Q2 2026 tinyBuild Inc Earnings Call

September 24, 2026

Speaker #2: Good afternoon, and welcome to the tinyBuild H1 2026 results and presentation. Throughout the recorded presentation, investors will be in listen-only mode. Questions are encouraged, and they can be submitted at any time using the Q&A tab situated on the right corner of your screen.

Operator 2: Good afternoon, and welcome to the tinyBuild H1 2026 Results Investor Presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged, and they can be submitted at any time using the Q&A tab situated on the right corner of your screen. Simply type in your questions and press send. Before we begin, I would like to submit the following poll. I would now like to hand you over to the management team of tinyBuild. Alex, Jas, good afternoon to you both.

Operator: Good afternoon, and welcome to the tinyBuild H1 2026 Results Investor Presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged, and they can be submitted at any time using the Q&A tab situated on the right corner of your screen. Simply type in your questions and press send. Before we begin, I would like to submit the following poll. I would now like to hand you over to the management team of tinyBuild. Alex, Jas, good afternoon to you both.

Speaker #2: Simply type in your questions and press send. Before we begin, I would like to submit the following poll, and I would now like to hand you over to the management team of tinyBuild—Alex and Jess.

Speaker #2: Good afternoon to you both.

Speaker #3: Hello, good afternoon. Thanks, everyone, for joining. And I'm actually broadcasting from a very special place right now. This living room, right behind me, is where we started 15 years ago.

Alex Nichiporchik: Hello, good afternoon. Thanks, everyone, for joining. I am actually broadcasting from a very special place right now. This living room right behind me is where we started 15 years ago. We had seven people crammed into a tiny space before we got our very first office. So happy to be here. It has been 15 years now, which is kind of crazy. Today, we have our traditional presentation structure. Let us just go over the disclaimer. Hi, I am Alex Nichiporchik. I am founder and CEO of tinyBuild. I have been in the business for 20-odd years now. Everything from marketing to professional gaming to game journalism. Today, I get the honor of working on video games. I am joined by Jas. Would you like to make a short intro?

Speaker #3: We had 7 people crammed into a tiny space before we got our very first office. So happy to be here, and it's been 15 years now, which is kind of crazy.

Speaker #3: So today we have our traditional presentation structure, which is, you know, go over to disclaimer, where hi, I'm Alex Nicheporchuk. I'm founder and CEO of tinyBuild.

Speaker #3: Been in the business for 20 odd years now. Everything from marketing to professional gaming to game journalism, and today I get the honor of working on video games.

Speaker #3: And I'm joined by Jess, would you like to make a short intro?

Speaker #4: Hi, guys. Jess, CFO. I joined tinyBuild just before the IPO in 2021. Before that, I had over 20 years in finance, and I've been CFO for the past three and a half years.

[Company Representative] (tinyBuild): Hi, guys. Jas, CFO. I joined tinyBuild just before the IPO in 2021. Before that, over 20 years in finance, and have been CFO for the past three and a half years.

Jaz Salati: Hi, guys. Jas, CFO. I joined tinyBuild just before the IPO in 2021. Before that, over 20 years in finance, and have been CFO for the past three and a half years.

Speaker #3: So here is going to be our presentation structure. I'll do a brief operational intro, and then we'll dive into the finances with Jess. After that, we'll talk about a few case studies and strategy, and I'm sure you will have a lot of questions about tinyBuild.

Alex Nichiporchik: Here is going to be our presentation structure. I will do a brief operational intro, then we will dive into the finances with Jas, and then we will talk a few case studies and strategy. I am sure you will have a lot of questions about tinyBuild, so please feel free to submit those. The way to look at the H1 of this year is, we are seeing the fruits of our strategy. Remember that games take a while to develop. While we are shortening the development time spans, it is still 2, 3, 4, 5 years for some of the titles. With the recent launches, you are seeing that we have had very strong publishing performance. We have proven that we know how to select games, how to get involved in development because we are a developer at heart, with a very strong publishing division.

Alex Nichiporchik: Here is going to be our presentation structure. I will do a brief operational intro, then we will dive into the finances with Jas, and then we will talk a few case studies and strategy. I am sure you will have a lot of questions about tinyBuild, so please feel free to submit those. The way to look at the H1 of this year is, we are seeing the fruits of our strategy. Remember that games take a while to develop. While we are shortening the development time spans, it is still two, three, four, five years for some of the titles. With the recent launches, you are seeing that we have had very strong publishing performance. We have proven that we know how to select games, how to get involved in development because we are a developer at heart, with a very strong publishing division.

Speaker #3: So please feel free to submit those. Now, the way to look at the first half of this year is we're seeing the fruits of our strategy.

Speaker #3: Remember that gains take a while to develop while we are shortening the development time spans. It's still 2, 3, 4, 5 years for some of the tiles.

Speaker #3: And with the recent launches, you are seeing that we have had very strong publishing performance. We have proven that we know how to select games, how to get involved in development because we are a developer at heart with a very strong publishing division.

Speaker #3: Between launches like Sand, Graveyard Keeper 2, Re:Story, Hozi, and several more this year, we are demonstrating a track record that we know what we're doing. And by "we," I mean the team.

Alex Nichiporchik: Between launches like SAND, Graveyard Keeper 2, ReStory, Hozy, and several more this year, we are demonstrating a track record that we know what we are doing. By we, I mean the team. We have best-in-class people working and making decisions really fast, creating campaigns that are really unique, and this directly feeds into our results. That said, there is still a lot of work being done on the back catalog. The back catalog is everything that we have launched in the previous calendar year. Between games like The King is Watching, getting DLC in new platforms, and continuing to work on our Hello Neighbor franchise, we are in quite a good place. We continue to invest. We do that in a very cost-cautious way.

Speaker #3: We have best-in-class people working and making decisions really fast, creating campaigns that are truly unique, and this directly feeds into our results. That said, there is still a lot of work being done on the back catalog.

Speaker #3: So, the back catalog is everything that we have launched in the previous calendar year. Between games like The King Is Watching getting DLC and new platforms, and continued work on our Hello Neighbor franchise, we are in quite a good place.

Speaker #3: Now, we continue to invest. We do that in a very cost-cautious way. We are investing into a lot of new IP alongside our back catalog, and currently, we have three games in the STEAM Top 100 wishlists.

Alex Nichiporchik: We are investing into a lot of new IP alongside our back catalog, and currently we have 3 games in the Steam top 100 wishlists, which we will talk about at the end of the presentation. Speaking of the highlights, I think the main highlight for me is our direct-to-consumer game revenue, so our sales. How much money do we make by actually selling our games? That is $20 million USD for the H1, which is 18% up compared to the previous half year. All of the other numbers, Jas will talk more in depth with you, but I am quite happy that we are maintaining a very healthy balance of own IP revenues, back catalog, as well as our cash position. We are a multi-franchise company.

Alex Nichiporchik: We are investing into a lot of new IP alongside our back catalog, and currently we have three games in the Steam top 100 wishlists, which we will talk about at the end of the presentation. Speaking of the highlights, I think the main highlight for me is our direct-to-consumer game revenue, so our sales. How much money do we make by actually selling our games? That is $20 million USD for the H1, which is 18% up compared to the previous half year. All of the other numbers, Jas will talk more in depth with you, but I am quite happy that we are maintaining a very healthy balance of own IP revenues, back catalog, as well as our cash position. We are a multi-franchise company.

Speaker #3: Which we'll talk about at the end of the presentation. Speaking of the highlights, I think the main highlight for me is our direct-to-consumer game revenue.

Speaker #3: So our sales. How much money do we make by actually selling our games? And that is 20 million dollars USD for the first half of the year, which is 18% up for compared to the previous half year.

Speaker #3: All of the other numbers Jess will talk more in depth with you, but I am quite happy that we are maintaining a very healthy balance of own IP revenues, back catalog, as well as our cash position.

Speaker #3: We are a multi-franchise company. This is something that I will probably be talking a lot more about, and, you know, more loudly, because this year we have clearly shown that it's not just about the one game.

Alex Nichiporchik: This is something that I will probably be talking a lot more and more loudly, because this year we have clearly shown that it is not just about the one game. A lot of shareholders, analysts, et cetera, like to fixate on just the one game in the portfolio that looks really shiny. H1 ago, when we did our full year results, I did mention that, hey, everyone should be looking at games like Hozy, like ReStory, and yet everyone was focused on games like Kingmakers. I am sure there will be a lot of questions about Kingmakers, in terms of when is it coming out, et cetera. We will not be talking about that here. What I said last time is that we are not going to reveal information that would skew our marketing.

Speaker #3: A lot of shareholders and analysts, etc., like to fixate on just the one game in the portfolio that looks really shiny. And half a year ago, when we did our full-year results, I did mention that, hey, everyone should be looking at games like Hozi, like Re:Story, and yet everyone was focused on games like Kingmakers.

Speaker #3: And I'm sure there will be a lot of questions about Kingmakers in terms of when is it coming out, etc. We will not be talking about that.

Speaker #3: Here, what I said last time is that we're not going to reveal information that would skew our marketing. And for Kingmakers, there recently was a full 12-minute showcase demonstrating where the game is right now.

Alex Nichiporchik: For Kingmakers, there recently was a full 12-minute showcase demonstrating where the game is right now. If you want more information on Kingmakers, please go ahead and watch that. Getting back to multi-franchise, we have very diversified revenues, and most of our revenues come from our own intellectual property. As a reminder, the more I work with franchises and the more we are engaging with linear media, with cross-media, the more important it is to have your own intellectual properties that you can control and steer into expansion. As a reminder, we are now seeing that some franchises will have their best year on its third or fourth decade. Case in point, the recently released Resident Evil has set records for that franchise, and just recently, a movie came out, which I am yet to see. Please don't spoil it in the comments here.

Speaker #3: If you want more information on Kingmakers, please go ahead and watch that. But getting back to multi-franchise, we have very diversified revenues, and most of our revenues come from our own intellectual property.

Speaker #3: As a reminder, the more I work with franchises and the more we're engaging with linear media, with cross-media, the more important it is to have your own intellectual properties that you can control and steer into expansion.

Speaker #3: As a reminder, we are now seeing that some franchises will have their best year in their third or fourth decade. Case in point—the recently released Resident Evil has set records for that franchise, and just recently a movie came out, which I'm yet to see.

Speaker #3: Please don't spoil it in the comments here. Now, our back catalog has actually grown compared to the last half year. Specifically, this is due to a few launches that have happened in the last calendar year, and at the same time, with all of the new releases that we have, we are seeing quite significant revenue growth.

Alex Nichiporchik: Our back catalog has actually grown compared to last half year. Specifically, this is due to a few launches that have happened in the last calendar year, and at the same time, with all of the new releases that we have, we are seeing quite significant revenue growth, as I mentioned, 18%. Right now we are sitting at about 68% of back catalog revenues, and it doesn't mean that there is no work being done on the back catalog. There is a lot being done. This gives you an idea of our new IP versus existing IP and how that gets split up. I do believe it is quite a healthy split right now. With that, let's dive into the finances with Jas.

Speaker #3: As I mentioned, 18%. Right now, we're seeing about 68% of back catalog revenues, and it doesn't mean that there's no work being done on the back catalog.

Speaker #3: There is a lot being done, but this gives you an idea of our new IP versus existing IP, and how that gets split up.

Speaker #3: And I do believe it's quite a healthy split right now. And with that, let's dive into the finances with Jess.

Speaker #2: Noted to just look at the financials. Financials, across H1, for net revenues on the left-hand side, up 18%, and this is all organic. As you can see from the chart, is the third 6-month period in a row that we see positive growth after 3 years of decline.

[Company Representative] (tinyBuild): To just look at the financials across H1 for net revenues on the left-hand side, up 18%, and this is all organic. As you can see from the chart, it is the third six-month period in a row that we see positive growth after three years of decline. That reflects a slightly improved industry outlook, but mostly an organic drive, combination of both back catalog doing well. USD 1 million positive in H1 2026, up from the second half last year and slightly down from the first half last year, which benefited from an incredible flow-through of first-party title, Deadside, which launched on console. Thirdly, on the right-hand side, software development at $6.4 million. That's broadly flat, has been broadly around the same level for the past three six-month periods after a decline since 2022 peak.

Jaz Salati: To just look at the financials across H1 for net revenues on the left-hand side, up 18%, and this is all organic. As you can see from the chart, it is the third six-month period in a row that we see positive growth after three years of decline. That reflects a slightly improved industry outlook, but mostly an organic drive, combination of both back catalog doing well. USD 1 million positive in H1 2026, up from the second half last year and slightly down from the first half last year, which benefited from an incredible flow-through of first-party title, Deadside, which launched on console. Thirdly, on the right-hand side, software development at $6.4 million. That's broadly flat, has been broadly around the same level for the past three six-month periods after a decline since 2022 peak.

Speaker #2: That reflects a slightly improved industry outlook, but mostly an organic drive both combination of both back catalog doing well. Million positive in the first half of 2026, up from the first from the second half last year, and slightly down from the first half last year, which benefit from an incredible throw-through of first-party title dead side, which launched on console.

Speaker #2: And thirdly, on the right-hand side, software development at $6.4 million. That's broadly flat, and has been around the same level for the past three 6-month periods, after a decline since the 2022 peak.

Speaker #2: Delving into adjusted EBITDA and operating profit, starting from 20 million revenues, we subtract 6.8 million in cost of sales. That includes royalties paid to development studios.

[Company Representative] (tinyBuild): Delving into adjusted EBITDA and operating profit, starting from USD 20 million revenues, we subtract USD 6.8 million in cost of sales. That includes royalties paid to development studios. So this is where you will see the difference between first, second, and third-party studio flow-through. USD 3.4 million of amortization of dev expenses. As a reminder, this is included in our adjusted EBITDA measure, then USD 6.6 million of SG&A, where you see as one of the most important items, marketing and expensed development costs. From there, from USD 3.2 million adjusted EBITDA, down to USD 1.1 million operating profit after depreciation and amortization and share-based compensation of USD 0.8 million. Looking at the P&L compared to H1 2025, revenue up 18%. In this half, we've had zero contribution from development services. Cost of sales increased 84%, mostly due, as we said, to the revenue mix.

Jaz Salati: Delving into adjusted EBITDA and operating profit, starting from USD 20 million revenues, we subtract USD 6.8 million in cost of sales. That includes royalties paid to development studios. So this is where you will see the difference between first, second, and third-party studio flow-through. USD 3.4 million of amortization of dev expenses. As a reminder, this is included in our adjusted EBITDA measure, then USD 6.6 million of SG&A, where you see as one of the most important items, marketing and expensed development costs. From there, from USD 3.2 million adjusted EBITDA, down to USD 1.1 million operating profit after depreciation and amortization and share-based compensation of USD 0.8 million. Looking at the P&L compared to H1 2025, revenue up 18%. In this half, we've had zero contribution from development services. Cost of sales increased 84%, mostly due, as we said, to the revenue mix.

Speaker #2: So this is where you will see the difference between first, second, and third-party studio flow-through. 3.4 million of amortization of dev expenses. As a reminder, this is included in our adjusted EBITDA measure, and then 6.6 million of SG&A, where you see as one of the most important items, marketing and expensed development costs.

Speaker #2: From there, from $3.2 million adjusted EBITDA, down to $1.1 million operating profit after depreciation and amortization, and share-based compensation of $0.8 million. Looking at the P&L compared to H1 2025, revenue is up 18%.

Speaker #2: In this half, we've had zero contribution from development services. Cost of sales increased 84%, mostly due, as we said, to the revenue mix. We had more second-party titles versus first-party titles dead side last year.

[Company Representative] (tinyBuild): We had more second-party titles versus first-party title Deadside last year. SG&A was also up 20%, primarily due to higher marketing. We launched 3 games in H1 2026 versus only one game in 2025, and a higher share of development costs which were expensed in the half. This is development costs that occur after version 1.0 launch, which are expensed rather than capitalized. It means basically we are still working on some of our catalog titles as we see further upside. Zero impairments and no exceptional costs in the half. In terms of development cost, USD 6.4 million. You can see a longer time series of development costs starting from 2020, the peak in 2022, and then the resizing down to the recent level. At this point, we are at around a third of revenues being reinvested in software development. We feel comfortable with this level.

Jaz Salati: We had more second-party titles versus first-party title Deadside last year. SG&A was also up 20%, primarily due to higher marketing. We launched 3 games in H1 2026 versus only one game in 2025, and a higher share of development costs which were expensed in the half. This is development costs that occur after version 1.0 launch, which are expensed rather than capitalized. It means basically we are still working on some of our catalog titles as we see further upside. Zero impairments and no exceptional costs in the half. In terms of development cost, USD 6.4 million. You can see a longer time series of development costs starting from 2020, the peak in 2022, and then the resizing down to the recent level. At this point, we are at around a third of revenues being reinvested in software development. We feel comfortable with this level.

Speaker #2: SG&A was also up 20%, primarily due to higher marketing. We launched three games in H1 2026 versus only one game in 2025, and a higher share of development costs, which were expensed in the half.

Speaker #2: This is development cost that occur after version 1.0 launch, which are expensed rather than capitalized. It means basically we're still working on some of our catalog titles as we see further upside.

Speaker #2: Zero impairments and no exceptional costs in the half. In terms of development cost, $6.4 million—you can see a longer time series of development costs starting from 2020, the peak in 2022, and then the resizing down to the recent level.

Speaker #2: At this point, we are at around a third of revenues being reinvested in software development. We feel comfortable with this level. It's a sustainable level, and it is something that we're looking at preserving going forward.

[Company Representative] (tinyBuild): It is a sustainable level, and it is something that we are looking at preserving going forward. As we see revenue grow, we will probably tilt that bucket of investments slightly upwards while maintaining a very diversified approach. On the right-hand side, you can see over 30 projects we are investing in, including both catalog and pipeline. You can also see that no projects typically account for more than 10% of the total. We have also 4 projects of a slightly larger size with an annual spend of over half a million. Moving on to the cash flow. In terms of operating cash flow, USD 6.4 million, it is slightly down compared to last year, primarily due to the revenue mix, so a slightly smaller flow-through, and as a result of minor impact from networking capital changes.

Jaz Salati: It is a sustainable level, and it is something that we are looking at preserving going forward. As we see revenue grow, we will probably tilt that bucket of investments slightly upwards while maintaining a very diversified approach. On the right-hand side, you can see over 30 projects we are investing in, including both catalog and pipeline. You can also see that no projects typically account for more than 10% of the total. We have also 4 projects of a slightly larger size with an annual spend of over half a million. Moving on to the cash flow. In terms of operating cash flow, USD 6.4 million, it is slightly down compared to last year, primarily due to the revenue mix, so a slightly smaller flow-through, and as a result of minor impact from networking capital changes.

Speaker #2: So, as we see revenue grow, we'll probably tilt that pocket or bucket of investments slightly upwards, while maintaining a very diversified approach. On the right-hand side, you can see over 30 projects we are investing in, including both catalog and pipeline, and you can also see that no project typically accounts for more than 10% of the total.

Speaker #2: We also have four projects of a slightly larger size, with an annual spend of over $500,000. Moving on to the cash flow.

Speaker #2: In terms of operating cash flow, $6.4 million. It's slightly down compared to last year, primarily due to the revenue mix, so slightly smaller flow-through.

Speaker #2: And as a result of minor impact from net working capital changes. Below that, in terms of investment activities, we already mentioned the $6.4 million, and nothing to report of any size in financial or financing activities.

[Company Representative] (tinyBuild): Below that, in terms of investment activities, we already mentioned the USD 6.4 million and nothing to report of any size in financing activities. As a result, cash increased slightly from the end of 2025, USD 4.6 million to USD 4.7 million at the end of H1 2026. In terms of cash utilization, from the beginning, USD 4.6 million cash, add cash profit of USD 6.9 million. Pretty much all of that was reinvested in software developments. We see a number of very interesting investment opportunities. We are working both on the portfolio we already have, but also especially keen on creating new IP at this point. We have had some notable successes, including SAND, ReStory and so on. Closing the half, as I mentioned, at USD 4.7 million. That is a level we feel comfortable with. USD 4 to 5 million going forward is a very comfortable level for where we stand right now.

Jaz Salati: Below that, in terms of investment activities, we already mentioned the USD 6.4 million and nothing to report of any size in financing activities. As a result, cash increased slightly from the end of 2025, USD 4.6 million to USD 4.7 million at the end of H1 2026. In terms of cash utilization, from the beginning, USD 4.6 million cash, add cash profit of USD 6.9 million.

Speaker #2: As a result, cash increased slightly from the end of 2025, $4.6 million, to $4.7 million at the end of H1 '26. In terms of cash utilization, from the beginning—$4.6 million cash—add cash profit of $6.9 million; pretty much all of that was reinvested in software developments.

Jaz Salati: Pretty much all of that was reinvested in software developments. We see a number of very interesting investment opportunities. We are working both on the portfolio we already have, but also especially keen on creating new IP at this point. We have had some notable successes, including SAND, ReStory and so on. Closing the half, as I mentioned, at USD 4.7 million. That is a level we feel comfortable with. USD 4 to 5 million going forward is a very comfortable level for where we stand right now.

Speaker #2: We see a number of very interesting investment opportunities. We're working both on the portfolio we already have, but also are especially keen on creating new IP at this point. We've had some notable successes, including Sand, Restory, and so on.

Speaker #2: Closing the half, as I mentioned, at $4.7 million—that's a level we feel comfortable with. Four to five million going forward is a very comfortable level for where we stand right now.

Speaker #2: If revenues grow further as we expect, we'll start accumulating a little bit more cash, but we will also start spending a little bit more on software development.

[Company Representative] (tinyBuild): If revenues grow further, as we expect, we will start accumulating a little bit more cash, but we will also start spending a little bit more on software developments. In terms of balance sheet, nothing major to report on receivables and payables. No impairment in H1 2026. The only thing I would like to flag, it is the 2026 increase in deferred revenues up to USD 2.4 million. That includes some small platform deals already signed, for which we already received the cash, but for which we have not booked revenues yet. As we said, cash up 2% to USD 4.7 million. Back over to you, Alex, for the strategic review.

Jaz Salati: If revenues grow further, as we expect, we will start accumulating a little bit more cash, but we will also start spending a little bit more on software developments. In terms of balance sheet, nothing major to report on receivables and payables. No impairment in H1 2026. The only thing I would like to flag, it is the 2026 increase in deferred revenues up to USD 2.4 million. That includes some small platform deals already signed, for which we already received the cash, but for which we have not booked revenues yet. As we said, cash up 2% to USD 4.7 million. Back over to you, Alex, for the strategic review.

Speaker #2: In terms of the balance sheet, nothing major to report on receivables and payables. No impairment in H1 2026. The only thing I'd like to flag is the 26% increase in the third revenues, up to $2.4 million.

Speaker #2: That includes some small platform deals already signed, for which we already received the cash, but for which we haven't booked revenues yet. And as we said, cash up 2% to 4.7 million.

Speaker #2: And back over to you, Alex, for the strategic review.

Speaker #1: Thank you so much, Jas. So, I thought that for this one, we will do just a few showcases—three specifically—because we always get a lot of questions about recent launches.

Alex Nichiporchik: Thank you so much, Jas. I thought that for this one, we will do just a few showcases, 3 specifically, because we always get a lot of questions about recent launches, and let's talk about that. "Graveyard Keeper 2" launched 2 days ago, and I believe we are about to announce a sales milestone. Yeah, it is going to go out during this call. This is an example of, I see one of the questions here in the chat is, what would happen in place where if The King is Watching, then the work doesn't get done. I like the cheeky question, and it is relevant to this slide because if I was to step back or we were to stop innovating and just do the same thing that worked for us this year, then we wouldn't have situations like "Graveyard Keeper." What happened here?

Speaker #1: And let's talk about that. So Graveyard Keeper 2. It launched 2 days ago, and I believe we are about to announce a sales milestone.

Speaker #1: Yeah, it's going to go out during this call. So this is an example. I see one of the questions here in the chat is: What would happen?

Speaker #1: A place where, if the king is not watching, then work doesn't get done. I like the cheeky question, and it's relevant to this slide because if I were to step back, or if we were to stop innovating and just do the same thing that worked for us this year, then we wouldn't have situations like Graveyard Keeper.

Speaker #1: Because what happened here? Well, the original launched 8 years ago. It was a runaway success for the company. We launched a few DLCs over the years, for it.

Alex Nichiporchik: Well, the original launched 8 years ago. It was a runaway success for the company. We launched a few DLCs over the years for it. As we were preparing to announce the sequel, the question was, how do we reactivate as many people as possible? How do we make sure that a lot of eyeballs are on the original? How do we make sure that people get really engaged in the sequel and start anticipating it? The idea was something that hasn't been done before, to my knowledge, is to give away the original for free with a 100% discount on Steam, which means that every single person who wishlisted it and the game was sitting on quite a big number of wishlists would get notification that the game is free.

Speaker #1: And as we were preparing to announce the sequel, the question was, well, how do we reactivate as many people as possible? How do we make sure that a lot of eyeballs are on the original?

Speaker #1: And how do we make sure that people get really engaged in the sequel and start anticipating it? So the idea was—something that hasn't been done before to my knowledge—is to give away the original for free, with a 100% discount on Steam.

Speaker #1: Which means that every single person who wishlisted it—and the game was sitting on quite a big number of wishlists—would get a notification that the game is free.

Speaker #1: That immediately spiked the concurrent users for the original Graveyard Keeper. Within the game, there was a really convenient link to wishlist the upcoming just-announced sequel.

Alex Nichiporchik: That immediately spiked the concurrent users for the original "Graveyard Keeper." Within the game, there was a really convenient link to wishlist the upcoming just-announced sequel. Pretty much overnight, we've had half a million wishlists for the upcoming sequel and a very expanded audience that has just tried the game or remembered that they liked it 8 years ago, that was really engaged and waiting for the sequel. Then we did another thing that everyone recommended not to, is to do pre-orders for the game. The reason we did pre-orders is because leading up to the launch, we knew that a lot of players were still very warm on the original, and we wanted to do a demo. We thought it was going to be critical for players to try the game before it launches.

Speaker #1: So, pretty much overnight, we've had 500,000 wishlists for the upcoming sequel, and a very expanded audience that has just tried the game or remembered that they liked it eight years ago.

Speaker #1: That was really engaging, and I was waiting for the sequel. Then we did another thing that everyone recommended not to do, which was to open pre-orders for the game.

Speaker #1: Now, the reason we did pre-orders is because, leading up to the launch, we knew that a lot of players were still very warm on the original, and we wanted to do a demo. We thought it was going to be critical for players to try the game before it launches.

Speaker #1: And that's also something that for such high-profile releases doing a demo usually do that for a new IP or to participate in a festival.

Alex Nichiporchik: That is also something that for such high-profile releases, doing a demo, we usually do that for a new IP or to participate in a festival. We did neither of those. We essentially gave players the first between 4 and 6 hours of the game, the beginning of it, and said that the save file will be transferable to the full game. This worked like a charm, despite everyone saying that it was a crazy series of ideas for marketing this game, because on launch, we have hit 50,000 concurrent users. We have had the Steam takeover, the big banner up top, and a very significant amount of engagement on this launch, which is actually the biggest launch for us in terms of concurrent users, and it might end up being the biggest launch month in company's history.

Speaker #1: We did neither of those. We essentially gave players the first between four and six hours of the game, the beginning of it, and said that the save file will be transferable to the full game.

Speaker #1: So, this worked like a charm despite everyone saying that it was a crazy series of ideas for marketing this game. Because on launch, we hit 50,000 concurrent users.

Speaker #1: We have had the Steam takeover, the big banner up top. And a very significant amount of engagement on this launch, which is actually the biggest launch for users and it might end up being the biggest launch month in companies' history.

Speaker #1: We're only two days in, so it's a little bit too early to tell. None of this would be possible if we were just sitting on a formula that works.

Alex Nichiporchik: We are only 2 days in, so it is a little bit too early to tell. None of this would be possible if we were just sitting on a formula that works because the stuff I just mentioned, everyone is already trying to copy it, and it does not work because you can do such things once. We do these kind of marketing campaigns and go-to-market strategies pretty much every year. We have a title that benefits from it. We always try. It does not always work, which is why we do a portfolio approach, which is, again, why shareholders should not be focused on the one specific title. Because sometimes things go really well, other times they go a little bit less well. But so far, our track record shows that doing things that are out of the norm is the way to go.

Speaker #1: Because the stuff I just mentioned everyone is already trying to copy it, and it doesn't work because you can do such things once. And we do these kind of marketing campaigns and go-to-market strategies pretty much every year we have a title that benefits from it.

Speaker #1: We always try. It doesn't always work, which is why we take a portfolio approach. This is, again, why shareholders should not be focused on one specific title.

Speaker #1: Because sometimes things go really well, and other times they go a little bit less well. But so far, our track record shows that doing things that are out of the norm is the way to go.

Speaker #1: Now, the second title I want to talk about today is Sand. I know that there were a lot of questions in the Q&A here already about it.

Alex Nichiporchik: Now, the second title I want to talk about today is SAND. I know that there were a lot of questions in the Q&A here already about it. But here is the thing about SAND. It was probably the most difficult project of my career. It took us 7 years to develop it. If it was not for, well, first the pandemic and then the war in Ukraine, it would have been shorter. But we knew that we want to launch multiplayer, highly competitive, and innovative shooters. We all love this genre, and we want to be in it. Doing it with external studios so far has not worked for us. We have tried and tried many times with some titles, and this one, when it launched on 22 June, after a series of open betas, closed betas, a big trailer at The Game Awards.

Speaker #1: But here is the thing about Sand. It was probably the most difficult project of my career. It took us 7 years to develop it.

Speaker #1: If it wasn't for, well, first, the pandemic and then the war in Ukraine, it would have been shorter. But we knew that we want to launch multiplayer highly competitive and innovative shooters.

Speaker #1: We all love this genre, and we want to be in it. Doing it with external studios so far has not worked for us.

Speaker #1: We've tried and tried many times. With some titles, and this one, when it launched on June 22nd after a series of open betas, closed betas, a big trailer at the Game Awards—sorry, not the Game Awards, the Summer Games Fest in June—we finally launched it on June 22nd.

Alex Nichiporchik: Sorry, not The Game Awards, the Summer Game Fest in June. We finally launched it on 22 June, and I am happy to report that this is the most commercially successful launch we have ever had in the company's history. Caveat that for the first month, Graveyard Keeper 2 might overtake it, but we are very happy with this launch. We are right now working on a path towards the 1.0 release because the game did launch into early access, and working on things like server stability, cheating, et cetera, which all come with a successful launch. Acute observers will know that the game currently sits at a mixed rating. To me, this is less of an issue because some of the highest profitable games on Steam still sit at mixed ratings. But a lot of people care and really voice their opinions.

Speaker #1: And I'm happy to report that this is the most commercially successful launch we've ever had in the company's history. Caveat that, for the first month, Graveyard Keeper 2 might overtake it, but we are very happy with this launch.

Speaker #1: We are right now working on a path towards the 1.0 release. Because the game did launch into early access, and working on things like server stability, cheating, et cetera, which all come with a successful launch.

Speaker #1: And acute observers will know that the game currently sits at a mixed rating. And to me, this is less of an issue because some of the most highly profitable games on Steam still sit at mixed ratings.

Speaker #1: But a lot of people care and really voice their opinions. Another aspect here is that we will be doing a console launch. We have said it publicly.

Alex Nichiporchik: Another aspect here is that we will be doing a console launch. We have said it publicly, we are working on it. As Jas mentioned, last year, we launched Deadside on consoles, which was one of the biggest game launches for us, even though it is a secondary launch, technically. So SAND has a lot of potential still to unlock here, which I hope answers all of the questions that I see here pouring about SAND. Now, let us talk about another example, ReStory. ReStory is a game where you manage a cozy Japanese repair shop. You fix retro devices, which is definitely on the screen here is not a PlayStation Portable, it is a PMP. There is a device called the Patento BS, which is definitely not a reference to Nintendo DS.

Speaker #1: We are working on it. And as Jaz mentioned, last year we launched that title on consoles, which was one of the biggest game launches for us, even though it's technically a secondary launch.

Speaker #1: So, Sand still has a lot of potential to unlock here, which I hope answers all of the questions that I see here pouring in about Sand.

Speaker #1: Now, let's talk about another example: Restory. Restory is a game where you manage a cozy Japanese repair shop and fix retro devices, which is definitely on the screen here.

Speaker #1: It's not a PlayStation Portable; it's a PNP. And there is a device called the Patento BS, which is definitely not a reference to Nintendo DS.

Speaker #1: But essentially, it's a cozy simulator that is narrative-driven, and we were able to figure out how to make it almost infinitely replayable. If anyone has played it, they know that there is the marketplace where you have a chance of specific items spawning.

Alex Nichiporchik: But essentially it is a cozy simulator that is narrative-driven that we were able to figure out how to make almost infinitely replayable. If anyone has played it, they know that there is the marketplace where you have a chance of specific items spawning. This is a wonderful production test case, or a case study, where we were able to find a really enjoyable core loop, wrap it into a package that while it feels niche, it is actually quite mass market because we have shipped over half a million copies on this one so far. Everything was tied together in a really neat package. This is the second game that we have shipped with this developer, with Mandragora Games. The first one was called "I Am Legend," which we shipped just a few years ago.

Speaker #1: And this is a wonderful production test case or case study where we were able to find a really enjoyable core loop, wrap it into a package that while it feels niche, it's actually quite mass-market.

Speaker #1: Because we have shipped over half a million copies on this one so far, and everything was tied together in a really neat package. Now, this is the second game that we have shipped with this developer, with Mandragora Games.

Speaker #1: And the first one was called I Am Legend, which we shipped just a few years ago. And within that game—sorry, I Am Future.

Alex Nichiporchik: And within that game, there was, sorry, "I Am Future." I mixed up with the movie. In that game, there was a micro mechanic about disassembling and fixing devices. We saw that players would spend a lot of time within that mechanic. By doing that game with this developer, we were able to stumble upon that mechanic and then figure out how to scale this into what it ended up becoming. Through countless playtests and a very concentrated marketing campaign, the game was announced just last December and launched in August. We have had one of the most successful commercial launches for us and the fastest wishlist progression in company history. These are just three examples. We have launched many more games this year, which I will be happy to talk about. Speaking of the pipeline.

Speaker #1: I mixed up with the movie. Now, in that game, there was a micro mechanic about this assembling and fixing devices. And we saw that players would spend a lot of time within that mechanic.

Speaker #1: And by doing that game with this developer, we were able to stumble upon that mechanic and then figure out how to scale this into what it ended up becoming.

Speaker #1: And through countless playtests and a very concentrated marketing campaign, the game was announced just last December and launched in August. We've had one of the most successful commercial launches for us.

Speaker #1: And the fastest wishlist progression in company history. And these are just three examples. We have launched many more games this year, which I will be happy to talk about.

Speaker #1: Now, speaking of the pipeline, the obvious one: Kingmakers is still sitting comfortably in the top 10. I encourage everyone to watch the 12-minute showcase that we have revealed.

Alex Nichiporchik: The obvious one, "Kingmakers," is still sitting comfortably in the top 10. I encourage everyone to watch the 12-minute showcase that we have revealed. I do want to mention a newly announced game here that is sitting at the top 120 number in Steam Top Wishlist, that is called "Last Harbor." There is a question about what some of our internal studios are working on. Are they still working on those games? Well, one of our internal studios that has previously shipped "DUCKSIDE," which is a "Deadside" spinoff, is working on "Last Harbor," which is gaining a lot of traction. I should also say that "Probably Stolen" has recently shown very good engagement in its demo, so we are excited about that launch. When you look at the portfolio as a whole, if the game is in our portfolio, you should be looking at it.

Speaker #1: But I do want to mention a newly announced game here that is sitting at the top 120 number in Steam's top wishlist. That is called Last Harbor.

Speaker #1: There is a question about what's so far internals to use are working on. Are they still working on those games? Well, one of our internals to use that has previously shipped Dockside, which is a dead side spinoff, is working on Last Harbor, which is getting a lot of traction.

Speaker #1: I should also say that 'Probably Stolen' has recently shown very good engagement in its demo, so we are excited about that launch. But when you look at the portfolio as a whole, if the game is in our portfolio, you should be looking at it.

Speaker #1: I would not single out specific titles at this point. And I hope that we have proven that that is the right call to look at everything as a portfolio.

Alex Nichiporchik: I would not single out specific titles at this point. I hope that we have proven that that is the right call to look at everything as a portfolio. Now, closing remarks. I will just re-emphasize that when you look at tinyBuild as a company in the publishing space, we are not necessarily a publisher. We are a developer. We get very involved, both creatively, technically, on the go-to-market strategy with the game development process. In fact, I have been trying to remember examples when what we started working on was an external or internal development studio initially is what ended up shipping. So we always go through series of iterations, and when something works, we go full speed ahead on it. We will throw more marketing dollars, we will throw more production resources to make whatever works, work even better.

Speaker #1: Now, closing remarks. I will just re-emphasize that when you look at TinyBuild as a company, in the publishing space, we're not necessarily a publisher.

Speaker #1: We are a developer. We get very involved, both creatively, technically, on the go-to-market strategy, with the game development process. In fact, I've been trying to remember examples when what we started working on with an external or internal development studio initially, is what ended up shipping.

Speaker #1: So we always go through a series of iterations. And when something works, we go full speed ahead on it. We will throw more marketing dollars.

Speaker #1: We'll throw more production resources to make whatever works, work even better. And when something doesn't work, we use that as a data point to pivot and take very swift action to ensure that we are allocating resources in the right direction.

Alex Nichiporchik: When something doesn't work, we use that as a data point to pivot, and make very swift action to make sure that we are allocating resources in the right direction. With that said, the board remains confident that we're doing the right decisions and that we're headed in the right direction. I am happy to jump into Q&A. Jas, how do we want to do this?

Speaker #1: So, with that said, the board remains confident that we're making the right decisions and that we're headed in the right direction. I am happy to jump into Q&A.

Speaker #1: So Jaz, how do we want to do this?

Speaker #2: I'll ask the questions. Let's start from the elephant in the room. Where are we with Kingmakers? Part of these questions have been partly answered, but just for fairness, I'll repeat some of them.

[Company Representative] (tinyBuild): I'll ask the questions. Let's start from the elephant in the room.

Jaz Salati: I'll ask the questions. Let's start from the elephant in the room.

[Company Representative] (tinyBuild): Where are we with Kingmakers? These questions have been partly answered, but just for fairness, I'll repeat some of them. Will it be launched, and why is it taking so long?

Jaz Salati: Where are we with Kingmakers? These questions have been partly answered, but just for fairness, I'll repeat some of them. Will it be launched, and why is it taking so long?

Speaker #2: Would it be launched, and why is it taking so long?

Speaker #1: Games take a long time, especially in e-games. Which is why games like Kingmakers are taking quite a while.

Alex Nichiporchik: Games take a long time, especially indie games, which is why games like Kingmakers are taking quite a while.

Speaker #2: Yeah, we should also mention that when we get stronger audience validation, we're not shy to go back and redraw our original plan.

[Company Representative] (tinyBuild): Yeah, and we should also mention that when we get strong audience validation, we are not shy to go back and redraw our original plan. In this case, forecast.

Jaz Salati: Yeah, and we should also mention that when we get strong audience validation, we are not shy to go back and redraw our original plan. In this case, forecast.

Speaker #2: So, in this case, forecast: the game is definitely going to launch. We're definitely working on that—no need to worry about it. Second question: is Last Harbor being developed by the Dockside team?

[Company Representative] (tinyBuild): The game is definitely going to launch. We are definitely working on that, no two ways about it. Second question, is Last Harbor being developed by Deadside team, and you answered that-

Alex Nichiporchik: The game is definitely going to launch. We are definitely working on that, no two ways about it.

Jaz Salati: Second question, is Last Harbor being developed by Deadside team, and you answered that-

Speaker #2: And you answer that. With Deadside Engine? And is Bad Pixel helping with development?

[Company Representative] (tinyBuild): with Deadside Engine, and is Bad Pixel helping with development?

Jaz Salati: with Deadside Engine, and is Bad Pixel helping with development?

Speaker #1: I cannot talk about what Bad Pixel is working on right now. That is going to be a marketing beat at some point.

Alex Nichiporchik: I cannot talk about what Bad Pixel is working on right now. There is going to be a marketing beat at some point.

Speaker #2: OK. And there was another question on Bad Pixel. Which is attached to this, whether it's going to be working only on Deadside or something else?

[Company Representative] (tinyBuild): Okay. There was another question on Bad Pixel, which is attached to this, whether it is going to be working only on Deadside or something else. I think you have answered that just now.

Jaz Salati: Okay. There was another question on Bad Pixel, which is attached to this, whether it is going to be working only on Deadside or something else. I think you have answered that just now.

Speaker #2: I think you've answered that just now.

Speaker #1: Yeah, I can say that they will be working on something else.

Alex Nichiporchik: Yeah. I can say that they will be working on something else.

Speaker #2: How do you think about the balance between self-published titles and third-party publishing deals in late 2026?

[Company Representative] (tinyBuild): How do you think about the balance between self-published titles and third-party publishing deals in 2026 slate?

Jaz Salati: How do you think about the balance between self-published titles and third-party publishing deals in 2026 slate?

Speaker #1: I assume it's not about self-published; it's about our own internal titles and first-party. I feel like there is a delicate balance. So, we will still do third-party publishing.

Alex Nichiporchik: I assume it is not about self-published, it is about our own internal titles and first party. I feel like there is a delicate balance, so we will still do third-party publishing where it makes strategic sense. Be that it is either a sure hit or we really want to have a game in our portfolio, or we really love working with that developer, so we know exactly what to expect. Obviously, the business rationale is better for us in terms of first party, and that is the strategy, but we are not excluding third-party publishing. It is just not a priority for us.

Speaker #1: Where it makes strategic sense. Be that it's either a sure hit or we really want to have a game in our portfolio. Or we really love working with that developer.

Speaker #1: So we know exactly what to expect. Obviously, the business rationale is better for us in terms of first party. And that is the strategy.

Speaker #1: But we're not excluding third-party publishing. It's just not a priority for us.

Speaker #2: OK. Next question is on sound. I think, again, you partially answered, but let's go through that. The commercial potential of sound might not have been fully realized due to technical matchmaking and cheaters issues.

[Company Representative] (tinyBuild): Okay. Next question is on SAND. I think, again, you partially answered, but let's go through that. Commercial potential of SAND might not have been fully realized due to technical matchmaking and cheaters issues, resulting in mixed reviews. Are there any lessons to learn from in terms of the release, which could be applied to the upcoming launch of Kingmakers?

Jaz Salati: Okay. Next question is on SAND. I think, again, you partially answered, but let's go through that. Commercial potential of SAND might not have been fully realized due to technical matchmaking and cheaters issues, resulting in mixed reviews. Are there any lessons to learn from in terms of the release, which could be applied to the upcoming launch of Kingmakers?

Speaker #2: Resulting in mixed reviews. Are there any lessons to learn from in terms of the release? Which could be applied to the upcoming launch of Kingmakers?

Speaker #1: Well, actually, Kingmakers is irrelevant to the example of sound because Kingmakers doesn't use dedicated servers. It's peer-to-peer co-op, and it's also co-op. It's not player versus player.

Alex Nichiporchik: Well, actually, Kingmakers is irrelevant to the example of SAND, because Kingmakers doesn't use dedicated servers. It's peer-to-peer co-op, and it's also co-op. It's not player versus player. The challenges that SAND faces are similar to any multiplayer shooter. It's just that they are kind of bloated by the game's design. When you have a lot of dynamic objects in the game with these giant mechs walking around, the technology infrastructure you need to have there is intense. And the lesson learned there is that we need to invest into anti-cheat solutions that are process driven. So no anti-cheats, Easy Anti-Cheat or BattleEye will actually solve your cheating problems. What will solve them is a process built internally to catch, ban, and prevent cheaters from coming back.

Speaker #1: The challenges that sound faces are similar to any multiplayer shooter. It's just that they are kind of bloated by the game's design. When you have a lot of dynamic objects in the game, with these giant mechs walking around, the technology infrastructure you need to have there is intense.

Speaker #1: And the lesson learned there is that we need to invest in anti-cheat solutions that are process-driven. So, no anti-cheat—Easy Anti-Cheat or BattlEye—will actually solve your cheating problems.

Speaker #1: What will solve them is a process built internally to catch ban and prevent cheaters from coming back.

Speaker #2: OK. Next question is on multimedia. Can you provide an update on the Hello Neighbor movie and on Season 3 of the animated series?

[Company Representative] (tinyBuild): Okay. Next question is on multimedia. Can you provide an update on the Hello Neighbor movie and on season 3 of the animated series?

Jaz Salati: Okay. Next question is on multimedia. Can you provide an update on the Hello Neighbor movie and on season 3 of the animated series?

Speaker #1: On the movie, not yet. Season three of the animated series—I have spoken about this on Discord yesterday—that we will be seeing a trailer for it quite soon.

Alex Nichiporchik: On the movie, not yet. Season 3 of the animated series, I have spoken about this on Discord yesterday that we will be seeing a trailer for it quite soon.

Speaker #2: Another question. Can you give an estimate of your percentage split of unannounced or released games you're working on versus unannounced? So I guess it's.

[Company Representative] (tinyBuild): Another question. Can you give an estimate of your percentage split of unannounced or released games you are working on versus announced?

Jaz Salati: Another question. Can you give an estimate of your percentage split of unannounced or released games you are working on versus announced?

Speaker #1: I assume it's workload, right?

Alex Nichiporchik: I assume it is workload, right?

Speaker #2: Workload or number of titles could be.

[Company Representative] (tinyBuild): Workload or number of titles could be.

Jaz Salati: Workload or number of titles could be.

Speaker #1: Well, I mean, number of titles we have 100 launched in the portfolio. And we're working on 30 of them. But I mean, in terms of workload, there is less work being done on the back end.

Alex Nichiporchik: Well, number of titles, we have 100 launched in the portfolio, and we are working on 30 of them. But in terms of workload, there is less work being done on the backend, back catalog versus new titles because there is a lot more work to do on new titles.

Speaker #1: Back catalog versus new titles. Because there is a lot more work to do on new titles.

Speaker #2: Next question. Congrats on the amazing CCU numbers. For new titles, including Gravure Keeper 2, which metrics or signals tell you when to double down on a game or scale back your investment?

[Company Representative] (tinyBuild): Next question. Congrats on the amazing CCU numbers for new titles, including Graveyard Keeper 2. Which metrics or signals tell you when to double down on a game or scale back your investment?

Jaz Salati: Next question. Congrats on the amazing CCU numbers for new titles, including Graveyard Keeper 2. Which metrics or signals tell you when to double down on a game or scale back your investment?

Speaker #1: It's about the time spent. That is what it comes down to, for me. Whenever we do an internal playtest and we look at how much time players spend in that playtest, if it's over a certain threshold or above what we expected, it's a very, very good sign for us.

Alex Nichiporchik: It is about the time spent. That is what it comes down to me. Whenever we do an internal play test, and we look at how much time players spend in that play test, if it is over a certain threshold or above what we expected, it is a very good sign for us. The rest of the signs that we look at is more data-driven with a lot of surveys, and I will not dive into that too much because it is kind of commercially sensitive.

Speaker #1: The rest of the signs that we look at are more data-driven, with a lot of surveys, and I will not dive into that too much.

Speaker #1: Because it's kind of commercially sensitive.

Speaker #2: Next question. About scouting. What makes a new pitch a strong fit for tinyBuild's portfolio?

[Company Representative] (tinyBuild): Next question about scouting. What makes a new pitch a strong fit for tinyBuild's portfolio?

Jaz Salati: Next question about scouting. What makes a new pitch a strong fit for tinyBuild's portfolio?

Speaker #1: It's something that we believe is in front of a trend. It's very difficult to describe. I'd say that there is a lot of intuition that goes into selecting the games.

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

Speaker #1: And it's not just about the game. I'd say that's just half. The other half is, how much are we vibing with the development team?

Speaker #1: Do we like each other? Do we feel comfortable with each other in terms of collaboration? Because, again, none of the games that we are launching were in the same shape or had the same vision when they were pitched to us, or when we found the developers by scouting.

Speaker #1: It's a note saying that this is catching a lot of developers off guard. When on a call, like an intro call, they expect to be pitching an idea to us.

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

Speaker #1: And instead, we're just starting to spitball ideas about where can this go. Or what aspect can be fun. How can we test it, et cetera.

Speaker #1: So this is where the developer DNA comes in, because my own background is in development. But also, most of our production team are from game development companies.

Speaker #1: That transitioned into publishing. So, for us, it's a very intricate process. And we're also extremely selective in terms of the titles that get into our portfolio.

Speaker #2: Next question. Back to multimedia. What's happening with the Kingmakers movie?

[Company Representative] (tinyBuild): Next question, back to multimedia. What's happening with the Kingmakers movie?

Jaz Salati: Next question, back to multimedia. What's happening with the Kingmakers movie?

Speaker #1: Let's just say that the announcement that went out was not an official announcement; it was a leak from an agent.

Alex Nichiporchik: Well, let's just say that the announcement that went out was not an official announcement. It was a leak from an agent.

Speaker #2: Another question on Kingmakers: will there be pre-purchase? I guess it's pre-orders for Kingmakers as well, as there have been for GK2.

[Company Representative] (tinyBuild): Another question on Kingmakers. Will there be pre-purchase, I guess it's pre-orders, for Kingmakers as well as there has been for GK2?

Jaz Salati: Another question on Kingmakers. Will there be pre-purchase, I guess it's pre-orders, for Kingmakers as well as there has been for GK2?

Speaker #1: No. Unlikely. Because for GK2, we have a lot of content. In the game, it's a game where you replay the same thing over and over again.

Alex Nichiporchik: No. Unlikely. Because for Graveyard Keeper 2, we have a lot of content in the game. It is a game where you replay the same thing over and over again, and you build a lot of factories and systems where zombies work. Kingmakers is a different game, I believe. But what we will have is a play test of it. It is kind of similar to a demo, but right now you can go to the Kingmakers team page and apply for a play test, and whenever that releases, you might be eligible to get it.

Speaker #1: And you build a lot of factories and systems where zombies work. Kingmakers is a different game, I believe, but what we will have is a playtest of it.

Speaker #1: It's kind of similar to a demo. But right now, you can go to the Kingmakers team page and apply for a playtest. Whenever that releases, you might be eligible to get it.

Speaker #2: Okay, a couple of questions on finance. I'll take them. What cash position are you comfortable with before you start thinking about buybacks or expanding the number or size of projects?

[Company Representative] (tinyBuild): Okay, a couple of questions on finance. I will take them. What cash position are you comfortable with until you start thinking about buybacks or expanding size, number of projects? For now, we are comfortable with the current cash positions. We are not necessarily trying to accumulate more cash. A buyback or any other options, including a dividend, will have to compete with investment opportunities. If we were to stumble on the biggest game ever at a reasonable budget with a very strong dev team, et cetera, we will probably sign that up as we see more upside there. But buybacks and dividends have been discussed at board level, will be discussed again as options for cash utilization. Second question, another question on financials. Do you expect EBITDA margin to increase in the second half compared to H1?

Jaz Salati: Okay, a couple of questions on finance. I will take them. What cash position are you comfortable with until you start thinking about buybacks or expanding size, number of projects? For now, we are comfortable with the current cash positions. We are not necessarily trying to accumulate more cash. A buyback or any other options, including a dividend, will have to compete with investment opportunities. If we were to stumble on the biggest game ever at a reasonable budget with a very strong dev team, et cetera, we will probably sign that up as we see more upside there. But buybacks and dividends have been discussed at board level, will be discussed again as options for cash utilization. Second question, another question on financials. Do you expect EBITDA margin to increase in the second half compared to H1?

Speaker #2: So, for now, we're comfortable with the current cash positions. We're not necessarily trying to accumulate more cash. A buyback or any other options, including a dividend, will have to compete with investment opportunities.

Speaker #2: If we were to stumble on the biggest game ever at a reasonable budget with a very strong dev team, et cetera, we'll probably sign that up, as we see more upside there.

Speaker #2: Buybacks and dividends have been discussed at board level and will be discussed again as options for cash utilization. Second question—another question on financials.

Speaker #2: Do you expect EBITDA margin to increase in the second half compared to H1? That really depends a little bit on the mix of revenues.

[Company Representative] (tinyBuild): That really depends a little bit on the mix of revenues as we saw in H1. This year is mostly a second-party titles in terms of a new release. The back catalog is doing well, including Hello Neighbor, which is, of course, a first party. But at this point, it is still not very clear how the second half is going to pan out in terms of margins. We know it is going to be a much more even split between H1 and H2 in terms of profitability. Last year, we had a very strong profit in H1 and a much smaller profit in the second half. This year, we see a much closer comparison between H1 and H2. Back to you, Alex, or maybe shared. Can you explain your involvement in the game Smalland: Survive the Wilds regarding Max Ent Games Ltd. lawsuit, since you are not listed as a publisher?

Jaz Salati: That really depends a little bit on the mix of revenues as we saw in H1. This year is mostly a second-party titles in terms of a new release. The back catalog is doing well, including Hello Neighbor, which is, of course, a first party. But at this point, it is still not very clear how the second half is going to pan out in terms of margins. We know it is going to be a much more even split between H1 and H2 in terms of profitability. Last year, we had a very strong profit in H1 and a much smaller profit in the second half. This year, we see a much closer comparison between H1 and H2.

Speaker #2: As we saw in H1, this year is mostly second-party titles in terms of new releases. The back catalog is doing well, including Hello Neighbor, which is, of course, a first-party title.

Speaker #2: But at this point, it's still not very clear how the second half is going to pan out in terms of margins. We know it's going to be a much more even split between H1 and H2 in terms of profitability.

Speaker #2: Last year, we had a very strong profit in H1 and a much smaller profit in the second half. This year, we see a much closer comparison between H1 and H2.

Speaker #2: Back to you, Alex. Or maybe shared. Can you explain your involvement in the games Moland regarding the Max Entertainment lawsuit? Since you're not listed as a publisher.

Jaz Salati: Back to you, Alex, or maybe shared. Can you explain your involvement in the game Smalland: Survive the Wilds regarding Max Ent Games Ltd. lawsuit, since you are not listed as a publisher?

Speaker #1: Yeah, just very briefly, we worked on that game when it was just being announced. Then we worked out a deal where we sold off the publishing rights to what ended up becoming Max Entertainment.

Alex Nichiporchik: Yeah, just very briefly, we worked on that game when it was just being announced, and then we worked out a deal where we sold off the publishing rights to what ended up becoming Max Ent Games Ltd. That is about the gist of it.

Speaker #1: That's about the gist of it.

Speaker #2: And from a financial side, I should add—and I think that's now clear to everybody—that our lawsuit, the litigation we started with Max and asking for $1.9 million in unpaid royalties, has only upside.

[Company Representative] (tinyBuild): From a financial side, I should add, and I think that is now clear to everybody, that our lawsuit, the litigation we started with Max Ent asking for USD 1.9 million in unpaid royalties, has on the upside. Meaning none of that has ever been booked as revenues. Every single penny we receive from Max Ent will have a net positive effect on P&L and cash flow. In terms of timing, which is maybe another question related, always difficult to say with litigations. Probably not this year. We are working on that in good terms with the other party. One more question on "Graveyard Keeper." How is "Graveyard Keeper 2" tracking versus internal expectations? How many wish lists does Kingmakers currently have?

Jaz Salati: From a financial side, I should add, and I think that is now clear to everybody, that our lawsuit, the litigation we started with Max Ent asking for USD 1.9 million in unpaid royalties, has on the upside. Meaning none of that has ever been booked as revenues. Every single penny we receive from Max Ent will have a net positive effect on P&L and cash flow. In terms of timing, which is maybe another question related, always difficult to say with litigations. Probably not this year. We are working on that in good terms with the other party. One more question on "Graveyard Keeper." How is "Graveyard Keeper 2" tracking versus internal expectations? How many wish lists does Kingmakers currently have?

Speaker #2: Meaning, none of that has ever been booked as revenues. So every single penny we receive from Max will have a net positive effect on P&L and cash flow.

Speaker #2: In terms of timing, which is maybe another question related, it was difficult to say with litigations. Probably not this year. We're working on that in good terms with the other party.

Speaker #2: One more question on Gravure Keeper. How is Gravure Keeper tracking versus internal expectations? How many wish lists does Kingmakers currently have?

Speaker #1: OK. So Gravure Keeper 2 is tracking above our internal expectations, so we are very happy with that launch. I don't have the exact number on the number of wish lists Kingmakers has.

Alex Nichiporchik: Graveyard Keeper 2" is tracking above our internal expectations, so we are very happy with that launch. I do not have the exact number on the number of wish lists Kingmakers has, but it is sitting above what we had previously reported, which I believe was 1.5 million.

Speaker #1: But it's sitting above what we had previously reported, which I believe was $1.5 million.

Speaker #2: What are the key milestones before year end for TinyBuild?

[Company Representative] (tinyBuild): What are the key milestones before year-end for tinyBuild?

Jaz Salati: What are the key milestones before year-end for tinyBuild?

Speaker #1: Before year-end, we have a few surprises up our sleeve that I don't think we can spoil right now. I'd say that players already noticed some things that are being teased in terms of an ARG.

Alex Nichiporchik: Before year-end, we have a few surprises up our sleeve that I do not think we can spoil right now. I would say that players already noticed some things that are being teased in terms of an ARG.

Speaker #2: OK. What does management believe a full year 2026 will finish sorry, why does management believe a full year 2026 will finish ahead of expectations despite a lower H1 profit?

[Company Representative] (tinyBuild): Okay. Why does management believe full year 2026 will finish ahead of expectations despite a lower H1 profit? On H1 profit, I really need to emphasize, the anomaly was H1 2025, which was exceptionally high because of the incredible success of Deadside, which has a very high flow-through. We are not looking at H1 2026 as a bad number. It is a pretty solid number. We created a lot of value, a lot of new IP in the first half. We believe we are going to close ahead of expectations because we are seeing, I mean, one game we mentioned just launched 2 days ago, so we had to incorporate that into our expectations and in the release very quickly. We believe we are seeing already traction, and we have been conservative forecasting revenues and profit for the past 3 or 4 years. We continue to be conservative.

Jaz Salati: Okay. Why does management believe full year 2026 will finish ahead of expectations despite a lower H1 profit? On H1 profit, I really need to emphasize, the anomaly was H1 2025, which was exceptionally high because of the incredible success of Deadside, which has a very high flow-through. We are not looking at H1 2026 as a bad number. It is a pretty solid number. We created a lot of value, a lot of new IP in the first half. We believe we are going to close ahead of expectations because we are seeing, I mean, one game we mentioned just launched 2 days ago, so we had to incorporate that into our expectations and in the release very quickly. We believe we are seeing already traction, and we have been conservative forecasting revenues and profit for the past 3 or 4 years. We continue to be conservative.

Speaker #2: So, on H1 profit, I really need to emphasize the anomaly was H1 2025, which was exceptionally high because of the incredible success of that site, which has a very high flow-through.

Speaker #2: So, we are not looking at H1 2026 as a bad number. It's a pretty solid number, and we created a lot of value—a lot of new IP—in the first half.

Speaker #2: We believe we're going to close ahead of expectations, because we are seeing—I mean, one game we mentioned just launched two days ago. So, we had to incorporate that into our expectations and into the release very quickly.

Speaker #2: We believe we are seeing already traction. And we have been conservative forecasting revenues and profit for the past three or four years. We continue to be conservative.

Speaker #2: The estimates we see now in the markets, it's fair to say, are at the bottom end of what we expect right now. Another question.

[Company Representative] (tinyBuild): The estimates we see now in the markets, it is fair to say, are at the bottom end of what we expect right now. Another question. What level of marketing spend is still expected in the second half? Maybe, Alex, I can take this one. We had important launches in the first half. Some of them went out with a higher marketing than the average game. We do not expect the same in the second half of the year. I would say marketing would probably track below the first half in the second half.

Jaz Salati: The estimates we see now in the markets, it is fair to say, are at the bottom end of what we expect right now. Another question. What level of marketing spend is still expected in the second half? Maybe, Alex, I can take this one. We had important launches in the first half. Some of them went out with a higher marketing than the average game. We do not expect the same in the second half of the year. I would say marketing would probably track below the first half in the second half.

Speaker #2: What level of marketing spend is still expected in the second half? And maybe, Alex, I can take this one. We had important launches in the first half.

Speaker #2: Some of them went out with higher marketing than the average game. We don't expect the same in the second half of the year.

Speaker #2: So I'd say marketing will probably track below the first half in the second half.

Speaker #1: There was a question about Speed RS2, which is a fair one. From the outside, it seems like it may not be gaining as much traction.

Alex Nichiporchik: There was a question about SpeedRunners 2, which is a fair one, that from the outside it seems like it may not be getting as much traction, which is true for Steam. With SpeedRunners, which is actually the first game we have published way back in 2013, the thing was that Steam was, while it seemed like the biggest platform, it is actually a couch game. So, when it came out on consoles, it actually did quite well. The strategy with SpeedRunners was that we knew that fans of the original that play it on PC, we will never be able to make them happy, because they know the game so much, they know the feel of it, that we will not be able to achieve something that they feel comfortable with because that is a game they love.

Speaker #1: Which is true for Steam. So with SpeedRunners, which is actually the first game we've published way back in 2013, the thing was that Steam, while it seemed like the biggest platform, it's actually a couch game.

Speaker #1: So when it came out on consoles, it actually did quite well. So the strategy for SpeedRunners was that we knew fans of the original who played it on PC—we would never be able to make them happy.

Speaker #1: Because they know the game so much. They know the feel of it. That we won't be able to achieve something that they feel comfortable with.

Speaker #1: Because that's a game they love. But for console players, we knew that we could bring the game to a newer generation. So, the strategy was to launch it on all platforms at once.

Alex Nichiporchik: For console players, we knew that we could bring the game to a newer generation. So the strategy was to launch it on all platforms at once with cross-play, and we worked out a deal with Game Pass that was not necessarily financially motivated, but to get access to the big audience in Game Pass. So that Xbox essentially is feeding the player pool and the matchmaking for all other platforms. That part of the strategy has worked out, and I am quite happy with it.

Speaker #1: With crossplay. And we worked out a deal with Game Pass that was not necessarily financially motivated, but to get access to the big audience in Game Pass.

Speaker #1: So that Xbox essentially is feeding the player pool in the matchmaking for all other platforms, and that part of the strategy has worked out.

Speaker #1: And I am quite happy with it.

Speaker #2: OK. Do you have an estimate for Gravure Keeper 2 sales after launch over the last few days—apologies, I meant over the last few days.

[Company Representative] (tinyBuild): Okay. Do you have an estimate for Graveyard Keeper 2 sales after launch over the last few days? Apologies.

Jaz Salati: Okay. Do you have an estimate for Graveyard Keeper 2 sales after launch over the last few days? Apologies.

Speaker #1: Let me just quickly check if the number went out, because I don't want to put the number here on the call. Just one second.

Alex Nichiporchik: Let me just quickly check if the number went out, because I do not want to put the number here on the call. Just one second. It has not went out yet. Just keep an eye on X.

Speaker #1: It has not went out yet. Just keep an eye on where on X.

Speaker #2: And as we said, it's going to compete with Sand as the more commercially successful launch to date. What do you think the market is missing today when valuing tinyBuild?

[Company Representative] (tinyBuild): As we said, it is going to compete with SAND as the more commercially successful launch to date. What do you think the market is missing today when valuing tinyBuild?

Jaz Salati: As we said, it is going to compete with SAND as the more commercially successful launch to date. What do you think the market is missing today when valuing tinyBuild?

Speaker #1: Common sense.

Alex Nichiporchik: Common sense.

Speaker #2: The video game industry has come out of three very tough years. We are starting to see some positive signs in the industry. But most of what we have done in the first half is organic.

[Company Representative] (tinyBuild): The video game industry has come out of three very tough years. We start seeing some positive signs in the industry, but most of what we have done in H1 is organic, is tinyBuild juice. It takes a little bit of time for that to be understood, and for the results we have achieved in H1, and after H1, launches like Graveyard Keeper 2 or ReStory to get through the numbers. We are not in a rush. We are here for the long term, and we think we have built, and we are continuing to build a very interesting portfolio, creating new IP that really has that longevity we are looking for. Another question we cannot answer, unfortunately, for commercial reasons, is what gross margins do you get on first versus second party? Well, it is much higher on first party. We cannot discuss specific numbers.

Jaz Salati: The video game industry has come out of three very tough years. We start seeing some positive signs in the industry, but most of what we have done in H1 is organic, is tinyBuild juice. It takes a little bit of time for that to be understood, and for the results we have achieved in H1, and after H1, launches like Graveyard Keeper 2 or ReStory to get through the numbers. We are not in a rush. We are here for the long term, and we think we have built, and we are continuing to build a very interesting portfolio, creating new IP that really has that longevity we are looking for. Another question we cannot answer, unfortunately, for commercial reasons, is what gross margins do you get on first versus second party? Well, it is much higher on first party. We cannot discuss specific numbers.

Speaker #2: Is tinyBuild juice? And it takes a little bit of time for that to be understood, and for the results we have achieved in H1.

Speaker #2: And after H1, launches like King sorry, Gravure Keeper 2 or the SimRestored to get through the numbers we're not in a rush. We're here for the long term.

Speaker #2: And we think we have built, and are continuing to build, a very interesting portfolio. We're creating new IP that really has the longevity we're looking for.

Speaker #2: Another question. We can't answer, unfortunately, for commercial reasons. It's about what gross margins you get on first versus second party. Well, it is much higher on first party.

Speaker #2: We can't discuss specific numbers. It's commercially sensitive. And it varies contract to contract.

[Company Representative] (tinyBuild): It is commercially sensitive, and it varies contract to contract.

Jaz Salati: It is commercially sensitive, and it varies contract to contract.

Speaker #1: Yep. All right. I think that's all of the questions.

Alex Nichiporchik: Yep. All right. I think that is all the questions.

Speaker #3: That's great. Yes, Alex and Jess, thank you for addressing all those questions from investors today. But Alex, before we direct investors to provide you with their feedback—which investors can import into yourself and the company—could I please just ask you for a few closing comments?

Operator 2: That is great. Yes, Alex and Jas, thank you for addressing all those questions from investors today. But Alex, before we direct investors to provide you with their feedback, which is of particular importance to yourself and the company, could I please just ask you for a few closing comments?

Operator: That is great. Yes, Alex and Jas, thank you for addressing all those questions from investors today. But Alex, before we direct investors to provide you with their feedback, which is of particular importance to yourself and the company, could I please just ask you for a few closing comments?

Speaker #1: Well, I think the one thing to think about when you look at the games industry is it is going up. We are seeing more and more players; PC, Steam specifically, is growing at a rapid pace.

Alex Nichiporchik: Well, I think the one thing to think about when you look at the games industry is, it is going up. We are seeing more and more players. PC, Steam specifically, is growing at a rapid pace. So right now, to me, the industry feels healthier than it was during the pandemic. The flip side of that coin, we are seeing in AAA, because there was just a bit too much overinvestment on the AAA front that resulted in unrealistic expectations in terms of sales. So for us, outside of focusing on highly replayable games, the strategy is really how do we get something to market fast and with a budget that makes sense for ROI. So from a business perspective, it is really important for me to make games faster. I do not want to spend another 7 years working on a game like SAND. A couple of years, that is reasonable.

Speaker #1: So right now, to me, the industry feels healthier than it was during the pandemic. The flip side of that coin we're seeing in AAA.

Speaker #1: Because there were there was just a bit too much overinvestment on the AAA front. That resulted in unrealistic expectations in terms of sales. So for us, outside of focusing on highly replayable games, the strategy is really how do we get something to market fast.

Alex Nichiporchik: So for us, outside of focusing on highly replayable games, the strategy is really how do we get something to market fast and with a budget that makes sense for ROI. So from a business perspective, it is really important for me to make games faster. I do not want to spend another 7 years working on a game like SAND. A couple of years, that is reasonable.

Speaker #1: And with a budget that makes sense for ROI. So, from a business perspective, it's really important for me to make games faster. I don't want to spend another seven years working on a game like Sand.

Speaker #1: A couple of years that is reasonable. And these days, trends they change so much so fast that it is important to keep your finger on the pulse of the industry.

Alex Nichiporchik: These days, trends, they change so much so fast that it is important to keep your finger on the pulse of the industry, which is what we are doing now, and I believe the results are showing. So thank you so much for everyone who joined, asked the difficult questions, and thank you for your support.

Speaker #1: Which is what we're doing now. And I believe the results are showing. So thank you so much for everyone to who joined. Ask the difficult questions.

Speaker #1: And thank you for your support.

Speaker #3: Fantastic. Alex, Jess, thank you once again for updating investors today. Could I please ask investors not to close the session? As you know, we automatically redirected to provide your feedback, which helped the company better understand your.

Operator 2: Fantastic. Alex, Jas, thank you once again for updating investors today. Could I please ask investors now to close this session, as you will now be automatically redirected to provide your feedback, which will help the company better understand your view.

Operator: Fantastic. Alex, Jas, thank you once again for updating investors today. Could I please ask investors now to close this session, as you will now be automatically redirected to provide your feedback, which will help the company better understand your view.

Browse all earnings call transcripts

Q2 2026 tinyBuild Inc Earnings Call

Request TrialDemo

tinyBuild

Earnings