiently.
As part of our expansion, we are progressing plans to appoint senior industry
leaders with strong track records and established networks in Europe and North
America. These hires are intended to support the build-out of a UK presence
and provide a platform for further organic growth and selective acquisitions
across Western markets.
Backed by a healthy balance sheet with a strong cash position and no debt, we
are confident in our ability to continue executing on accretive acquisitions
and investments that extend our geographic reach and service capabilities.
Well-positioned to capture a growing industry opportunity
The global gaming industry continues to expand, creating a supportive backdrop
for Winking Studios. According to a Newzoo report( 6
(https://word-edit.officeapps.live.com/we/wordeditorframe.aspx?ui=en-US&rs=en-US&wopisrc=https%3A%2F%2Fmy.microsoftpersonalcontent.com%2Fpersonal%2F480d0e6ba87b4284%2F_vti_bin%2Fwopi.ashx%2Ffiles%2Ffb2d70195de74704a748e5f9193f8264&sc=%7B%22pmo%22%3A%22https%3A%2F%2Fonedrive.live.com%22%2C%22pmshare%22%3Atrue%2C%22redeem%22%3A%22aHR0cHM6Ly8xZHJ2Lm1zL3cvYy80ODBkMGU2YmE4N2I0Mjg0L0lRQVpjQzM3NTEwRVI2ZEk1ZmtaUDRKa0FSTjBjMlB6dGlWSEpoNGpsMjMxSFlJP2U9VVdVaGlE%22%7D&wdenableroaming=1&mscc=0&wdodb=1&hid=7B47F3A1-203A-B000-99C3-370C901035CB.0&uih=onedrivecom&wdlcid=en-US&jsapi=1&jsapiver=v2&corrid=7ec72215-92d0-63c0-7e5a-fd5dfaee94ca&usid=7ec72215-92d0-63c0-7e5a-fd5dfaee94ca&newsession=1&sftc=1&uihit=docaspx&muv=1&cac=1&sams=1&sfp=1&sdp=1&hch=1&hwfh=1&dchat=1&ctp=LeastProtected&rct=Normal&wdorigin=Sharing.ClientRedirect&afdflight=9&csiro=1&instantedit=1&wopicomplete=1&wdredirectionreason=Unified_SingleFlush#_ftn6)
), global gaming revenue was US$182.5 billion in 2024 and is forecast to rise
to US$206.5 billion by 2028, an increase of approximately 13% over the period.
Growth is expected to be broad-based across platforms, with mobile remaining
the largest segment and console forecast to increase its share of global
revenue over time. Newzoo forecasts 2025 to 2028 revenue CAGR of 4.7% for
console, 2.2% for mobile and 3.3% for PC.
Newzoo also expects consumer spending to deepen, with paying gamers forecast
to grow 4.9% in 2025, outpacing total player growth of 4.4%, with average
spend per paying gamer estimated to reach US$119.70.
Rising player expectations for richer, higher-quality experiences are
prompting developers and publishers to invest heavily in visuals, art, and
ongoing content updates to sustain engagement.
As the industry evolves, outsourcing is increasingly being used as a core part
of the production model, enabling studios to access specialist talent, improve
flexibility and reduce fixed costs across multi-year development cycles. This
trend is illustrated by recent titles such as Clair Obscur: Expedition 33, a
2025 role-playing game released on various platforms that achieved widespread
critical acclaim and strong commercial success, selling over 5 million copies
worldwide. The title combined a lean internal development team with extensive
external production support, highlighting how modern studios are using
outsourcing to deliver high-quality, content-rich games while managing
development cost, risk and complexity.
These trends point to a large and expanding addressable market for
established, scaled gaming outsourcing service providers. As one of the
leading global game art outsourcing groups, Winking Studios is well positioned
to continue capturing share through its combination of scale and cost
efficiency in Asia, deep client relationships and an increasingly broad
service offering.
Outlook: Driving the next stage of value creation
Trading in the new financial year has started in line with expectations. The
global games market is entering a recovery phase and the Group is seeing
outsourcing demand exceed earlier expectations.
Customers remain focused on cost control and accordingly, the Group will
prioritise sustainable profitability, supported by cost efficiency,
operational execution and long-term client relationships.
A key strategic priority in FY2026 will be the formal establishment of the
Group's operational presence in Western markets, including dedicated studios
and experienced regional leadership, to strengthen the Group's commercial and
delivery capabilities in those markets.
With a strong balance sheet and zero debt, M&A remains a core strategic
pillar, and the Group will continue to assess opportunities selectively,
focusing on strategic fit.
In this context, and supported by favourable long-term market drivers, good
revenue visibility and increased capacity, the Board is confident in the
Group's positioning for FY2026 and its ability to continue executing its
growth strategy.
Johnny Jan
Executive Director and Chief Executive Officer (Founder)
27 February 2026
( 1 ) Please refer to Section G - Other Information in the Financial
Statements for the details on Adjusted EBITDA.
( 2 ) Please refer to Section G - Other Information in the Financial
Statements for the details on Adjusted Net Profit.
( 3 ) Organic revenue growth is calculated by adjusting the prior year
revenues, adding pre-acquisition revenues for the corresponding period of
ownership.
( 4 ) Revenue from Mainland China and Hong Kong is contributed by two
segments, one is the customers from Mainland China and Hong Kong and the other
is from Mainland China and Hong Kong (non-China) that comprises (i)
subsidiaries located in Mainland China and Hong Kong owned by European and
American customers and (ii) overseas subsidiaries of Mainland China and Hong
Kong customers.
( 5 ) Market expectations refers to the consensus of forecasts published by
the Company's brokers available at Winking Studios Limited - Analyst Reports
https://investor.winkingworks.com/analyst-reports, which are updated on an
ongoing basis. Third-party forecasts not updated for more than 12 months have
been excluded. On this basis, the relevant consensus revenue expectation for
FY2025 is US$43.6 million.
( 6 )
https://newzoo.com/resources/trend-reports/newzoo-global-games-market-report-2025
(https://newzoo.com/resources/trend-reports/newzoo-global-games-market-report-2025)
CFO's Review
Revenue
As one of the leading global providers of game art outsourcing and development
services, Winking Studios provides end-to-end art outsourcing, game
development services and other gaming services across various platforms for
the global gaming industry via our three business segments of Art Outsourcing,
Game Development and Global Publishing & Other Services.
In FY2025, the Group posted strong revenue growth of 42.6% to US$45.5 million
as compared to FY2024's revenue of US$31.9 million. This robust performance
was underpinned by the contribution of Mineloader, our largest acquisition to
date that was completed in April 2025, and a rebound in organic growth during
the second half. For FY2025, the Group's organic revenue increased by 8.6%.
Excluding revenue contribution from Mineloader, the Group's underlying revenue
growth rate was 7.0%.
Business Segment Review
Art Outsourcing
This business segment is involved in the creation and development of digital
art assets. The Group has the capabilities to provide a wide range of design
services including 2D concept art, 3D modelling, 2D animation, 3D animation
and visual effects, which includes environment design and game character
design.
US$ million FY2025 FY2024 Change (%)
Revenue 37.5 26.4 +42.0
Historically, this business segment has contributed the majority of the
Group's revenue. In FY2025, it accounted for 82.4% of the Group's overall
revenue (FY2024:82.8%).
Revenue from this business segment increased by 42.0% or US$11.1 million to
US$37.5 million, mainly due to increased orders from both new and existing
clients - notably in the United States, Mainland China and Hong Kong as well
as from other regions - combined with the contribution from the acquisition of
the Mineloader.
Game Development
This business segment provides programming, game development, design and
script writing services.
US$ million FY2025 FY2024 Change (%)
Revenue 7.9 5.3 +48.4
In FY2025, this business segment contributed 17.3% of the Group's overall
revenue (FY2024: 16.6%), representing a revenue growth of 48.4% or US$2.6
million to US$7.9 million, driven by higher orders from existing customers and
contribution from the acquisition of Mineloader.
Global Publishing and Other Services
This business segment is involved in the release of game products produced by
the Group as well as third party game developers on global game platforms such
as PlayStation, Switch and Steam. It is also involved in the sale of the
Group's in-house developed video game products and peripheral gaming products.
US$ million FY2025 FY2024 Change (%)
Revenue 0.1 0.2 Not meaningful
In FY2025, this business segment remained the smallest revenue contributor of
the Group, with revenue of US$0.1 million or 0.3% of the Group's overall
revenue (FY2024: 0.6%).
Geographical Segment Review
Serving a global customer base that includes 22 of the top 25 game publishers
in the world, the Group has made good progress over the years to diversify our
revenue base geographically; while Mainland China and Hong Kong remain key
markets, revenue contributions from other regions have expanded. The following
table details the revenue breakdown geographically in FY2025 and FY2024:
Group
Financial years ended
31 December
2025 2024
US$'000 US$'000
Mainland China and Hong Kong( 1 ) 16,742 11,078
Taiwan( 2 ) 7,598 7,044
South Korea 6,043 6,176
United States 7,298 3,487
Japan 4,681 3,299
Other 3,138 815
Total Revenue 45,500 31,899
( 1 ) Hong Kong here refers to Hong Kong Special Administrative Region.
( 2 ) Taiwan here refers to the Taiwan region.
Revenue from Mainland China and Hong Kong is contributed by two segments, one
is the customers from Mainland China and Hong Kong and the other is from
Mainland China and Hong Kong (non-China) that comprises (i) subsidiaries
located in Mainland China and Hong Kong owned by European and American
customers and (ii) overseas subsidiaries of Mainland China and Hong Kong
customers.
In FY2025, Chinese customers from Mainland China and Hong Kong accounted for
22.4% of the Group's total revenue, while Mainland China and Hong Kong
(non-China) accounted for 14.4% of the Group's total revenue. On a combined
basis, Mainland China and Hong Kong accounted for 36.8% of the Group's total
revenue.
In FY2024, Chinese customers from Mainland China and Hong Kong accounted for
25.1% of the Group's total revenue, while Mainland China and Hong Kong
(non-China) accounted for 9.6% of the Group's total revenue. On a combined
basis, Mainland China and Hong Kong accounted for 34.7% of the Group's total
revenue.
The Group continues to make good progress with our revenue diversification
strategy, which saw the United States market and other regions, delivering
strong revenue growth in FY2025 as compared to FY2024.
Gross profit and margin
With higher revenue in FY2025, the Group's gross profit increased by 43.2% to
US$13.5 million (FY2024: US$9.5 million), with gross margin stable at 29.8% in
FY2025 (FY2024: 29.7%). The contribution from Mineloader, which specialises in
higher-margin AAA console art projects, mitigated some pressure from Asian
mobile gaming projects, which typically have lower pricing.
Operating costs
The Group's distribution and marketing expenses increased 17.1% or US$0.4
million from US$2.2 million in FY2024 to US$2.5 million in FY2025. The
increase was mainly due to more investments in marketing and promotional
activities to expand into overseas markets, resulting in increased business
travel costs, and costs related to marketing activities.
Administrative expenses increased 16.3% or US$1.5 million, to US$10.6 million
in FY2025 (FY2024: US$9.1 million). In FY2024, one of the major components of
administrative expenses was a one-off LSE IPO expense of US$2.4 million
recognised. Taking this into account, there was a variance of US$3.9 million
that was mainly attributable to the following:
· Aggregation of administrative costs associated with the newly acquired
subsidiary Mineloader that amounted to US$1.6 million;
· Additional US$0.6 million in costs incurred to support acquisition activities
and integration initiatives;
· Amortisation expenses of intangible assets that amounted to US$0.5 million
generated from acquisition;
· Ongoing administrative expenses of US$0.4 million related to the AIM dual
listing on LSE;
· Increased remuneration of key management personnel, which includes share-based
compensation expenses, that amounted to US$0.5 million; and
· Expenses of US$0.4 million that are related to business management of On Point
Creative, Pixelline and Vertic.
Alternative performance measures (APMs)
The Group also reports on a number of APMs to showcase the financial
performance of the Group, which are not standard accounting measures defined
by the International Financial Reporting Standards ("IFRS"). The Directors
believe that these measures provide valuable additional financial information
for users to understand the fundamental transactional performance of the
Group. In particular, APMs are used to provide the users of the accounts a
clearer understanding of the Group's underlying profitability over a period of
time.
EBITDA / Adjusted EBITDA
The Group recognised increased EBITDA of US$3.4 million in FY2025, as compared
to US$2.0 million in FY2024.
The Group's Adjusted EBITDA for the period, calculated as set out below,
increased by 13.2% or US$0.6 million to US$5.4 million (FY2024: US$4.8
million). While revenue grew by 42.6% in FY2025, Adjusted EBITDA growth was
moderated by US$0.4 million of LSE-related ongoing expenses incurred in FY2025
but not in FY2024, and by US$0.7 million of other income and other gains
(excluding forex gains) recognised in FY2024 that did not recur in FY2025.
Net Profit / Adjusted Net profit
Overall, the Group's net profit was lower at US$0.3 million in FY2025 (FY2024:
US$0.5 million). On an adjusted net profit basis, the Group posted US$3.0
million in FY2025 (FY2024: US$3.4 million).
US$ million FY2025 FY2024 Change(%)
Adjusted EBITDA 5.4 4.8 +13.2
Adjusted EBITDA margin 12.0% 15.1% (3.1) percentage point
EBITDA 3.4 2.0 +69.2
Adjusted net profit 3.0 3.4 (12.3)
Adjusted net profit margin 6.5% 10.6% (4.1) percentage point
Net profit 0.3 0.5 (37.9)
Proposed Dividend per share 0.024 0.024 -
(SG$ cents per share) ( 3 ) 0.014 0.014 -
(GBP pence per share) ( 3 )
Adjusted expenses 2.0 2.8 (27.5)
LSE dual listing expenses - 2.5 n.m
Share-based compensation expenses 0.9 1.0 (8.5)
Costs of acquisition and integration 0.6 <0.1 n.m
Private placement related expenses - <0.1 n.m
Foreign exchange (gains) or losses 0.5 (0.8) n.m
n.m denotes not meaningful
( 3 ) Subject to approval by shareholders at the upcoming AGM and the final
dividend payout will be subjected to the prevailing exchange rate
Cash flow
US$ million FY2025 FY2024 Change(%)
Net cash generated from operating activities 5.1 0.6 +706.9
Net cash (used in) investing activities (14.5) (3.7) +287.9
Net cash (used in) / generated from financing activities (1.7) 27.0 n.m
Net (decrease) / increase in cash & cash equivalents (11.1) 23.9 n.m
Cash & cash equivalents at beginning of financial year 39.8 16.4 142.5
Effects of exchange rate changes on cash & cash equivalents (1.4) (0.5) +171.7
Cash & cash equivalents at end of financial year 27.4 39.8 (31.2)
Net cash generated from operating activities increased significantly by US$4.5
million to US$5.1 million during FY2025, as compared to US$0.6 million
generated during FY2024, which was primarily driven by the absence of one-off
AIM dual listing cash outflow in FY2024, as well as higher cash inflows from
an enlarged operating scale following the acquisition of Mineloader.
Net cash used in investing activities increased significantly to US$14.5
million in FY2025 compared to US$3.7 million used in FY2024, which was mainly
attributable to the Group's acquisition of Mineloader.
Net cash used in financing activities was US$1.7 million in FY2025, compared
to US$27.0 million generated in FY2024. In FY2024, the Company issued new
shares and received proceeds (net of share issue expense) of US$29.4 million.
US$ million As at 31 December 2025 As at 31 December 2024 Change (%)
Current assets 42.9 49.8 (13.8)
Non-current assets 26.0 10.5 +148.1
Total assets 68.9 60.3 +14.3
Current liabilities 10.1 7.3 +38.8
Non-current liabilities 5.8 3.0 +93.4
Total liabilities 15.9 10.3 +54.8
Net Assets 53.0 50.0 +6.0
The Group's current assets decreased by approximately US$6.9 million or 13.8%
from US$49.8 million as at 31 December 2024 to US$42.9 million as at 31
December 2025. The key components of the Group's current assets comprise cash
and cash equivalents, trade and other receivables and contract assets. Cash
and cash equivalents totalled US$27.4 million as at 31 December 2025, a
decrease of US$12.4 million or 31.2%, as compared to US$39.8 million as at 31
December 2024. The decrease was mainly due to a US$13.2 million payment
related to the acquisition of Mineloader. As at 31 December 2025, the Group's
trade and other receivables increased by US$2.9 million or 45.5% to US$9.3
million, primarily driven by higher revenue in the second half of FY2025 that
was principally attributable to the increase in business activities and the
consolidation of receivables from the acquisition of Mineloader. Contract
assets totalled US$6.2 million as at 31 December 2025, an increase of US$2.6
million or 71.8% from US$3.6 million as at 31 December 2024, mainly due to the
consolidation of contract assets from the acquisition of Mineloader. Almost
100% of the contract assets from the previous year's output were converted
into trade receivables or cash collections.
As at 31 December 2025, the Group's non-current assets increased by US$15.5
million or 148.1% to US$26.0 million, as compared to US$10.5 million as at 31
December 2024. The key components of the Group's non-current assets comprise
intangible assets, which increased significantly from US$1.9 million as at 31
December 2024 to US$17.2 million as at 31 December 2025, mainly due to the
recognition of goodwill and intangible assets associated with the acquisition
of Mineloader.
As at 31 December 2025, the Group's current liabilities increased by US$2.8
million or 38.8% to US$10.1 million as compared from US$7.3 million as at 31
December 2024. The key components of the Group's current liabilities comprise
trade and other payables and lease liabilities. Trade and other payables
increased by US$1.9 million or 32.7% to US$7.9 million as at 31 December 2025
as compared to US$5.9 million as at 31 December 2024, mainly due to the
aggregation of payables from the acquisition of Mineloader. Lease liabilities
increased by US$0.6 million or 48.5% to US$1.7 million as at 31 December 2025
as compared to US$1.2 million as at 31 December 2024, which was mainly
attributable to new office lease agreements arising from the acquisition of
Mineloader during FY2025.
As at 31 December 2025, the Group's non-current liabilities increased by
US$2.8 million or 93.4% to US$5.8 million as at 31 December 2025, as compared
to US$3.0 million as at 31 December 2024. The key components of the Group's
non-current liabilities comprise deferred income tax liabilities and other
non-current liabilities. Deferred income tax liabilities increased by US$1.9
million or 168.7% to US$3.0 million as at 31 December 2025 as compared to
US$1.1 million as at 31 December 2024, which was mainly attributable to the
acquisition of Mineloader. The Group recognised other non-current liabilities
of US$1.7 million as at 31 December 2025, which is the share purchase
consideration payable for the acquisition of Mineloader that is scheduled to
be paid on 31 March 2030.
As at 31 December 2025, the Group's net asset value per ordinary share is
US$12.00 cents (as at 31 December 2024: US$11.35 cents).
WINKING STUDIOS LIMITED AND ITS SUBSIDIARIES
Unaudited Condensed Consolidated Financial Statements
For the Six Months and Full Year Ended 31 December 2025
(Incorporated and domiciled in Cayman Islands with limited liability No.
159882)
This announcement has been reviewed by the Company's sponsor, PrimePartners
Corporate Finance Pte. Ltd. (the "Sponsor"). This announcement has not been
examined or approved by the Singapore Exchange Securities Trading Limited (the
"SGX-ST") and the SGX-ST assumes no responsibility for the contents of this
announcement, including the correctness of any of the statements or opinions
made or reports contained in this announcement. The contact person for the
Sponsor is Ms. Foo Jien Jieng, 16 Collyer Quay, #10-00 Collyer Quay Centre,
Singapore 049318, sponsorship@ppcf.com.sg (mailto:sponsorship@ppcf.com.sg) .
WINKING STUDIOS LIMITED AND ITS SUBSIDIARIES
Table of Contents
Page
A. Condensed Interim Consolidated Statement of Comprehensive Income
.....................................20
B. Condensed Interim Statements of Financial
Position....................................................................21
C. Condensed Interim Consolidated Statement of Cash Flows
........................................................22
D. Condensed Interim Statements of Changes in Equity
..................................................................23
E. Notes to the Condensed Interim Consolidated Financial Statements
...........................................25
F. Other information required by Appendix 7C of the Catalist Rules
.................................................43
G. Other information
...........................................................................................................................61
A. Condensed Interim Consolidated Statement of Comprehensive Income
Note 2025 2024 Increase 2H2025 2H2024 Increase
12 months ended 12 months ended 6 months ended 6 months ended
US$'000 US$'000 /(Decrease) % US$'000 US$'000 /(Decrease) %
Revenue from contracts with customers 4.2 45,500 31,899 42.6 26,115 16,674 56.6
Cost of sales (31,951) (22,435) 42.4 (18,429) (11,452) 60.9
Gross profit 13,549 9,464 43.2 7,686 5,222 47.2
Other income 7 497 861 (42.3) 341 479 (28.8)
Other (losses)/gains - net 7 (690) 886 n.m. (738) 923 n.m.
Distribution and marketing (2,530) (2,160) 17.1 (1,461) (1,158) 26.2
Administrative expenses (10,591) (9,105) 16.3 (6,277) (6,373) (1.5)
(Allowance for)/reversal of impairment loss on financial assets 7 (75) 23 n.m. (76) (30) 153.3
Interest income 7 571 465 22.8 232 325 (28.6)
Finance expenses 7 (153) (80) 91.3 (82) (41) 100.0
(12,971) (9,110) 42.4 (8,061) (5,875) 37.2
Profit/(loss) before income tax 578 354 63.3 (375) (653) (42.6)
Income tax (expenses)/credit 8 (252) 171 n.m. (226) 269 n.m.
Profit/(loss) for the financial year 326 525 (37.9) (601) (384) 56.5
Other comprehensive income/(loss):
Items that may be reclassified subsequently to profit or loss:
Currency translation gains/(losses) arising from consolidation 1,849 (1,324) n.m. 274 (828) n.m.
Total comprehensive income/(loss) for the financial year/period 2,175 (799) n.m. (327) (1,212) (73.0)
Profit/(loss) for the financial year/period attributable to:
- Equity holders of the Company 326 525 (37.9) (601) (384) 56.5
- Non-controlling interests - - - -
326 525 (37.9) (601) (384) 56.5
Total comprehensive income/(loss) attributable to:
- Equity holders of the Company 2,175 (799) n.m. (327) (1,212) (73.0)
- Non-controlling interests - - - -
2,175 (799) n.m. (327) (1,212) (73.0)
Earnings/(losses) per share for profit/(loss) for the financial year
attributable to equity holders of the Company
(Expressed in dollar per share)
- Basic and diluted earnings per share 10 0.0007 0.0015 (53.3) (0.0014) (0.0020) (30.0)
The accompanying accounting policies and explanatory notes form an integral
part of the condensed Interim consolidated financial state
B. Condensed Interim Statements of Financial Position
Group Company
31-12-2025 31-12-2024 31-12-2025 31-12-2024
Note US$'000 US$'000 US$'000 US$'000
ASSETS
Current assets
Cash and cash equivalents 27,389 39,832 6,837 29,074
Trade and other receivables 9,254 6,362 82 60
Contract assets 6,178 3,595 - -
Current income tax assets 88 - - -
Total current assets 42,909 49,789 6,919 29,134
Non-current assets
Intangible assets 17,245 1,932 391 439
Right-of-use assets 2,828 3,004 - -
Property, plant and equipment 5 2,098 1,935 - -
Investment in financial assets at amortised cost 1,451 1,461 1,451 1,461
Other non-current assets 460 302 - -
Investment in subsidiaries - - 37,037 34,612
Deferred income tax assets 1,909 1,840 - -
Total non-current assets 25,991 10,474 38,879 36,512
Total assets 68,900 60,263 45,798 65,646
LIABILITIES
Current liabilities
Trade and other payables 7,882 5,940 309 20,462
Lease liabilities 1,745 1,175 - -
Contract liabilities 327 138 - -
Current income tax liabilities 140 17 - -
Total current liabilities 10,094 7,270 309 20,462
Non-current liabilities
Lease liabilities-non-current 1,098 1,886 - -
Other non-current liabilities 1,712 - - -
Deferred income tax liabilities 2,985 1,111 - -
Total non-current liabilities 5,795 2,997 - -
Total liabilities 15,889 10,267 309 20,462
NET ASSETS 11 53,011 49,996 45,489 45,184
EQUITY
Capital and reserves attributable to equity holders of the Company
Share capital 14 13,414 13,365 13,414 13,365
Other reserves 31,669 28,943 35,349 34,476
Retained profits/(accumulated losses) 7,928 7,688 (3,274) (2,657)
Total equity 53,011 49,996 45,489 45,184
The accompanying accounting policies and explanatory notes form an integral
part of the condensed interim consolidated financial statement
C. Condensed Interim Consolidated Statement of Cash Flows
Group
12 months ended 31 December 2025 12 months ended 31 December 2024
US$'000 US$'000
Cash flows from operating activities
Profit before income tax 578 354
Adjustments for:
- Depreciation of property, plant and equipment 822 660
- Depreciation of right-of-use assets 1,664 1,212
- Amortisation of intangible assets 783 186
- Allowance for/(reversal of) impairment loss on financial assets 75 (23)
- Share-based compensation expenses 922 1,008
- Interest income (571) (465)
- Finance expenses 153 80
- Losses/(gains) on disposal of property, plant and equipment 203 (6)
- Gains arising from disposal of intellectual property previously not - (323)
capitalised
- Exchange losses/ (gains) 1,921 (597)
6,550 2,086
Changes in working capital:
- Contract assets (2,066) (221)
- Trade and other receivables (885) (2,210)
- Contract liabilities 155 95
- Trade and other payables 962 453
4,716 203
Cash generated from operations
Interest received 571 465
Income tax paid (155) (32)
Net cash generated from operating activities 5,132 636
Additions to property, plant and equipment (722) (400)
Proceeds from disposal of property, plant and equipment 2 33
Proceeds from disposal of intellectual property previously not capitalised - 323
(Increase)/decrease in prepayments for equipment (11) 3
Additions to intangible assets (57) (142)
Decrease/ (Increase) in refundable deposits 5 (55)
Acquisition of subsidiaries, net of cash acquired (13,759) (2,032)
Purchase of bonds - (1,479)
Net cash used in investing activities (14,542) (3,749)
Cash flows from financing activities
Proceeds from share issuance, net of share issue expenses - 29,400
Principal payments of lease liabilities (1,463) (1,230)
Interest paid (108) (80)
Cash dividends paid (82) (1,060)
Net cash (used in)/generated from financing activities (1,653) 27,030
Net (decrease)/ increase in cash and cash equivalents (11,063) 23,917
Cash and cash equivalents
Beginning of financial period 39,832 16,423
Effects of exchange rate changes on cash and cash equivalents (1,380) (508)
End of financial period 27,389 39,832
The accompanying accounting policies and explanatory notes form an integral
part of the condensed consolidated financial statements
D. Condensed Interim Statements of Changes in Equity
Attributable to owners of the Group
Other reserves
Share capital Capital reserves Other reserves Currency translation reserve Retained Total equity
profits
Group US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Balance at 1 January 2025
Beginning of financial year 13,365 33,468 (2,063) (2,462) 7,688 49,996
Profit for the year - - - - 326 326
Other comprehensive loss for the year - - - 1,849 - 1,849
Total comprehensive income for the year - - - 1,849 326 2,175
Transactions with owners, recognised
directly in equity
Issuance of new shares 49 256 (305) - - -
Cash Dividends - - - - (82) (82)
Retained profits transferred to capital - - 4 - (4) -
Share-based compensation expense - - 922 - - 922
49 256 621 - (86) 840
Balance at 31 December 2025 13,414 33,724 (1,442) (613) 7,928 53,011
Balance at 1 January 2024
Beginning of financial year 8,615 8,818 (3,071) (1,138) 8,223 21,447
Profit for the year - - - - 525 525
Other comprehensive loss for the year - - - (1,324) - (1,324)
Total comprehensive income for the year - - - (1,324) 525 (799)
Transactions with owners, recognised directly in equity
Issuance of new shares 1,565 8,441 - - - 10,006
Share issue expenses - (516) - - - (516)
Cash Dividends - - - - (1,060) (1,060)
Cash capital increase 3,185 16,725 - - - 19,910
Share-based compensation expense - - 1,008 - - 1,008
4,750 24,650 1,008 - (1,060) 29,348
Balance at 31 December 2024 13,365 33,468 (2,063) (2,462) 7,688 49,996
The accompanying accounting policies and explanatory notes form an integral
part of the condensed interim consolidated financial statements
Attributable to owners of the Company
Other reserves
Share capital Capital Reserve Other Reserve Retained profits Total
Company US$'000 US$'000 US$'000 US$'000 US$'000
Balance at 1 January 2025
Beginning of financial year 13,365 33,468 1,008 (2,657) 45,184
Profit for the year - - - (535) (535)
Total comprehensive income for the year - - - (535) (535)
Transactions with owners, recognised directly in equity
Issue of new shares 49 256 (305) - -
Cash Dividends - - - (82) (82)
Share-based compensation expense - - 922 - 922
49 256 617 (82) 840
Balance at 31 December 2025 13,414 33,724 1,625 (3,274) 45,489
Balance at 1 January 2024
Beginning of financial year 8,615 8,818 - 648 18,081
Profit for the year - - - (2,245) (2,245)
Total comprehensive income for the year - - - (2,245) (2,245)
Transactions with owners, recognised directly in equity
Issue of new shares 1,565 8,441 - - 10,006
Cash Dividends - - - (1,060) (1,060)
Cash capital increase 3,185 16,725 - - 19,910
Share-based compensation expense - - 1,008 - 1,008
Share issue expenses - (516) - - (516)
4,750 24,650 1,008 (1,060) 29,348
Balance at 31 December 2024 13,365 33,468 1,008 (2,657) 45,184
The accompanying accounting policies and explanatory notes form an integral
part of the condensed interim consolidated financial statements
E. Notes to the Condensed Interim Consolidated Financial Statements
1 Corporate information
Winking Studios Limited (the "Company") was incorporated in the Cayman Islands
on 15 December 2005 pursuant to the Cayman Islands Companies Act as an
exempted company with limited liability, under the name "Winking Entertainment
Ltd". The Company was listed on the Catalist of Singapore Exchange Securities
Trading Limited (the "SGX-ST") on 20 November 2023 and on the Alternative
Investment Market ("AIM") of London Stock Exchange plc ("LSE") on 14 November
2024.
The address of the Company's registered office is P.O. Box 31119 Grand
Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1-1205, Cayman
Islands.
The Company is an investment holding company. The Company, together with its
subsidiaries (the "Group") are principally engaged in the operation of art
outsourcing and game development studios in the People's Republic of China
(the "PRC"), the Republic of China ("Taiwan"), and Malaysia.
The Group is one of the leading global AAA game art outsourcing studios and an
established game development company. Clients of our Art
Outsourcing and Game Development services include 22 of the top 25 game
development companies in the world.
2 Basis of preparation
The condensed interim financial statements for the six months and full year
ended 31 December 2025 have been prepared in accordance with IFRS 1-34 Interim
Financial Reporting ("Standards") issued by the International Accounting
Standards Board ("IASB") under the historical cost convention, except as
disclosed in the accounting policies below. The condensed interim financial
statements do not include all the information required for a complete set of
financial statements. However, selected explanatory notes are included to
explain events and transactions that are significant to an understanding of
the changes in the Group's financial position and performance of the Group
since the last audited financial statements for the year ended 31 December
2024 and interim financial statements for the year ended 30 June 2025.
The accounting policies adopted are consistent with those of the previous
financial year which were prepared in accordance with IFRS, except for the
adoption of new and amended standards as set out in Note 2.1.
These unaudited condensed consolidated interim financial statements are
presented in United States Dollars ("USD" or "US$"), the functional currency
of the Company. All amounts are rounded to the nearest thousand ("US$'000"),
unless otherwise stated.
2.1 New and amended standards adopted by the Group
A number of amendments to Standards have become applicable for the current
reporting period. The Group did not have to change its accounting policies or
make retrospective adjustments as a result of adopting those Standards.
1 January 2025 Amendments to:
- IAS 1: Classification of Liabilities as Current or Non-current
- IAS 1: Non-current Liabilities with Covenants
- IAS 7 and IFRS 7: Supplier Finance Arrangements
- IFRS 16: Lease Liability in a Sale and Leaseback
The amendments listed above did not have any impact on the amounts recognised
in prior periods and are not expected to significantly affect the current or
future periods.
The following are the new or amended Standards and Interpretations (issued by
the IASB up to 31 October 2025) that are not yet applicable but may be early
adopted for the current financial year:
Annual periods commencing on Description
1 January 2025 Amendments to IAS 21: Lack of Exchangeability
1 January 2026 Amendments to IFRS 9 and IFRS 7:
Amendments to the Classification and Measurement of Financial Instruments
Annual Improvements to IFRS Accounting Standards - Volume 11
1 January 2027 IFRS 18: Presentation and Disclosure in Financial Statements
IFRS 19: Subsidiaries without Public Accountability: Disclosures
The new or amended accounting Standards and Interpretations listed above are
not mandatory for reporting year ended 31 December 2025 and have not been
early adopted by the Group. These are not expected to have a material impact
on the Group in the current or future reporting periods and on foreseeable
future transactions.
2.2 Use of judgements and estimates
In preparing the condensed interim financial statements, management has made
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets and liabilities, income
and expense. Actual results may differ from these estimates.
The significant judgements made by management in applying the Group's
accounting policies and the key sources of estimation uncertainty were the
same as those that applied to the consolidated financial statements as at and
for the year ended 31 December 2025.
Estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimates are revised and in any future periods affected.
Information about critical judgements in applying accounting policies that
have the most significant effect on the amounts recognised in the financial
statements is included in the following notes.
3 Seasonal operations
The Group's businesses were not affected significantly by seasonal or cyclical
factors during the financial year.
4 Segment and revenue information
For management purposes, the Group is organised into business units based on
our products and services, and has three reportable operating segments as
follows:
(i) Original Equipment Manufacturer ("Art Outsourcing Segment"), where the Group
creates and develops digital art assets as part of our provision of art
outsourcing services. The Group has the capabilities to provide a wide gamut
of design services, including 2D concept art, 3D modelling, 2D animation, 3D
animation and visual effects, which includes environment design and game
character design.
(ii) Original Design Manufacturer ("Game Development Segment"), where the Group
provides game development services, including programming, development, design
and script writing of games; and
(iii) Global Publishing and Other Services Segment, where the Group (i) releases
game products developed by us as well as third party game developers on global
game platforms, including PlayStation, Switch and Steam (the "Global
Publishing Segment"); and (ii) sell our video games developed in-house and
peripheral gaming products ("Other Services Segment") (collectively, the
"Global Publishing and Other Services Segment"). During the financial year
ended 31 December 2025, the revenue contribution from our Other Services
Segment was insignificant.
4.1 The chief operating decision maker ("CODM") has been identified as
the Executive Director and CEO (Founder) of the Company who reviews the
Group's internal reporting in order to assess performance and allocate
resources. The CODM has allocated resources and assessed the performance of
the operating segments based on these reports.
4.2 Reportable Segments
Information about the disaggregation of the Group's revenue from external
customers by the type of sales customers and assets by reportable operating
segments is as follows:
Group
12 Months Ended 31 December 2025
Art Game Global Total
Publishing and
Other Services
Segment
Outsourcing Development
Segment Segment
USD'$000 USD'$000 USD'$000 USD'$000
Segment revenue
Service revenue 37,512 7,863 - 45,375
Licensing and product revenue - - 125 125
37,512 7,863 125 45,500
Profit before income tax 149 373 56 578
Significant non-cash items
Depreciation of property, 678 142 2 822
plant and equipment
Depreciation of right-of-use assets 1,371 288 5 1,664
Amortisation of intangible assets 646 135 2 783
Segment assets 55,229 11,576 186 66,991
Included in the segment assets:
Trade receivables and other receivables 7,629 1,599 26 9,254
Additions to:
Property, plant and equipment 595 125 2 722
Right-of-use assets 635 133 2 770
Intangible assets 47 10 - 57
Segment liabilities 10,639 2,230 35 12,904
Group
6 Months Ended 31 December 2025
Art Game Global
Outsourcing Development Publishing and
Segment Segment Other Services Total
Segment
USD'$000 USD'$000 USD'$000 USD'$000
Segment revenue
Service revenue 21,606 4,450 - 26,056
Licensing and product revenue - - 59 59
21,606 4,450 59 26,115
Profit before income tax (416) 2 39 (375)
Significant non-cash items
Depreciation of property, plant and equipment 352 72 1 425
Depreciation of right-of-use assets 739 152 3 894
Amortisation of intangible assets 376 77 1 454
Segment assets 55,229 11,576 186 66,991
Included in the segment assets:
Trade receivables and other receivables 7,629 1,599 26 9,254
Additions to:
Property, plant and equipment 443 93 1 537
Right-of-use assets 282 59 1 342
Intangible assets 26 5 - 31
Segment liabilities 10,639 2,230 35 12,904
Group
12 Months ended 31 December 2024
Art Game Global Publishing and Other Services Segment Total
Outsourcing
Development Segment
Segment
USD'$000 USD'$000 USD'$000 USD'$000
Segment revenue
Service revenue 26,408 5,300 - 31,708
Licensing and product revenue - - 191 191
26,408 5,300 191 31,899
Profit before income tax (374) 663 65 354
Significant non-cash items
Depreciation of property, 546 110 4 660
plant and equipment
Depreciation of right-of-use assets 1,004 201 7 1,212
Amortisation of intangible assets 154 31 1 186
Segment assets 48,366 9,707 350 58,423
Included in the segment assets:
Trade receivables and other receivables 5,267 1,057 38 6,362
Additions to:
Property, plant and equipment 374 75 3 452
Right-of-use assets 1,473 296 10 1,779
Intangible assets 1,928 24 2 1,954
Segment liabilities 7,580 1,521 55 9,156
Group
6 Months Ended 31 December 2024
Art Game Global Publishing and Other Services Segment Total
Outsourcing
Development Segment
Segment
USD'$000 USD'$000 USD'$000 USD'$000
Segment revenue
Service revenue 13,777 2,805 - 16,582
Licensing and product revenue - - 92 92
13,777 2,805 92 16,674
Profit before income tax (929) 234 42 (653)
Significant non-cash items
Depreciation of property, plant and equipment 289 59 2 350
Depreciation of right-of-use assets 524 106 4 634
Amortisation of intangible assets 113 23 - 136
Segment assets 48,366 9,707 350 58,423
Included in the segment assets:
Trade receivables and other receivables 5,267 1,057 38 6,362
Additions to:
Property, plant and equipment 251 51 2 304
Right-of-use assets 1,323 267 9 1,599
Intangible assets 1,906 20 1 1,927
Segment liabilities 7,580 1,521 55 9,156
4.3 Geographical information
Revenue
Revenue from external customers were classified based on the customers'
respective locations. Geographical information is as follows:
Group Group
12 months ended 6 months ended
31 December 31 December
2025 2024 2025 2024
USD'$000 USD'$000 USD'$000 USD'$000
Mainland China and Hong Kong 1 16,742 11,078 9,161 6,048
Taiwan(2) 7,598 7,044 4,312 3,834
South Korea 6,043 6,176 3,442 3,040
United States 7,298 3,487 4,447 1,625
Japan 4,681 3,299 2,963 1,766
Other 3,138 815 1,790 361
Total Revenue 45,500 31,899 26,115 16,674
Revenue from Mainland China and Hong Kong is contributed by two segments, one
is the customers from Mainland China and Hong Kong and the other is from
Mainland China and Hong Kong (non-China) that comprises (i) subsidiaries
located in Mainland China and Hong Kong owned by European and American
customers and (ii) overseas subsidiaries of Mainland China and Hong Kong
customers.
In FY2025, Chinese customers from Mainland China and Hong Kong accounted for
22.4% of the Group's total revenue, while Mainland China and Hong Kong
(non-China) accounted for 14.4% of the Group's total revenue. On a combined
basis, Mainland China and Hong Kong accounted for 36.8% of the Group's total
revenue.
In FY2024, Chinese customers from Mainland China and Hong Kong accounted for
25.1% of the Group's total revenue, while Mainland China and Hong Kong
(non-China) accounted for 9.6% of the Group's total revenue. On a combined
basis, Mainland China and Hong Kong accounted for 34.7% of the Group's total
revenue.
The Group continues to make good progress with our revenue diversification
strategy, which saw the United States market and other regions, delivering
strong revenue growth in FY2025 as compared to FY2024.
Non-current assets
Non-current assets were classified based on the assets' respective locations.
Geographical information is as follows:
Group
Financial years ended
31 December
2025 2024
US$'000 US$'000
Mainland China and Hong Kong(3) 18,807 4,351
Taiwan(4) 2,396 2,297
Others(5) 2,879 1,986
Total(6) 24,082 8,634
5 Property, plant and equipment
During the financial year ended 31 December 2025, the Group acquired assets
amounting to approximately US$0.7 million (31 December 2024: US$0.4 million)
and the Group disposed of assets amounting to US$0.2 million (31 December
2024: less than US$0.1 million).
6 Loans and borrowings
During the financial year ended 31 December 2025 and 2024, the Group does not
have any banking facilities or other borrowings.
(3) Hong Kong here refers to Hong Kong Special Administrative Region.
(4) Taiwan here refers to the Taiwan region.
(5) Others here refers to the Cayman Islands, Malaysia and Singapore.
… (6) Non-current assets do not include deferred income tax assets.
7 Profit/(loss) before income tax
Profit/(loss) before income tax includes the following:
Group Group
12 months 6 months
ended ended
31 December 31 December
2025 2024 2025 2024
US$'000 US$'000 US$'000 US$'000
Government grant income 282 296 228 6
Other income from ultimate holding company 167 242 101 150
Other non-operating gain 48 - 12 -
Gains arising from disposal of intellectual property previously not - 323 - 323
capitalised
Other income 497 861 341 479
Foreign exchange (losses)/ gains (487) 828 (719) 816
(Losses)/gains on disposal of property, plant and equipment (203) 6 (19) 55
Fair value gain on financial assets - 52 - 52
Other (losses)/gains - net (690) 886 (738) 923
(Allowance for)/reversal of impairment loss on financial assets (75) 23 (76) (30)
Interest income 571 465 232 325
Finance expenses (153) (80) (82) (41)
Depreciation of property, plant and equipment (822) (660) (425) (350)
Depreciation of right-of-use assets (1,664) (1,212) (894) (634)
Amortisation of intangible assets (783) (186) (454) (136)
8 Taxation
The Group calculates the period income tax expense using the tax rate that
would be applicable to the expected total annual earnings. The major
components of income tax expense in the condensed consolidated statement of
profit or loss are:
Group
12 months ended
31
De
ce
mb
er
2025 2024
US$'000 US$'000
Current tax assets (88) -
Current income tax 252 20
Under / (over) provision for current income tax 29 (33)
Total current income tax 193 (13)
Deferred income tax credit 59 (158)
Income tax credit recognised in loss/ (profit) 252 (171)
9 Dividends
Group and Company
12 months ended
31 December
2025 2024
US$'000 US$'000
Proposed but not recognised as a liability as at 31 December
-Exempt dividend for 2025 of SG$ 0.024 Cents 84 82
(2024: SG$ 0.024 Cents) per share
10 Earnings per share ("EPS")
(a) Basic earnings per share
Group
12 months
ended 31 December
2025 2024
US$'000 US$'000
Earnings per ordinary share for the year:
Net profit attributable to equity holders of the Company (US$'000) 326 525
Weighted average number of ordinary shares ('000) 440,645 338,997
Basic earnings per share (in US$) 0.0007 0.0015
The weighted average number of ordinary shares outstanding for 2025 had been
adjusted to reflect:
(i) The placement of 108,000,000 new Shares at S$0.25 per Share on 8 July
2024;
(ii) The AIM dual listing placement of 52,666,667 new Shares at £0.15 per
Share (equivalent to S$0.26) on 14 November 2024; and
(iii) Regarding the acquisition of Mineloader, the issuance of 1,573,176 new
incentive shares to its Key Management Personnel that was completed on 28
October 2025 at £0.1997 (approximately S$0.33) per share.
(b) Diluted earnings per share
Group
12 months ended
31 December
2025 2024
US$'000 US$'000
Earnings per ordinary share for the year:
Net profit attributable to equity holders of the Company (US$'000) 326 525
Weighted average number of ordinary shares ('000) 444,748 340,383
Diluted earnings per share (in US$) 0.0007 0.0015
11 Net asset value per share
Group Company
As at 31 December As at 31 December
2025 2024 2025 2024
Net asset (US$'000) 53,011 49,996 45,489 45,184
Number of ordinary shares ('000) 441,938 440,365 441,938 440,365
Net asset value per ordinary share (US$ cents) 12.00 11.35 10.29 10.26
Net asset value per share is calculated by dividing the Group's net assets
attributable to owners of the Company by the total number of issued ordinary
shares as at 31 December 2025 and 31 December 2024.
12 Related party transactions
Names of related parties Relationship with the Company
Acer Incorporated Controlling Shareholder /Ultimate Holding Company
Acer Gaming Inc. Associate of Controlling Shareholder
Acer America Corporation Associate of Controlling Shareholder
Directors, President and Key Management The Group's key management and governance
Ivan Tech. Co., Ltd.(*) Associate of Controlling Shareholder
(*)Acer Group divested its interest in 2H2025 and Ivan Tech. Co., Ltd. ceased
to be a related party from the date of divestment.
Group
Twelve months ended
31
De
ce
mb
er
2025 2024
US$'000 US$'000
Sales of goods and/or services to ultimate holding company 9 99
Administrative fees from ultimate holding company 8 7
Distribution and marketing fees from other related parties - 181
Reimbursement of research and development 337 755
costs from ultimate holding company
Other income from ultimate holding company 167 242
Account Receivable from holding Companies 4 -
(a) Transactions with related parties
(b) Key management personnel compensation
Group
12 months ended
31
De
ce
mb
er
2025 2024
US$'000 US$'000
Short-term employee benefits 1,365 1,092
Share-based compensation expenses 692 493
Total 2,057 1,585
13 Fair value of assets and liabilities
Group Company
31 December 31 December
2025 2024 2025 2024
US$'000 US$'000 US$'000 US$'000
Financial assets carried at amortised cost
Cash and cash equivalents 27,389 39,832 6,837 29,074
Trade and other receivables 8,157 5,825 82 60
Investment in financial assets at amortised cost 1,451 1,461 1,451 1,461
Other non-current assets - refundable deposits 430 289 - -
37,427 47,407 8,370 30,595
Financial liabilities measured at amortised cost
Trade and other payables 7,882 5,940 309 20,462
Other non-current liabilities 1,712 - - -
Lease liabilities
- Current 1,745 1,175 - -
- Non-current 1,098 1,886 - -
12,437 9,001 309 20,462
14 Share capital
The Group and the Company
No. of Amount
ordinary shares US$'000
2025
As at 1 January 2025 440,364,942 13,365
Shares issued (SG$ 0.04 per share) 1,573,176 49
As at 31 December 2025 441,938,118 13,414
2024
As at 1 January 2024 279,698,275 8,615
Shares issued (SG$ 0.04 per share) 108,000,000 3,185
Shares issued (SG$ 0.04 per share) 52,666,667 1,565
As at 31 December 2024 440,364,942 13,365
On 8 July 2024, the Company raised a total of S$27.0 million through a
placement, issuing 108,000,000 ordinary shares at an issue price of S$ 0.25
per share. Prior to the placement, the total number of issued shares was
279,698,275. Following the placement, the total number of issued shares
increased to 387,698,275. The proceeds from the placement resulted in an
increase in total equity of US$19,910,000, comprising an increase in share
capital of US$3,185,000 and an increase in capital reserves of US$16,725,000.
On 14 November 2024, the Company was listed on the AIM Market of the LSE under
the ticker symbol "WKS.LON". The Company issued 52,666,667 ordinary shares at
an issue price of £0.15 per share, raising a total of £7,900,000. Prior to
the dual listing, the total number of issued shares was 387,698,275. Following
the dual listing, the total number of issued shares increased to 440,364,942.
The proceeds from the dual listing resulted in an increase in total equity of
US$10,006,000, comprising an increase in share capital of US$1,565,000 and an
increase in capital reserves of US$8,441,000.
On 28 October 2025, the Company issued 1,573,176 new 2025 Incentive Shares to
the key management personnel of Mineloader following the terms as set out in
the Incentive Agreements. The issue price per share is £0.1997 (or
approximately S$0.33).
As of 31 December 2024 and 31 December 2025, the Company did not hold any
treasury shares, subsidiary holdings, or outstanding convertible securities.
However, the Company had outstanding warrants issued to brokers and Restricted
Employee Shares granted to employees, which may result in future issuances of
shares.
15 Share-based compensation
a. Awards
1. Plan 1:
Grant Date: 21 April 2025
Quantity Granted: 1,950,000 shares (par value S$0.04 per share)
Quantity Lapsed: 1,200,000 shares (par value S$0.04 per share)
Vesting Conditions: Up to 6 years of service
Grantees: Full-time employees of Winking Studios Limited Group who meet
specific criteria
Currently, the grant of this Plan 1 under the Winking Studios Performance
Share Plan is scheduled to distribute shares in four annual installments from
2025 to 2028 with vesting period ranging from 2029 to 2031. Each installment
is subject to different personal performance evaluation indicators, the
Company's operational goals, and service tenure. The actual issuance of shares
to eligible employees will occur upon achieving these three indicators.
Full-time employees who have been granted these shares are eligible to
subscribe to the allocated shares at a price of S$0 per share. Employees who
do not meet the vesting conditions shall not obtain the shares pursuant to the
Winking Studios Performance Share Plan.
Awards units that are expected to be share-settled are measured at their fair
values at the granted date. The fair value is measured based on the share
price and vesting condition at the granted date by Monte Carlo method.
Plan Part No. of Shares Fair value per Shares
Awards - Plan 1 A 1,625,000 S$ 0.2485~0.2493
Awards - Plan 1 B 325,000 S$ 0.2209~0.2409
2. Plan 2:
Grant Date: 8 April 2024
Quantity Granted: 20,808,000 shares (par value S$0.04 per share)
Vesting Conditions: Up to 7 years of service
Grantees: Full-time employees of Winking Studios Limited Group who meet
specific criteria
On 27 September 2023, Winking Studios Limited approved the "Winking Studios
Performance Share Plan" at an Extraordinary General Meeting. On 8 April 2024,
the Remuneration Committee resolved to issue 20,808,000 shares to eligible
full-time employees. Subject to respective vesting conditions, a total of up
to 12,580,000 shares will be granted to the Executive Director and CEO
(Founder) Mr. Johnny Jan, 2,240,000 shares will be granted to the Finance
Director and Group CFO Oliver Yen (who was not appointed as a Director at that
point in time) and up to 5,988,000 shares to the remaining employees.
Currently, the grant of the Plan 2 under the Winking Studios Performance Share
Plan is scheduled to distribute shares in five annual installments from 2024
to 2028 with vesting period ranging from 2027 to 2031*. Each installment is
subject to different personal performance evaluation indicators, the Company's
operational goals, and service tenure. The actual issuance of shares to
eligible employees will occur upon achieving these three indicators. Full-time
employees who have been granted these shares are eligible to subscribe to the
allocated shares at a price of S$0 per share. Employees who do not meet the
vesting conditions shall not obtain the shares pursuant to the Winking Studios
Performance Share Plan.
* The vesting period has been revised as approved by the Remuneration
Committee.
Awards units that are expected to be share-settled are measured at their fair
values at the granted date. The fair value is measured based on the share
price and vesting condition at the granted date by Monte Carlo method.
Plan Part No. of Shares Fair value per Shares
Awards - Plan 2 C 5,328,000 S$ 0.2393
Awards - Plan 2 D 11,800,000 S$ 0.2125~0.2333
Awards - Plan 2 E 3,680,000 S$ 0.1292~0.1603
b. Share issue mandates
Pursuant to Article 12 of the Company's Amended and Restated Memorandum and
Articles of Association, and Catalist Rule 806, on an annual basis, the
Company seeks shareholders' approval for the authority to issue shares under a
share issue mandate. Such mandate is renewable annually at an annual general
meeting. Share issue mandates can be used for various purposes, including
strategic acquisitions and/or reward purposes, subject to compliance with
applicable laws, regulations and Catalist Rules.
1. Plan 1:
Grant Date: 28 Oct 2025
Quantity Granted: 13,495,156 shares (par value S$0.04 per share)
Quantity Vested: 1,573,176 shares (par value S$0.04 per share)
Vesting Conditions: Up to 5 years of service
Grantees: Key Management Personnel of Mineloader who meet specific criteria
Currently, the grant of the Mineloader's Incentive Shares is scheduled to
distribute shares with vesting period ranging from 2025 to 2030. The actual
issuance of shares to eligible employees will occur upon achieving certain
performance evaluations. Full-time employees who have been granted these
shares are eligible to subscribe to the allocated shares at a price of S$0 per
share.
Incentive Shares that are expected to be share-settled are measured at their
fair values at the granted date. The fair value is measured based on the share
price and vesting condition at the granted date by Monte Carlo method.
Plan Part No. of Shares Fair value per Shares
Share issue mandates - Plan 1 F 13,495,156 S$ 0.2489~0.2500
c. Movement
2025 2024
Awards and Incentive Shares granted, vested and lapsed: No. of ordinary shares No. of ordinary shares
Balance at 1 January 20,808,000 -
Granted 15,445,156 20,808,000
Vested (1,573,176) -
Lapsed (1,200,000) -
Balance at 31 December 33,479,980 20,808,000
16 Warrants
On 8 November 2024, Winking Studios Limited granted a total of 4,487,359
warrants to Grantee A & Grantee B, as part of the company's financial
advisory and structuring arrangements related to its AIM dual listing in the
UK in 2024. These warrants form part of the listing expenses, compensating the
brokers and advisors who played a key role in the listing process. The
warrants entitle the holders to subscribe for ordinary shares at £0.15 per
warrant within the respective exercise periods. As of 31 December 2025, no
warrants have been exercised.
Warrants Issued but Not Exercised No. of Warrants Fair value per share
Granted (A) 83,710 £0.0591
Granted (B) 4,403,649 £0.0777
Beginning / End of 31 December 2025 4,487,359
F. Other information required by the Appendix 7C of the Catalist Rules
1 Review
The condensed consolidated statement of financial position of Winking Studios
Limited and its subsidiaries as at 31 December 2025, and the related condensed
consolidated statement of comprehensive income, condensed consolidated
statement of changes in equity and condensed consolidated cash flows
statements for the financial year then ended and certain explanatory notes
have not been audited or reviewed by our auditors.
2 Where the latest financial statements are subject to an adverse
opinion, qualified opinion or disclaimer of opinion (this is not required for
any audit issue that is a material uncertainty relating to going concern):-
(a) Updates on the efforts taken to resolve each outstanding audit issue.
Not applicable. The Group's latest audited financial statements are not
subject to an adverse opinion, qualified opinion or disclaimer of opinion.
(b) Confirmation from the Board that the impact of all outstanding audit
issues on the financial statements have been adequately disclosed.
Not applicable. The Group's latest audited financial statements are not
subject to an adverse opinion, qualified opinion or disclaimer of opinion.
3 A review of the performance of the group, to the extent necessary for
a reasonable understanding of the group's business. The review must discuss
any significant factors that affected the turnover, costs, and earnings of the
group for the current financial period reported on, including (where
applicable) seasonal or cyclical factors. It must also discuss any material
factors that affected the cash flow, working capital, assets or liabilities of
the group during the current financial period reported on.
1) Statements of Profit and Loss and Other Comprehensive Income
FY2024 vs FY2025
Revenue
The Group's revenue increased from US$31.9 million in FY2024 to US$45.5
million in FY2025, an increase of US$13.6 million, presenting a growth of
42.6%. The Group's organic revenue(7) increased by 8.6% in FY2025.
Mineloader's acquisition was completed in April 2025 and contributed revenue
of US$11.4 million in FY2025. Excluding Mineloader's revenue contribution in
FY2025, the Group's revenue growth rate was 7.0%.
Art Outsourcing segment: Historically, this business segment has contributed
the majority of the Group's revenue. In FY2025, it accounted for 82.4% of the
Group's overall revenue (FY2024: 82.8%). Revenue from this business segment
increased by 42.0% or US$11.1 million, to US$37.5 million (FY2024: US$26.4
million), mainly due to increased orders from both new and existing clients -
notably in the United States, Mainland China and Hong Kong as well as from
other regions - combined with the contribution from the acquisition of
Mineloader.
(7) Organic revenue growth is calculated by adjusting the prior year revenues,
adding pre-acquisition revenues for the corresponding period of ownership.
Game Development segment: In FY2025, this business segment contributed 17.3%
of the Group's overall revenue (FY2024: 16.6%), representing a revenue growth
of 48.4% or US$2.6 million to US$7.9 million, driven by higher orders from
existing customers and contribution from the acquisition of Mineloader.
Global Publishing and Other Services segment: In FY2025, this business segment
contributed revenue of US$0.1 million or 0.3% of the Group's overall revenue
in FY2025, which remained the smallest revenue contributor of the Group
(FY2024: US$0.2 million).
Gross Profit
With higher revenue in FY2025, the Group's gross profit increased by 43.2% to
US$13.5 million (FY2024: US$9.5 million), with gross margin stable at 29.8% in
FY2025 (FY2024: 29.7%). The contribution from Mineloader, which specialises in
higher-margin AAA console art projects, mitigated some pressure from Asian
mobile gaming projects, which typically have lower pricing.
Other Income
Other income declined by 42.3% or US$0.4 million to US$0.5 million in FY2025
(FY2024: US$0.9 million). The decline was primarily due to the absence of
approximately US$0.3 million from the disposal of intangible assets recognised
in FY2024.
Other (Losses)/Gains - Net
The Group recognised other losses that amounted to US$0.7 million in FY2025 as
compared to a gain of US$0.9 million in FY2024, which was mainly attributed to
forex loss due to currency fluctuations and increased loss on the disposal of
property, plant and equipment.
Distribution and Marketing Expenses
Distribution and marketing expenses increased by 17.1% or US$0.4 million, to
US$2.5 million in FY2025 (FY2024: US$2.2 million), which was mainly due to
more investments in marketing and promotional activities to expand into
overseas markets, resulting in increased business travel costs, and costs
related to marketing activities.
Administrative Expenses
Administrative expenses increased by 16.3% or US$1.5 million to US$10.6
million in FY2025 (FY2024: US$9.1 million). In FY2024, one of the major
components of administrative expenses was a one-off LSE IPO expense of US$2.4
million recognised. Taking this into account, there was a variance of US$3.9
million that was mainly attributable to the following:
· Aggregation of administrative costs associated with the newly acquired
subsidiary Mineloader that amounted to US$1.6 million;
· Additional US$0.6 million in costs incurred to support acquisition activities
and integration initiatives;
· Amortisation expenses of intangible assets that amounted to US$0.5 million
generated from acquisition;
· Ongoing administrative expenses of US$0.4 million related to the AIM dual
listing on LSE;
· Increased remuneration of key management personnel, which includes share-based
compensation expenses, that amounted to US$0.5 million; and
· Expenses of US$0.4 million that are related to business management of On Point
Creative, Pixelline and Vertic.
(Allowance for)/reversal of impairment loss on financial assets
Impairment loss on financial assets of US$0.1 million was recognised in FY2025
(FY2024: a gain of less than US$0.1 million). With higher revenue achieved in
FY2025, trade and other receivables have increased as well. Based on
accounting policies, a higher credit loss was recognised in FY2025.
Interest Income
Interest income increased by 22.8% or US$0.1 million to US$0.6 million in
FY2025 (FY2024: US$0.5 million) that was mainly attributed to improved
investment returns during FY2025.
Finance Expenses
Finance expenses of US$0.2 million was recognised in FY2025 (FY2024: US$0.1
million), which was mainly attributed to interest expense on the present value
of long-term liabilities recognised in connection with the acquisition of
Mineloader and on Mineloader's lease liabilities arising from IFRS 16.
Depreciation and Amortisation Expenses
Depreciation and amortisation expenses increased by 58.8% or US$1.2 million to
US$3.3 million in FY2025 (FY 2024: US$2.1 million), which was mainly
attributed to the increase in Mineloader's depreciation and amortisation
expense of US$0.6 million after the acquisition, and amortisation of customer
relationships that amounted to US$0.5 million generated from acquisition.
Income Tax Expense
Income tax expenses of US$0.3 million was recognised in FY2025 (FY2024: income
tax benefit of US$0.2 million due to deferred tax credits), which was mainly
due to the aggregation of tax expenses from Mineloader.
2H 2025 vs 2H 2024
Revenue
The Group's revenue increased by 56.6% or US$9.4 million, to US$26.1 million
in 2H 2025 (2H 2024: US$16.7 million). This increase was mainly driven by the
acquisition of Mineloader and higher order volumes from both new and existing
customers in key markets, particularly in the United States, Mainland China
and Hong Kong.
Gross Profit
The Group's gross profit increased 47.2% or US$2.5 million to US$7.7 million
in 2H 2025 (2H 2024: US$5.2 million) as a result of increased revenue in 2H
2025.
Other Income
Other income decreased by 28.8% or US$0.1 million to US$0.3 million in 2H 2025
(2H 2024: US$ 0.5 million). The decline was primarily due to the absence of
income of approximately US$0.3 million from the disposal of intangible assets
in FY2024.
Other (Losses)/ Gains - Net
Other losses of US$0.7 million was recognised in 2H 2025 (2H 2024: Gain of
US$0.9 million), which was mainly due to foreign exchange losses caused by
currency fluctuations.
Distribution and Marketing Expenses
Distribution and marketing expenses increased by 26.2% or US$0.3 million to
US$1.5 million in 2H 2025 (2H 2024: US$1.2 million). The increase was mainly
due to higher investments in marketing and promotional activities to expand
into overseas markets, resulting in increased business travel costs, and costs
related to marketing activities.
(Allowance for)/reversal of impairment loss on financial assets
Impairment loss on financial assets of US$0.1 million was recognised in 2H
2025 (2H 2024: Impairment loss on financial assets of less than US$0.1 million
was recognised). With higher revenue achieved in 2H 2025, trade and other
receivables have increased as well. Based on accounting policies, a higher
credit loss was recognised in 2H 2025.
Interest Income
Interest income decreased US$0.1 million to US$0.2 million in 2H 2025 (2H
2024: US$0.3 million), which was mainly attributed to a decrease in cash
holdings after the acquisition of Mineloader in April 2025.
Depreciation and Amortisation Expenses
Depreciation and amortisation expenses increased by 58.3% or US$0.7 million to
US$1.8 million in 2H 2025 (2H 2024: US$1.1 million), which was mainly
attributed to the increase in Mineloader's depreciation and amortisation
expense of US$0.3 million after the acquisition, and amortisation of customer
relationships that amounted to US$0.4 million from the acquisition.
Income Tax Expense
Income tax expense of US$0.2 million was recognised in 2H 2025 (2H 2024:
Income tax benefit of US$0.3 million recognised), which was mainly due to the
aggregation of tax expense from Mineloader.
2) Statements of Financial Position
The comparative analysis of assets and liabilities is based on the Group's
financial statements as at 31 December 2024 and 31 December 2025.
Current Assets decreased by 13.8% or US$6.9 million to US$42.9 million as at
31 December 2025, as compared to US$49.8 million as at 31 December 2024. This
decrease was primarily due to:
Cash and Cash Equivalents
As at 31 December 2025, cash and cash equivalents totaled US$27.4 million, a
decrease of US$12.4 million or 31.2%, as compared to US$39.8 million as at 31
December 2024. The decrease was mainly due to a US$13.2 million payment
related to the acquisition of Mineloader.
Trade and Other Receivables
As at 31 December 2025, trade and other receivables increased by US$2.9
million or 45.5% to US$9.3 million, primarily driven by higher revenue in the
second half of FY2025 that was principally attributable to the increase in
business activities and the consolidation of receivables from the acquisition
of Mineloader.
Contract Assets
Contract assets increased from US$3.6 million as at 31 December 2024 to US$6.2
million as at 31 December 2025, representing a growth of 71.8%. The increase
was primarily attributable to the consolidation of contract assets from the
acquisition of Mineloader. Almost 100% of the contract assets from the
previous year's output were converted into trade receivables or cash
collections.
Non-Current Assets increased by US$15.5 million or 148.1% to US$26.0 million
as at 31 December 2025, as compared to US$10.5 million as at 31 December 2024,
mainly due to the following:
Intangible Assets
Intangible assets increased significantly from US$1.9 million as at 31
December 2024 to US$17.2 million as at 31 December 2025, mainly due to the
recognition of goodwill and intangible assets associated with the acquisition
of Mineloader.
Other Non-Current Assets
Other non-current assets increased from US$0.3 million as at 31 December 2024
to US$0.5 million as at 31 December 2025, reflecting an increase in
prepayments for the Company's refundable deposits associated with the
acquisition of Mineloader.
Current Liabilities increased by US$2.8 million or 38.8% to US$10.1 million as
at 31 December 2025 as compared to US$7.3 million as at 31 December 2024,
mainly due to the following:
Trade and Other Payables
Trade and other payables increased by US$1.9 million or 32.7% to US$7.9
million as at 31 December 2025 as compared to US$5.9 million as at 31 December
2024, mainly due to the aggregation of payables from the acquisition of
Mineloader.
Lease Liabilities
Lease liabilities increased by US$0.6 million or 48.5% to US$1.7 million as at
31 December 2025 as compared to US$1.2 million as at 31 December 2024, which
was mainly attributable to new office lease agreements arising from the
acquisition of Mineloader during FY2025.
Contract Liabilities
Contract liabilities increased from US$0.1 million as at 31 December 2024 to
US$0.3 million as at 31 December 2025, mainly due to the increased customer
prepayments for our art outsourcing services in gaming projects.
Current Income Tax Liabilities
Current income tax liabilities increased to US$0.1 million that was mainly
attributable to the corporate tax accrued for Mineloader.
Non-current liabilities increased by US$2.8 million or 93.4% to US$5.8 million
as at 31 December 2025, as compared to US$3.0 million as at 31 December 2024
mainly due to the following:
Lease Liabilities (Non-Current)
Lease liabilities (non-current) decreased by US$0.8 million or 41.8% to US$1.1
million as at 31 December 2025, as compared to US$1.9 million as at 31
December 2024 which was mainly attributable to termination of certain lease
during FY2025.
Other Non-Current Liabilities
The Group recognised other non-current liabilities of US$1.7 million as at 31
December 2025, which is the share purchase consideration payable for the
acquisition of Mineloader that is scheduled to be paid on 31 March 2030.
Deferred Income Tax Liabilities
Deferred income tax liabilities increased by US$1.9 million or 168.7% to
US$3.0 million as at 31 December 2025 as compared to US$1.1 million as at 31
December 2024, which was mainly attributable to the acquisition of Mineloader.
Equity increased by US$3.0 million or 6.0% to US$53.0 million as at 31
December 2025 from US$50.0 million as at 31 December 2024, which was mainly
due to the following:
Share Capital
Share capital increased slightly by less than US$0.1 million or 0.4% from
US$13.4 million as at 31 December 2024 to US$13.4 million as at 31 December
2025, which was primarily driven by the issuance of new shares of the Company
in FY2025.
Other Reserves
Other reserves increased by US$2.7 million or 9.4% to US$31.7 million as at 31
December 2025, as compared to US$28.9 million as at 31 December 2024, which
was mainly attributable to:
· Increase of US$1.8 million from foreign currency translation reserve arising
from the translation of financial statements of foreign operations into the
Group's presentation currency in US$; and
· Increase of US$0.9 million from share-based compensation.
Retained Profits
Retained profits increased marginally by US$0.2 million or 3.1% to US$7.9
million as at 31 December 2025 as compared to US$7.7 million as at 31 December
2024 which was primarily due to increased net profit of US$0.3 million in
FY2025.
3) Statement of Cash Flows
Net Cash Generated from Operating Activities
Net cash generated from operating activities increased significantly by US$4.5
million to US$5.1 million during FY2025, as compared to US$0.6 million
generated during FY2024, which was primarily driven by the absence of one-off
AIM dual listing cash outflow in FY2024, as well as higher cash inflows from
an enlarged operating scale following the acquisition of Mineloader.
Net Cash Used in Investing Activities
Net cash used in investing activities increased significantly to US$14.5
million in FY2025 compared to US$3.7 million used in FY2024, which was mainly
attributable to the Group's acquisition of Mineloader.
Net Cash Used in Financing Activities
Net cash used in financing activities was US$1.7 million in FY2025 mainly due
to principal payments of lease liabilities, compared to US$27.0 million
generated in FY2024. In FY2024, the Company issued new shares and received
proceeds (net of share issue expense) of US$29.4 million.
4 Where a forecast, or a prospect statement, has been previously
disclosed to shareholders, any variance between it and the actual results.
In FY2025, the Group has recognised revenue of US$45.5 million based on the
indicative bookings of our artists by customers of at least US$35.8 million
(over the next 24 months and depending on the final confirmation from
customers) as at 31 December 2024 as disclosed in our full-year results
announcement for FY2024, and Annual Report 2024.
Building on this momentum, barring unforeseen circumstances, the Group expects
a stronger project pipeline over the next 24 months based on indicative
bookings of our artists by customers of at least US$48.6 million (subject to
the final confirmation from customers) as at 31 December 2025. Of which,
US$34.6 million of the indicative bookings is expected to be recognised in
FY2026.
During FY2025, in line with its indicative bookings and business expansion
plans, the Group increased its hiring to expand its talent pool, incurred
higher marketing and administrative costs, and made further investments in its
technology infrastructure to support its operations and customer base.
5 A commentary at the date of the announcement of the competitive
conditions of the industry in which the group operates and any known factors
or events that may affect the group in the next reporting period and the next
12 months.
The global gaming industry continues to expand, creating a supportive backdrop
for Winking Studios. According to a Newzoo report( )(8)(
(https://word-edit.officeapps.live.com/we/wordeditorframe.aspx?ui=en-US&rs=en-US&wopisrc=https%3A%2F%2Fmy.microsoftpersonalcontent.com%2Fpersonal%2F480d0e6ba87b4284%2F_vti_bin%2Fwopi.ashx%2Ffiles%2Ffb2d70195de74704a748e5f9193f8264&sc=%7B%22pmo%22%3A%22https%3A%2F%2Fonedrive.live.com%22%2C%22pmshare%22%3Atrue%2C%22redeem%22%3A%22aHR0cHM6Ly8xZHJ2Lm1zL3cvYy80ODBkMGU2YmE4N2I0Mjg0L0lRQVpjQzM3NTEwRVI2ZEk1ZmtaUDRKa0FSTjBjMlB6dGlWSEpoNGpsMjMxSFlJP2U9VVdVaGlE%22%7D&wdenableroaming=1&mscc=0&wdodb=1&hid=7B47F3A1-203A-B000-99C3-370C901035CB.0&uih=onedrivecom&wdlcid=en-US&jsapi=1&jsapiver=v2&corrid=7ec72215-92d0-63c0-7e5a-fd5dfaee94ca&usid=7ec72215-92d0-63c0-7e5a-fd5dfaee94ca&newsession=1&sftc=1&uihit=docaspx&muv=1&cac=1&sams=1&sfp=1&sdp=1&hch=1&hwfh=1&dchat=1&ctp=LeastProtected&rct=Normal&wdorigin=Sharing.ClientRedirect&afdflight=9&csiro=1&instantedit=1&wopicomplete=1&wdredirectionreason=Unified_SingleFlush#_ftn6)
), global gaming revenue was US$182.5 billion in 2024 and forecast to rise to
US$206.5 billion by 2028, an increase of approximately 13% over the period.
Growth is expected to be broad-based across platforms, with mobile remaining
the largest segment and console forecast to increase its share of global
revenue over time. Newzoo forecasts 2025 to 2028 revenue CAGR of 4.7% for
console, 2.2% for mobile and 3.3% for PC.
Newzoo also expects consumer spending to deepen, with paying gamers forecast
to grow 4.9% in 2025, outpacing total player growth of 4.4%, with average
spend per paying gamer estimated to reach US$119.70.
Rising player expectations for richer, higher-quality experiences are
prompting developers and publishers to invest heavily in visuals, art, and
ongoing content updates to sustain engagement.
As the industry evolves, outsourcing is increasingly being used as a core part
of the production model, enabling studios to access specialist talent, improve
flexibility and reduce fixed costs across multi-year development cycles.
The Group intends to continue with our mergers and acquisitions plan within
our industry to strengthen our market position and expand our business scope
globally.
With the indicative bookings and business expansion plans, the Group believes
that in FY2026, there will be increased hirings to expand our talent pool,
increased costs associated with marketing and administrative activities as
well as investments in enhancing our technology infrastructure to better serve
our customers.
The Group will continue to focus on project management and execution to
deliver high-quality and cost-effective gaming services to our customers on a
timely basis.
([)(8 (file:///C%3A/Users/alextan_1/Desktop/Winking/FY2025/%5b8%5d) )(]
(file:///C%3A/Users/alextan_1/Desktop/Winking/FY2025/%5b8%5d) )
https://newzoo.com/resources/trend-reports/newzoo-global-games-market-report-2025
(https://newzoo.com/resources/trend-reports/newzoo-global-games-market-report-2025)
6 To show the total number of issued shares excluding treasury shares as
at the end of the current financial period and as at the end of the
immediately preceding year.
As at As at
31 December 2025 31 December 2024
(Unaudited) (Audited)
Total number of issued shares 441,938,118 440,364,942
The Company did not have any treasury shares as of 31 December 2024 and 31
December 2025.
7 A statement showing all sales, transfers, cancellation and/or use of
treasury shares as at the end of the current financial period reported on.
Not applicable. The Company did not have any treasury shares during and as at
the end of the current financial period reported on.
8 A statement showing all sales, transfers, cancellation and/or use of
subsidiary holdings as at the end of the current financial period reported on.
Not applicable. There were no sales, transfers, cancellation and/ or use of
subsidiary holdings during and as at the end of the current financial period
reported on.
9 Dividend
a. Current Financial Period Reported on
Any distribution recommended for the current financial period reported on?
Yes.
Name of Dividend Special
Dividend Type Cash
Dividend amount per Share SG$ 0.00024
Tax rate Tax-exempt
b. Corresponding period of the immediately preceding financial year.
Name of Dividend Special
Dividend Type Cash
Dividend amount per Share SG$ 0.00024
Tax rate Tax-exempt
c. Date payable.
The date payable for the proposed final cash dividend, if approved at the
forthcoming annual general meeting of the Company, will be announced in due
course.
d. Books closure date
The record date of the Company for the proposed final cash dividend will be
announced in due course.
10 If no dividend has been declared/recommended, a statement to that effect.
Not applicable.
11 If the Group has obtained a general mandate from shareholders for
interested person transactions ("IPTs"), the aggregate value of such
transactions as required under Rule 920(1)(a)(ii). If no IPT mandate has been
obtained, a statement to that effect.
The Company had obtained shareholders' approval for an updated general mandate
for IPTs at its extraordinary general meeting held on 30 April 2025. Save as
disclosed below, there are no other IPTs equal to or above SG$ 100,000
(equivalent to US$73,746) in FY2025.
Name of Interested Persons Details of Transactions Aggregate value of the IPTs during the financial period (excluding IPTs Aggregate value of the IPTs during the financial period which were previously
previously approved by shareholders and excluding transactions less than SG$ approved by shareholders excluding transactions less than SG$ 100,000
100,000 (US$'000) (US$'000)
Acer Incorporated Reimbursement of research and development costs - 337
Acer Incorporated Other income - 167
Total - 504
12 (a) Use of Initial Public Offering ("IPO") proceeds as at date of this
announcement.
Pursuant to Rule 704(30) of the SGX-ST Listing Manual Section B: Rules of
Catalist, the Board wishes to announce the Company received gross proceeds of
SG$ 8,000,000 (approximately net proceeds of SG$5,076,000) ("Net IPO
Proceeds") from the placement of new shares pursuant to the IPO on 20 November
2023. As at the date of this announcement, the Net IPO Proceeds has been fully
utilised.
(b) Use of Placement (as defined in the Placement Circular) proceeds as at
date of this announcement.
Pursuant to Rule 704(30) of the SGX-ST Listing Manual Section B: Rules of
Catalist, the Board wishes to announce the Company received gross proceeds of
SG$ 27,000,000 (approximately net proceeds of SG$ 26,500,000) ("Net July
Placement Proceeds") from the placement of new shares pursuant to the
Placement Circular on 8 July 2024. As at the date of this announcement, the
status on the use of the Net July Placement Proceeds is as follows:
Use of net proceeds Amount in aggregate Amount utilised from 08 July 2024 to 31 Dec 2025 (SG$'000) Balance as at
(SG$'000) 31 Dec 2025 (SG$'000)
Corporate actions such as secondary or dual listings of the Company, potential 17,200 17,200 -
fundraising exercises, pursuing strategic acquisitions, alliances and joint
ventures to grow the Group's market share and broaden the Group's customer
base
Enhancement of the Group's current operational capabilities, which include 4,000 947 3,053
continuous exploration of the use of AI capabilities
Expansion and improvements to the Group's regional offices and supporting 2,700 328 2,372
infrastructure as the Group continues to increase its market presence globally
Professional and other related fees to be incurred in relation to potential 1,300 1,300 -
corporate exercises such as fundraising exercises, listings, strategic
acquisitions, alliances and joint ventures
General working capital requirements of the Group 1,300 1,300 -
Total 26,500 21,075 5,425
(c) Use of Placing (as defined in the AIM Admission Document) proceeds as at
date of this announcement.
Pursuant to Rule 704(30) of the SGX-ST Listing Manual Section B: Rules of
Catalist, the Board wishes to announce the Company received gross proceeds of
SG$ 13,500,000(approximately £7.9 million)(approximately net proceeds of SG$
10,149,000) ("Net AIM Listing Proceeds") from the placement of new shares
pursuant to the placing on 14 November 2024. As at the date of this
announcement, the status on the use of the Net AIM Listing Proceeds is as
follows:
Use of net proceeds Amount in aggregate Amount utilised from 14 November 2024 to 31 Dec 2025 (SG$'000) Balance as at
(SG$ '000) 31 Dec 2025 (SG$'000)
To continue actively pursuing strategic acquisitions, alliances and joint 9,537 609 8,928
ventures in Asia and Europe to grow the Group's market share and increase
operational capacity
To establish a stronger presence and broaden the Group's customer base in the 306 - 306
North American and European markets, including (i) increasing the Group's
marketing and business development efforts; (ii) establishing a UK-based
regional hub; and (iii) pursuing acquisitions of smaller studios in this
region
Enhancement of the Group's current operational capabilities, which include 306 - 306
continuous development and improvement of the Group's AI capabilities
Total 10,149 609 9,540
13 Confirmation that the issuer has procured undertakings from all its
directors and executive officers (in the format set out in Appendix 7H
(https://rulebook.sgx.com/node/6464) ) under Rule 720
(https://rulebook.sgx.com/node/5093) (1).
The Company confirms that it has procured undertakings from all its directors
and executive officers in the format as set out in Appendix 7H in accordance
with Rule 720(1) of the Catalist Rules.
14 In the review of performance, the factors leading to any material changes
in contributions to turnover and earnings by the operating segments.
Please refer to item F.3
15 A breakdown of sales
Group Increase/ (Decrease)
%
31.12.2025 31.12.2024
US$'000 US$'000
(a) Sales reported for first half year 19,385 15,225 27.3
(b) Operating profit/loss after tax before 927 909 2.0
deducting non-controlling interests reported for first half year
(c) Sales reported for second half year 26,115 16,674 56.6
(d) Operating profit/loss after tax before (601) (384) 56.5
deducting non-controlling interests reported for second half year
16 A breakdown of the total annual dividend (in dollar value) for the
issuer's latest full year and its previous full year.
Total Annual Dividend Full Year Last Full Year
(FY2025) (FY2024)
(US$'000) (US$'000)
Ordinary 84 82
Preference - -
Total 84 82
17 Disclosure of person occupying a managerial position in the issuer or any
of its principal subsidiaries who is a relative of a director or chief
executive officer or substantial shareholder of the issuer pursuant to Rule
704(10) in the format below. If there are no such persons, the issuer must
make an appropriate negative statement.
Name Age Family relationship with any director and/or substantial shareholder Current position and duties, and the year the position was first held Details of changes in duties and position held, if any, during the year
Cho Tai-Wen 46 Cousin of Executive Director and CEO (Founder), Mr Johnny Jan Cheng Han Chief Operating Officer of Winking Entertainment Corporation since 2016 No changes
18. Disclosures on Incorporation of Entities, Acquisition and Realisation of
Shares pursuant to Catalist Rule 706A.
Acquisition of 100% of the Issued and Paid-Up Share Capital of Mineloader
Purchase Consideration
On 1 April 2025, the Company acquired 100% of the issued share capital in
Mineloader. The aggregate purchase consideration totals US$19.8 million which
comprised the following:
• Initial cash payment: 90% (US$18.1 million) settled on 1 April 2025
• Balance purchase price: 10% (US$ 1.7 million) payable on 31 March 2030
subject to the right of the Company's wholly owned subsidiary, Shanghai
Winking Entertainment Ltd, to deduct monies payable from the balance purchase
price in the event Mineloader suffers losses, penalties or liabilities, as
prescribed under the terms of the Equity Purchase Agreements entered into on
17 January 2025.
For more information, please refer to the Company's announcements dated 17
January 2025 and 2 April 2025.
Goodwill Recognition
Provisional goodwill recognised amounts to US$8.0 million. This represents the
excess of the total acquisition consideration over the fair value of net
identifiable assets acquired as of the acquisition date of 1 April 2025. The
goodwill is attributable primarily to expected synergies from the integration
of technologies and customer networks.
Purchase consideration US$'000
Initial payment 18,108
Deferred payment 1,694
Total cash paid 19,802
Assets and liabilities recognised as a result of the acquisition
Fair Value
US$'000
Cash and cash equivalents 4,949
Trade and other receivables 1,653
Contract assets 290
Property, plant and equipment 367
Right-of-use assets 1,005
Intangible assets 9
Other non-current assets 146
Trade and other payables (669)
Contract liabilities - current (23)
Lease liabilities - current & non-current (1,005)
Deferred income tax liabilities (1,707)
Net identifiable assets acquired 5,015
Add: Intangible assets - customer relationships 6,828
Add: Goodwill 7,959
Total cash paid 19,802
Acquisition of the Business and Certain Assets that was owned by a Third Party
On 30 September 2025, the Company completed the acquisition of the business
and certain assets of an art outsourcing service provider (the "Third Party"),
principally engaged in the provision of outsourced art production services for
game and interactive entertainment projects, for an aggregate purchase
consideration of US$600,000. The acquisition is expected to expand the Group's
sale and capabilities so as to increase the Group's market presence globally.
The consideration of the acquisition was determined and agreed upon between
the Company and Third Party on a willing buyer and willing seller basis,
taking into account factors such as the findings from the due diligence
process, and the independent valuation conducted by the Company on certain of
the assets. The aggregate purchase consideration of US$600,000 shall be fully
settled within 6 months following the completion of the acquisition on 30
September 2025. The acquisition does not involve any deferred consideration,
earn-out arrangements, or share-based consideration.
Purchase consideration US$'000
Total cash paid 600
Assets and liabilities recognised as a result of the acquisition
Fair Value
Goodwill 600
Total cash paid 600
G. Other information
Alternative Performance Measures ("APMs")
The Group reports on a number of APMs to showcase the financial performance of
the Group, which are not standard accounting measures defined by the
International Financial Reporting Standards (IFRS). The Directors believe
these measures provide valuable additional information for users of financial
information to understand the fundamental transactional performance of the
Group. In particular, APMs are used to provide a clearer understanding to the
users of the accounts of the Group's underlying profitability over a period of
time.
Adjusted EBITDA
EBITDA includes operating profit as reported in the Consolidated Statement of
Comprehensive Income, adjusted for amortisation and impairment of intangible
assets, depreciation, and net interest. For Adjusted EBITDA in FY2025, it
shows an increase of US$0.6 million or 13.2% to US$5.4 million, as compared to
US$4.8 million in FY2024, which also included adjustments for one-off and
other non-cash items.
While revenue grew by 42.6% in FY2025, Adjusted EBITDA growth was moderated by
US$0.4 million of LSE-related ongoing expenses incurred in FY2025 but not in
FY2024, and by US$0.7 million of other income and other gains (excluding forex
gains) recognised in FY2024 that did not recur in FY2025.
The table below indicates how the adjusted EBITDA was computed in FY2025 and
FY2024.
2025 2024
USD'$000 USD'$000
Net profit 326 525
Net interest income (418) (385)
Income tax expenses 252 (171)
Earnings before interest and taxation ("EBIT") 160 (31)
Depreciation 2,486 1,872
Amortisation 783 186
Earnings before interest, tax, depreciation and amortisation ("EBITDA") 3,429 2,027
LSE dual listing expenses - 2,454
Share-based compensation expenses 922 1,008
Costs of acquisition and integration 609 59
Private placement related expenses - 91
Foreign exchange gain 487 (828)
Adjusted Expenses 2,018 2,784
Amortisation of acquisition-related intangible assets 614 65
Adjusted EBIT 2,792 2,818
Adjusted EBITDA 5,447 4,811
Revenue from contracts with customers 45,500 31,899
Adjusted EBITDA as a % of revenue 12.0% 15.1%
Adjusted Net Profit
The adjusted net profit is calculated by taking the net profit and adjusting
it for certain expenses to provide a clearer picture of the Group's underlying
financial performance. For adjusted net profit, the adjustments for the FY2025
and FY2024 as shown in the table below:
2025 2024
US$'000 US$'000
Net Profit 326 525
LSE dual listing expenses - 2,454
Share-based compensation expenses 922 1,008
Costs of acquisition and integration 609 59
Private placement related expenses - 91
Foreign exchange (gain)/losses 487 (828)
Amortisation of acquisition-related intangible assets 614 65
Adjusted Expenses 2,632 2,849
Tax arising on Adjusted Expenses - -
Adjusted Net Profit 2,958 3,374
Strong Focus and Niche
The Group also has an established niche in games with online connectivity,
which accounted for 78.7% of the Group's manpower usage, based on the total
number of man days involved in games with online connectivity charged to
customers divided by total number of days charged to customers for FY2025.
According to the data for the FY2025, the proportion of man days used by
mobile games and console & PC games within the Group is 43.8% and 51.5%,
respectively. This is calculated based on the total number of man days
involved in mobile games or console & PC games divided by the total number
of days charged to clients. For cross-platform projects, the total number of
man days for the project is evenly split between mobile games and console
& PC games.
BY ORDER OF THE BOARD
MR. JOHNNY JAN
Executive Director and Chief Executive Officer (Founder)
27 February 2026
1 Hong Kong here refers to Hong Kong Special Administrative Region.
(2) Taiwan here refers to the Taiwan region.
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