Full Year 2025 Winking Studios Ltd Earnings Call Transcript
Key Points
- Winking Studios Ltd (SGX:WKS) reported a strong revenue increase of 42.6% to $45.5 million in 2025, driven by the acquisition of Mineloader and organic growth.
- The company has a robust balance sheet with $28.8 million in cash equivalents and no debt, supporting future expansion and M&A opportunities.
- Winking Studios Ltd (SGX:WKS) has a diversified client base, working with 22 of the top 25 global gaming companies, which reduces concentration risk.
- The acquisition of Mineloader significantly increased the company's participation in AAA titles from 14 to 117, enhancing its capabilities in high-end services.
- The company is strategically expanding into Western markets by hiring experienced executives and strengthening local commercial capabilities in the UK, Europe, and North America.
- Despite a strong revenue increase, adjusted EBITDA grew by only 13.2%, impacted by non-recurring listing expenses and the absence of other gains from the previous year.
- Cash and cash equivalents fell by 31.2% year on year, primarily due to the $13.2 million payment for the Mineloader acquisition.
- The company's free float remains unusually small, which may limit liquidity and investor interest.
- There is a decline in revenue from China-based clients, from 34% in 2023 to 22% in 2025, indicating potential challenges in that market.
- The gaming market remains highly competitive with rapid shifts in platform trends, which could pose challenges for maintaining growth momentum.
Good morning, everyone. Thank you for joining us today. I'm Johnny, founder and the CEO of Winking Studios. I've not been in the industry for more than 30 years. During this time, I've seen many big transformations from console games to online games, to mobile, and now to global development.
Joining me today is our CFO; Oliver he has over 30 years of experience in finance. We have known each other for 25 years. He has been with us for 11 years and has helped us build strong financial discipline as we grow internationally. Also with us is Tina, the General Manager of our a outsourcing segment.
She has been with Winking for 22 years. Winking is a global game outsourcing and game development services company. We have more than 25 years of history, and today we are one of the top 4 game outsourcing companies in the world.
Headquartered in Singapore, we operate 13 studios in Asia with more than 1,400 employees. We also have teams in the UK and in North America, focusing on strategy, M&A and the
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