tinyBuild’s FY2025 pre-close: revenue beats expectations and H2 EBITDA turns positive
tinyBuild has delivered a tidy pre-close update for the twelve months to 31 December 2025. Revenue came in slightly ahead of expectations and the second half generated positive EBITDA (earnings before interest, tax, depreciation and amortisation), helped by both new releases and the back catalogue. Cash ended the year at over $4 million, slightly above expectations and broadly in line with 30 June 2025, with no borrowings on the balance sheet.
The tone is cautiously upbeat: the industry backdrop is improving from a deep trough, the catalogue is performing, and 2026 is set up with several high-potential releases. The schedule is heavily weighted to the second half, so execution and timing will matter.
Key numbers and headlines investors should know
| FY2025 revenue vs expectations | Slightly ahead |
| H2 2025 EBITDA | Positive |
| Cash and cash equivalents (31 Dec 2025) | Over $4 million |
| Cash trend vs 30 June 2025 | Broadly in line |
| Borrowings | None |
| Catalogue size | Over 100 titles |
| Recent launches | The King is Watching and Of Ash and Steel performed above expectations |
| Steam wishlists | Kingmakers #7, SAND #47, Streets of Rogue 2 #88, The Lift #144 |
| 2026 release weighting | Heavily H2; only Hozy and SAND in H1 |
Catalogue strength is doing the heavy lifting
tinyBuild’s model leans on a broad catalogue of over 100 premium titles, which provides predictable cash flows. Classic franchises like Hello Neighbor continued to punch above their weight into the end of the year, while more recent titles such as Deadside and VOIN are contributing. That breadth matters in a market still recovering, because it reduces reliance on any single launch.
Importantly, two of the latest releases, The King is Watching and Of Ash and Steel, delivered above expectations. That suggests the company’s audience validation approach is working and gives confidence in the quality bar heading into a packed 2026.
Cash, balance sheet and investment discipline
Cash and cash equivalents were over $4 million at year end, slightly above expectations and broadly unchanged from mid-year. The company has no borrowings. Management emphasises disciplined cash management and expects cash to fluctuate through 2026 as new games launch and revenues improve.
The balance sheet positioning is conservative. The flipside is that with cash at this level, slip risk on late-year titles needs watching. tinyBuild is mitigating by carefully reviewing spend on new games and aligning investment with audience signals.
2026 pipeline: Steam wishlists point to demand
In games, wishlists are a leading indicator of launch demand on Steam. tinyBuild’s line-up is showing strong momentum: Kingmakers is currently #7 Most Wishlisted, SAND is #47, Streets of Rogue 2 is #88, and The Lift is #144. Newly announced Hozy and Restory are also building healthy audiences.
The release schedule is back-half loaded. Only Hozy and SAND are slated for the first half, with bigger beats clustered later in the year. The company says its priority is to ship the best possible games, even if that means longer development cycles and shifting release dates. That quality-first stance is sensible, but it concentrates commercial risk in H2.
Strategy check: build IP, expand franchises, validate with players
tinyBuild continues to invest in its own IP and evergreen series. High-potential new projects include Kingmakers, SAND and The Lift, while SpeedRunners 2 and Streets of Rogue 2 extend proven franchises. The company calls out several larger-budget games (above $1 million) in the pipeline, alongside ongoing catalogue investment via updates, DLCs and new platform launches.
This balance of fresh IP and sequel momentum is the right mix for a mid-sized publisher. The key is tight cost control and stage-gated investment, which management highlights through regular audience validation.
Outlook and risks: recovery tailwinds, but keep an eye on timing
Management says the industry is slowly climbing out of a deep trough. That aligns with the improving wishlist data and the contribution from recent releases. The CEO also noted that Hello Neighbor’s performance into year-end was “insane”, underscoring the resilience of tinyBuild’s evergreen portfolio.
Risks remain. The 2026 slate is H2-heavy, so any delays could push revenue into 2027. Cash is modest, albeit supported by recurring catalogue income, and the company flags macro uncertainty and the continued conflict in Ukraine as areas requiring caution and vigilance. None of this derails the story, but it does argue for tight execution.
What this means for investors
On the positives: a small revenue beat, positive H2 EBITDA, no debt, steady cash, and wishlist rankings that imply strong interest in core 2026 titles. The catalogue continues to do what it should in a mid-cycle recovery, and management is being disciplined about spend and quality.
On the watchlist: exact FY2025 profitability is not disclosed, only that H2 EBITDA was positive. Cash is over $4 million, so launch timing and the conversion of wishlists into sales will be pivotal. With the release schedule weighted to H2, milestone updates through the year will matter more than usual.
Key catalysts to track in 2026
- H1 launches: delivery and reception for Hozy and SAND.
- Wishlist momentum: whether Kingmakers stays in the top 10 and how SAND, Streets of Rogue 2 and The Lift trend.
- Quality and timing: any shifts to the H2-heavy slate as the team prioritises polish.
- Cash trajectory: expected fluctuations as titles launch, with no borrowings providing flexibility but limited buffer.
- Catalogue updates: DLCs, platform launches and how they support recurring revenue.
Bottom line
This is a tidy update that nudges expectations the right way. tinyBuild exits 2025 with positive H2 EBITDA, more than $4 million of cash, and a catalogue that is clearly pulling its weight. If the 2026 slate lands broadly on time and to quality, the setup supports improved revenue and operating momentum.
The opportunity is there. Now it comes down to execution in a back-half-loaded year.
