tinyBuild Stock

Good afternoon, and welcome to the tinyBuild H1 2026 Results Investor Presentation. [Operator Instructions]

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, Jaz. Good afternoon to you both.

Thank you. 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. 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.

So today, we have our traditional presentation structure. I just go over the disclaimer where -- hi, I'm Alex Nichiporchik. I'm Founder and CEO of tinyBuild, 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.

And I'm joined by Jaz, would you like to make your intro?

Hi, guys. Jaz, CFO. I've joined tinyBuild just before the IPO in 2021. Before that, over 20 years in finance and been CFO for the past 3.5 years.

And what 3.5 years it has been. So today, I think -- 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 Jaz, and then we'll talk a few case studies and strategy. And I'm sure you will have a lot of questions about tinyBuild. So please feel free to submit those.

Now the way to look at the first half year of this year is we're seeing the fruits of our strategy. Remember that games 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 titles. 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 vision. 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're doing.

And 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. So the back catalog is everything that we have launched in the previous calendar year between games like The King is Watching, game DLC, and new platforms and continued work on our Hello Neighbor franchise, we are in quite a good place. 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 3 games in the Steam Top100 Wishlist, 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, so our sales, how much money do we make by actually selling our games. And that is USD 20 million for the first half of the year, which is 18% up for -- compared to the previous half year. All of the other numbers, Jaz 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. This is something that I will probably be talking a lot more and more loudly because this year, we have clearly shown that it's 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. And half a year ago, when we did our full year results, I did mention that, hey, everyone should be looking at games like Cozy like ReStory. And yet everyone was focused on games like Kingmakers. And I'm 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'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. 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. 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. 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'm yet to see, please don't spoil it in the comments here. Now 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're 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, but this gives you an idea of our new IP versus existing IP and how that gets split up. And I do believe it's quite a healthy split right now.

And with that, let's dive into the finances with Jaz.

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, it's the third 6 months period in a row that we see positive growth after 3 years of decline. That reflects a slightly improved industry outlook, but mostly an organic drive, both combination of both back catalog doing well and new launches. In terms of adjusted EBITDA in the middle chart, $3.2 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 benefited from an incredible flow-through of first-party title Deadside, which launched on console.

And 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 3, 6 months periods after a decline since 2022 peak. 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. 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.

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 up 18%. In this half, we've had a 0 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 title Deadside last year. SG&A was also up 20%, primarily due to higher marketing. We launched 3 games in H1 2026 versus only 1 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're 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 costs, $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 1/3 of revenues being reinvested in software development. We feel comfortable with this level. It's a sustainable level, and it is something that we are looking at preserving going forward. So as we see revenue grow, we'll probably tilt that pocket or that bucket of investments slightly upwards while maintaining a very diversified approach. So 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 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 $0.5 million.

Moving on to the cash flow. In the -- in terms of operating cash flow, $6.4 million, it's slightly down compared to last year, primarily due to the revenue mix, so lower -- slightly smaller flow-through 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 or any size in financial financing activities. 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, cash profit of $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. And we've had some notable successes, including SAND, ReStory and so on. Closing the half, as I mentioned, at $4.7 million, that's a level we feel comfortable with. $4 million to $5 million going forward is a very comfortable level for where we stand right now. 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.

In terms of balance sheet, nothing major to report on receivables and payables, no impairment in H1 2026. The only thing I'd like to flag it's the 26% increase in deferred revenues up to $2.4 million. 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.

And back over to you, Alex, for the strategic review.

Thank you so much, Jaz. So 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. So Graveyard Keeper 2, it launched 2 days ago, and I believe we are about to announce a sales milestone. Yes, it's going to go out during this call. So this is an example of -- I see one of the questions here in the chat is what would happen if tinyBuild goes on out of pilot similar to how The King is Watching plays, where if the king is not watching, then the work doesn't get done.

I like the cheeky question, and it's relevant to this slide because if I was to step back or we were to like stop innovating and just do the same thing that worked for us this year, then we wouldn't have situations like Graveyard Keeper. 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. 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? 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, which means that every single person who wishlisted it and the game was saying on quite a big number of wishlists would get notification that the game is free. 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. So pretty much overnight, we've had 0.5 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 preorders for the game.

Now the reason we did preorders 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. And that's also something that for such high-profile releases during a demo, you 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. So this worked like a charm despite everyone saying that it was a crazy series of ideas for marketing in this game because on launch, we have hit 50,000 concurrent users.

We have had the Steam take over, the big banner on 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. We're only 2 days in, so it's a little bit too early to tell. So 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 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.

We always try. It doesn't always work, which is why we do a portfolio approach, which is, again, why shareholders should not be focused on like 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. 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's the thing about SAND. It was probably the most difficult project of my career. It took us 7 years to develop it. 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. We all love this genre, and we want to be in it.

And doing it with external studios so far has not worked for us. We've tried and tried many times with some tiles. And this one, when it launched on June 22 after a series of open betas, closed betas, a big trailer at the game awards sorry, not the game was the Summer Game Fest in June. We finally launched it on June 22. 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. 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.

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 highest profitable games on Steam still sit at mixed ratings including a game I play every day called PUBG. That is not an indicator of success. It means that 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, we are working on it. And as Jaz mentioned, last year, we launched Deadside on consoles, which was one of the biggest game launches for us, even though it's 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's talk about another example, ReStory. ReStory is a game where you manage a cozy Japanese repair shop. You fixed retro devices, which is definitely on the screen here, it's not a PlayStation Portable, it's a PMP. And there is a device called the Patento BS, which is definitely not a reference to Nintendo DS. But essentially, it's 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. And 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's actually quite mass market because we have shipped over 0.5 million copies on this one so far. And everything was tied together in like a really neat package.

Now this is the second game that we have shipped with this developer with Mandragora Games. And the first one was called I Am Legend, which we shipped just a few years ago. And within that game, there was -- sorry, I Am Future that I mixed up with the movie. Now in that game, there was a micro mechanic about disassembling and fixing devices. And we saw that players will spend a lot of time within that mechanic. 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. And through countless play tests 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 and the fastest wishlist progression in company history. And these are just 3 examples. We have launched many more games this year and which I will be happy to talk about. 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. But 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 spin-off, 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. But when you look at the portfolio as a whole, if the game is in our portfolio, you should be looking at it. 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.

Now closing remarks, I will just reemphasize 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'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. 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, 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 make very swift action to make sure that we are allocating resources in the right direction.

So with that said, the Board remains confident that we're doing the right decisions and that we're headed in the right direction. And I am happy to jump into Q&A.

So Jaz, how do we want to do this?

I'll ask the questions. Let's start from the elephant in the room, that where are we with Kingmakers? And part of 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?

Games take a long time, especially in games, which is why games like Kingmakers are taking quite a while.

Yes. And we should also mention that when we get strong audience validation, we are not shy to go back and redraw our plan, our original plan. So in this case, Kingmakers had an exceptional reception, and that explains why we are taking longer than originally forecast. The game is definitely going to launch. We're definitely working on that, no two ways about it. Second question, is Last Harbor being developed by Duckside team and you answered that with Deadside engine? And is Bad Pixel helping with development?

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

Okay. 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? I think you've answered that just now.

I can say that they will be working on something else.

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

I assume it's not about self-published, it's about like our own internal titles and first party. I feel like there is a delicate balance. So like we will still do third-party publishing where it makes strategic sense, be that is either a short 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're not excluding third-party publishing. It's just not a priority for us.

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?

Well, actually, Kingmakers is irrelevant to the example of SAND because Kingmakers doesn't use dedicated servers. It's a 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 BattlEye will actually solve your cheating problems. What will solve them is a process built internally to catch, ban and prevent cheaters from coming back.

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

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.

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...

I assume it's workload, right?

Workload or number of titles could be?

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, back catalog versus new titles because there's a lot more work to do on new titles.

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?

It's 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's over a certain threshold or above what we expected, it's a very, very good sign for us. The rest of the science that we look at is more data-driven with a lot of surveys. And I will not dive into that too much because it's kind of commercially sensitive.

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

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. 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? Like 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.

It's a collaborative brainstorm, which actually, over the past couple of months, I'm 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 like spitball ideas about like where can this go or like 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 transition 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.

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

Let's just say that the announcement that went out was not an official announcement. It was a leak from an agent.

Another question on Kingmakers. Will there be prepurchase, I guess it's preorders for Kingmakers as well as there has been for GK 2?

No, unlikely because for GK 2, we have, like, a lot of content in the game, like, it's 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's kind of like 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 in.

Okay. A couple of questions on finance. I'll take them. What cash position are you comfortable with until you start thinking about buybacks or expanding size, number of projects?

So for now, we're comfortable with the current cash position. We're not necessarily trying to accumulate more cash. A buyback or any other options, including a dividend, we'll have to compete with investment opportunities. If we were to stumble on the biggest game ever at a reasonable budget with a very strong debt team, et cetera, we'll 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 on -- another question on financials. Do you expect EBITDA margin to increase in the second half compared to H1?

So 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 new release. The back catalog is doing well, including Hello Neighbor, which is, of course, a first party. But it's -- at this point, it's still not very clear how the second half is going to pan in terms of margins. We know it's 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 regarding Max Entertainment lawsuit since you are listed as a publisher.

Yes. Just very briefly, we worked on that game like 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 Entertainment. That's about the gist of it.

And from the financial side, I should add, and I think that's now clear to everybody that our lawsuit, our -- the litigation we started with Max Ent asking for $1.9 million in unpaid royalties has only upside, meaning none of that has ever been booked as revenues. So -- and 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're 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 wishlists does Kingmakers currently have?

Okay. So Graveyard Keeper 2 is tracking above our internal expectations. So we are very happy with the launch. I don't have the exact number on the number of wishlists Kingmakers has, but it's sitting above what we had previously reported, which I believe was 1.5 million.

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

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. And let's just leave it at that.

Okay. What does management believe full year 2026 will finish -- sorry, why does management believe full year 2026 will finish ahead of expectations despite a lower H1 profit?

So on H1 profit, I really need to emphasize the anomaly was H1 2025, which was exceptionally high because of the incredible success of Deadside side, which has a very high flow-through. 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. We believe we're 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. 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, 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. Some of them went out with a higher marketing than the average game. We don't expect the same in the second half of the year. So I'd say marketing would probably track below the first half in the second half.

There was a question about SpeedRunners 2, which is a fair one that from the outside, it seems like it may not be gaining as much traction, 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 was while it seemed like the biggest platform, it's actually a couch game. So when it came out on consoles, it actually did quite well. So 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 won't be able to achieve something that they feel comfortable with 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 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. And that part of the strategy has worked out, and I'm quite happy with it.

Okay. Do you have an estimate for Graveyard Keeper 2 sales after launch over the next few days -- over the last few days, apologies.

Let me just quickly check if the number went out because I don't want to put a number here on the call. Just one second. It has not went out yet. Just keep an eye on where -- on X.

And as we said, it's the -- it's going to compete with SAND as the most successfully -- commercially successful launch to date. What do you think the market is missing today when valuing tinyBuild?

Common sense.

I would add the video game industry has come out of 3 very tough years. We start seeing some positive signs in the industry. But most of what we have done in the first half is organic 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 and after H1, launches like a King -- sorry, Graveyard Keeper 2 or the same ReStory to get through the numbers. We're not in a rush. We're 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 the longevity we're looking for.

Another question. We can't 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 can't discuss specific numbers. It's commercially sensitive, and it varies contract to contract.

Yes. All right. I think that's all the questions.

That's great. Yes, Alex and Jaz, thank you for addressing all those questions from investors today. But Alex, before we direct investors to provide you with a feedback, which is particularly important to yourself and the company, could I please just ask you for a few closing comments?

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're 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's really important for me to make games faster. I don't want to spend another 7 years working on a game like SAND. 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, which is what we're 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.

Fantastic, Alex, Jaz. Thank you once again for updating investors today. Could I please ask investors not to close this session as you now be automatically redirected to provide your feedback, which will help the company better understand your views and expectations. On behalf of the management team, we would like to thank you for attending today's presentation, and good afternoon to you all.

Good afternoon, and welcome to the tinyBuild, Inc. Investor Presentation. [Operator Instructions] The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and publish responses where as it is appropriate to do so.

Before we begin, I'd like to submit the following poll. I'd now like to hand you over to the team at tinyBuild. Good afternoon.

Good afternoon, everyone, and welcome to the full year 2025 results presentation. With that, we're just going to skim over the disclaimer and go straight into introductions if you have not met us. So I'm Alex Nichiporchik, CEO and Co-Founder of tinyBuild. I've been in the business for 20 years now, and tinyBuild actually is turning 15 this year, which is really exciting. It's close to half my life at this point. I've been into game production, marketing, journalism and essentially like my whole career revolves around game development. And at the company, I handle mostly the production side of things, alongside being the actual Chief Executive.

And with that, Jaz?

Yes. Hello. Jaz here. I also have over 20 years' experience in finance. I joined the company in 2021, just before the IPO, and I was appointed CFO in 2023. Over to you, Alex.

All right. So today, we're going to do a brief operational review, then dive deep into the financials with Jaz, and then we'll talk strategy and happy to answer questions as they come along.

So that said, if we look at 2025, I'd say that we are back in the game. The things that we have been talking about for the past 4 years, namely building out franchises, finding new intellectual properties, finding ways to expand them. A lot of those things have finally started paying off. We will talk about our recent hit, The King is Watching, and how that came to be. We also have strong operating leverage resulting from our own IP strategy, and I will talk about that a little bit in detail when we have detailed slides.

But we also have one of the strongest pipelines we've ever had going into 2026 with 7 games in the top 200 global wish list chart. At the same time, we are keeping very tight cost controls in place and using data-driven decisions for our investments. So we will focus on what works and pivot what doesn't work. And whenever we see a great opportunity, we will make sure to get it done right. For us, it's really about quality over quantity going into this year, and that has proven itself last year as well.

So some highlights. I will just call out that we had a very significant adjusted EBITDA swing in 2025, which is great. And we have also built up $4.6 million in cash by December of last year.

That said, let's just go into some of our usual slides. We still have a very healthy own IP portfolio mix. Now we will sometimes have it go a little bit lower, and that depends on when we do strategic third-party deals. By strategic, I mean developers that we really love working with that we have a long-lasting relationship and that we know are going to be successful.

For the rest, what we do is we do want to own the intellectual property. And I will just kind of contextualize that because it can sound really harsh out of context. What we want to do is give developers the creative freedom to create something really, really impressive. And we will guide them. We will help them with production and sometimes get more involved than some other publishers.

Now when and if the IP becomes successful, what can sometimes happen is that the developers or the original creatives may lose interest in working on a game that they just spent a couple of years on, and they will want to do something else. That is absolutely normal. What I was annoyed at for years when we were doing mostly third-party publishing was when this happens and then we have a hit on our hands, and we know exactly how to make it even bigger because when you have something that is already big, making it bigger, scaling it is much easier than going from 0 to, let's say, first 0.5 million copies sold.

So this is why we invest in our own IP. And by doing so, we create this structure where the original developers can still benefit from us continuing to scale it, and they may even come back for later games in the franchise, which is exactly what we want, and this is exactly what is happening with Hello Neighbor 3 right now.

Now back catalog. As a reminder, when the game launches in the previous calendar year, it is considered back catalog. So we did launch a few new IPs last year with The King is Watching being a runaway hit. But at the same time, we launched a little game called Deadside on consoles. It has been available on PC for about 5 years prior, and it was a runway hit for us on consoles, on PlayStation and Xbox. And we continue to update and expand both that game and the technology that powers it that we are also able to scale to other games.

And with that, let's dive into the financial overview.

Just starting with a short summary of the main KPIs. Starting with the net game revenues. This excludes DevGAMM, our events business and excludes Red Cerberus, our Brazilian QA business sold at the beginning of 2025. That is excluded for 2024 and 2025. We're pleased to report that revenues from games are up for the first time in 3 years, up 17%.

That is the result of a very strong performance from that side in H1. You remember us talking about that. But also other games, for example, The King is Watching as a new release. And one of our oldest franchise, Hello Neighbor coming in strong in Q4, not just Hello Neighbor main title, but all of the other titles in the franchise witnessed a rebirth in terms of revenues, especially on PC, thanks to factors Alex will delve into details later on.

In terms of EBITDA, we can see a big swing from negative $6 million to positive $5.6 million. That shows how strong our operating leverage is, partly the result of revenue mix. We have a high percentage of revenues coming from owned IP, which has a high flow-through, partly cost discipline after the cost action put in place in 2023 and 2024.

And on the right-hand side, software development costs, they declined again to just short of $12 million. This is a level we now feel comfortable with. We are back to roughly the same level we were pre-pandemic in terms of as a percentage of sales, around 30%. And that is a level that seems right for the size and for the growth we want to achieve.

Looking at the adjusted EBITDA more in details, you can see the different components leading to $5.6 million at the end of the year. Cost of sales includes royalties paid out, and that's where you see how small it is relative to some of our competitors due to the fact that we own the IP and we retain a higher share of royalties on average. In terms of development of cost amortization, you see a decline there, partly driven by the impairments of the previous years, partly driven by the fact that in 2025, we launched a relatively small number of new games.

And then SG&A, where you see mostly the impact of our cost action and the cost discipline we continue to put in place going forward. On the impairment side, $7.2 million negative. That's roughly half impairment of games and half impairment of brands, including $1.8 million for the Versus Evil brand.

Looking at the whole P&L a little bit more in details. At the top, revenue from games up 7%. Development Services includes pretty much everything to do with platform deals. It's up to $2 million. That number is not something we're committing to for 2026. As you know, platform deals come and go and right now, the market is pretty light on platform deals.

The negative number in 2024 is due to an accounting adjustment, revenues which were accrued for a game that has been canceled, and that's how it shows up. Cost of sales, we discussed. And in terms of marginality, I want to touch on adjusted EBITDA the margins we achieved in 2025 of 16% are a good start for us. This is definitely not the arrival point. As an own IP focused company, we think we can push the business way further. We're going to continue to maintain a focus on cost management to make sure that operating leverage comes through loud and clear when revenues land.

Moving from the P&L to the cash flow statement. Most important line there is the development costs. Development costs have been brought back in line with the size of the business at around $12 million. You can see in gray on the left-hand side that the M&A movements. In 2024, we made 2 small disposals of IP. And in 2025, we sold the Red Cerberus, the Brazilian QA business.

On the right-hand side, you can see the project concentration. We have a very diversified portfolio, over 40 projects currently under development. Every project typically doesn't go above 10%, and we have a good number of projects, 9 projects with an annual budget of over $0.5 million. We try, as you see from the chart, to keep a good balance between relatively larger projects, which come typically with a higher potential and relatively smaller projects with a much faster development cycle, which can deliver a much higher ROI if on smaller terms in absolute terms.

Looking at the cash flow statement in more details. The cash flow from operations pretty much doubled from $6.3 million to $12.6 million. That is the result of strong EBITDA performance, more than offsetting a couple of million adverse movements in terms of net working capital. And as you see, cash at the end has increased from $3.1 million to $4.6 million at the end of 2025, strong cash flow generation that we want to continue work in the direction of increasing our cash position. We feel like we have a strong financial position, and we feel like we can continue to invest and strengthen our cash position going forward.

Cash utilization, most of the cash came in from operating profit, the $2 million headwind I mentioned in terms of net working capital and the software development cost is the lion's share of cash utilization.

In terms of tax paid, we have a large amount of losses carry forward. Here, you see in the tax paid in 2025, part taxes due for 2025, part taxes due for adjustments of previous years. We expect a smaller amount in the coming years.

Another look at the balance sheet in terms of net working capital, receivables decreased by $1.9 million, timing of receipts on several large contracts. And in terms of payables, the decrease in $5.1 million is mostly due to a reduction in accrued royalties. accrued royalties either due to a settlement where we didn't have to pay royalties or other royalties, which have actually been paid.

In terms of intangible, you see the big drop from $41.8 million to $35.3 million, and that reflects the impairment we discussed talking about the P&L. Deferred revenues, to close on net working capital, is $1.9 million from $0 in the previous years. It reflects contracts that have already been paid for larger deals and for which revenues have been deferred.

Back to you, Alex, for the strategy.

All right. Thank you so much, Jaz. So if you have been following us for a while, you may have heard about a game called The King is Watching, which has sold over 0.5 million units. And this is a prime example of how we work today. We have small teams working independently on games that they love, and they know exactly what they're doing. Now this game was initially supposed to take about a year to develop. And at about month 9 or 10, we saw that players are enjoying very specific parts of this game. So we pivoted. We talked to a developer and mutually agreed that it needs to be more of a rogue like, more of a game that you spend a lot of time in. That really worked.

There is a recent article on gamesindustry.biz about how we did it, so please take a read. We talk about how we had about 40% of sales in China, how we were breakout on the Steam Next Festival in February. And we just recently this week launched the DLC that is also doing quite well. This is exactly how you start the franchise and continue expanding it. Finally, things went right when we are able to continuously update this game. And this is our top 3 launch on Steam, which is phenomenal. And like I said, over 0.5 million copies sold.

Now let's talk about Hozy, and I've actually seen some questions in the chat about this specific game, which makes me very happy. So we revealed it last year at the tinyBuild Connect, an annual event that we do for the company where we present our upcoming games. We revealed it with a demo. This is something that a lot of peers have also started doing when instead of just saying, here is a game, here is a trailer, here's what it's about, we say, just play it.

And players did play it. They loved it. Within the first 4 months of the game reveal, we hit 150,000 wish list. We dominated the Cozy section on the last Steam Next festival, which was just last month. And right now, we're sitting at over 450,000 wish lists. On March 18, we had 400,000. The game launches on March 30. And let's just say that I'm cautiously optimistic about this title. And this just kind of reinforces our strategy of working on tiles that have really high potential, finding the right audience and also working on it as a portfolio, working on all of our tiles together.

This is really key to understand if you're maybe a new shareholder or a potential shareholder in tinyBuild that it's not just about the one game. It's very easy to start focusing on just this one potential tile and then all the questions are about it. But remember, it's a portfolio. This is why 2025 was so good, and we are really happy with the upcoming portfolio going into 2026 and also our existing tiles that we continue to work on because for successful tiles, once they are live, work only begins.

Now a slightly different case study. We talk a lot about franchises, and you've probably heard about Hello Neighbor, which we will give you guys an update on. But also franchising on an engine and technology level is something we have been quite successful with over the past couple of years. So Deadside, while it does use Unreal Engine as its core game engine, the underlying technology behind this multiplayer component is extremely unique. It took years to develop with a very brilliant team.

And we were able to prove that we can use that same technology and rapidly develop spin-offs with a game called Duckside, which was developed in under a year and met its profitability target quite fast. So what I'm getting to is that using internal studios and internally developed technologies does give us a lot of flexibility when it comes to sharing knowledge, technology, game engines, et cetera. And I'm really excited about where this will go next.

Now a little bit about the pipeline. We mentioned the 7 games in the Top 200 chart. We have talked about Hozy, which is coming on March 30. Then ALL WILL FALL is launching very shortly after, also really excited about that one. And then we also have a lot of really interesting upcoming titles. I want to highlight The Lift, which we did announce, and we will have an update on that quite soon. But that is also an internal studio working on a really unique and original concept that we verified quite early, and we are now confident that the game will find its audience.

A very similar thing is happening with a lot of these. And if you haven't seen the game ReStory yet, it's from the creator of I Am Future and the original let's say, idea man behind the game Graveyard Keeper, which was a hit for us a few years back. In it, you run a little repair shop in '90s Japan with very familiar devices, including officially licensed Atari devices that will be in the game. So check these out. We're really excited about this portfolio. And remember that these are just the announced titles.

And a little update on Hello Neighbor. A few years ago, I've heard this expression that you will unlock a franchise's potential maybe on Year 8, sometimes on Year 15. And often, it's even later than that. So the theory is that it will take you 2, 3 decades to fully unlock the potential of a franchise. And we've just seen that with Resident Evil Requiem, which, I mean, technically, it's Resident Evil 9, but depending on how you count, it's like, I think, Resident Evil 20 something, and it is the best-selling one in the franchise.

Now what happened with us last December is we are working on the Hello Neighbor 3 development logs quite often. So we revealed the design of the main character in Hello Neighbor, Mr. Peterson for Part 3. We also have a lot of hype for the animated series that is continuing to gain more fans and reactivating existing fans. People are really excited about the upcoming movie. And at the same time, the modding community -- so when you create user-generated content based on the tools that we provide in the very original Hello Neighbor went absolutely viral. So this created a portfolio effect.

And 8 years after the launch of the original game, we had the best month on steam for this title. So the game launched 8 years ago and the best month for it on steam was last December, which again reinforces all of the strategic investments that we do in this franchise and how we are building a blueprint for our other titles. So multimedia is working for us. And the more branches you have, the stronger your franchise becomes. And we are really excited about the progress for Hello Neighbor 3.

And I just -- a couple of slides ago, I said, don't get excited about very specific title, right, get excited about the portfolio. So just keep that in mind in context, right? This is the prime example that took us 8 years to get here from that is showing the blueprints that we're working on for the portfolio.

That said, 2025 was definitely a turnaround year for us. I'm really proud of the team. We have over 70 people working in production, and they're doing a phenomenal job at all of these titles. They have a lot of authority in the company. And when we restructured a couple of years ago, this is what they wanted. I wanted to have small teams that work in a start-up fashion that are able to make decisions really fast. And now we're seeing the fruits of that strategic decision.

So with that said, shall we move on to Q&A. And I will just put the core strategy slide on here while we talk about that. I'll use the Q&A slide.

[Operator Instructions] As you can see, guys, we've had a number of questions both pre-submitted and throughout today's presentation. So thank you very much to all the investors for submitting those. If I may, perhaps, Alex, just hand over to you just to read out those questions where appropriate to do so, and I'll pick up from you at the end?

Yes. I'm just going to -- Jaz, if you can see if you can like combine some of the questions. I see a lot of them. I'll just pick out a couple here that I can immediately answer. I will not be able to -- [ Shahin A ] I guess, is asking about our studio in Belgrade and what we have there, what kind of offices. And I can use that just to talk about our geographical spread right now.

So we have 3 main locations in Europe. We have Belgrade, where we have several studios, some of our publishing teams. We have Studio Riga that was responsible for Duckside, Vision Sim and Hello Engineer, and now they're working on a really exciting project. So they're in Riga, Latvia. And we also have a couple of other people there. And we have Studio Netherlands, which has, again, some development, mostly for Hello Neighbor 3 and some publishing.

Now the reason it's spread out what seems like without any logic is because a lot of the people relocated 4 years ago when Russia invaded Ukraine. So we were essentially locked by people's ability to travel. A lot of people were able to travel to Serbia, but couldn't go to the European Union. So that is why we founded a location there. Right now, it is working out quite well for us because people can essentially move between locations and they do, depending on their lifestyle and choice of preference.

What I will say is that Belgrade is a really nice city. In all 3 locations, the goal was to have offices in the center to make it a walking distance to wherever you live, and we incentivize that. I really like the European style of offices where you can just walk around. Now that is the publishing. Our studios are in -- also in other locations across the U.S. and Europe. That's it.

Jaz, did you have a moment to review the questions? I see a lot of overlap here.

Yes, yes. There are a bunch of questions on Kingmakers, and we might as well address the elephant in the room. In terms of Kingmakers, we're not going to discuss the state of advancement of the date of release. For every game, not just for Kingmakers, we try and meet the best we can based on expectations. Of course, if expectations blow out o f-- way beyond what we were planning for, we have to adapt, and that's what is happening with that.

We will share news when we have them on all games, including Kingmakers.

There's one question on Kingmakers, which is worth addressing, which is if Kingmaker is released until financial year 2027, can you still meet market expectations for 2026? And yes, Kingmakers was planned for 2025, and we still met and surpassed market expectations based on that. So we are not working. Our forecasting is not based on a single game carrying the whole company. It's based, as Alex was saying earlier, on a portfolio, and that's really what is allowing us to generate growth right now.

I see another question about Kingmakers, if it's co-op or P2P, if it's going to be coop. We do confirm that.

I see an interesting question from Edward G regarding SAND. It's actually a logical question. So SAND had 5,000 playtesters during its last public play test. And Edward is asking about if we should do a server slam like ARC Raiders did, et cetera. Yes, that is actually happening. It's just that it's happening behind closed doors. So you don't see it publicly. But remember that the game has been announced for PlayStation as well. So you can kind of like infer on what is happening there.

I'm just walking through the questions.

Yes. Thank you so much. We've never had this much activity in the chat.

Do you think ALL WILL FALL can be an engaging game without the water level mechanic, for example, just building on a flat plane?

There are so many city builders that have done that. You have to like have some sort of, I won't say gimmick, you have to have something that stands out. And that mechanic definitely makes the game stand out. We will see. Like once the game launches, who knows, we might go into user-generated content or something like that. It's not an announcement, just a possibility where players might be able to do that themselves.

Another question on Hozy. I played the Hozy demo and found it to be unique and enjoyable, but I share some of the criticism regarding not knowing what is in the boxes and the subsequent cluttering. Do you plan to add some quality of life features before release, something like icons on the boxes to give some information on what is there in store outside the room?

Happy you played it. And yes, the team is working on that right now. We received a lot of feedback during the playtest and the demo. All of it is being taken into consideration.

Another one from Shahin is about can you talk about the nearly 200 employees, how are they distributed across publishing, marketing, HR, game development and are third-party studios counted in. So this is stuff, tinyBuild stuff. So it does not include third-party studios. The split is -- this is mostly about game development. We have a large publishing team. We could probably carry more game at a push, but the rest of the structure, HR finance is really small.

Yes, just on a structural level, this is what I -- sorry, Jaz. I'm just excited talking about that because a few years ago, we noticed that we were slowing down internally in terms of decision-making because when you grow, you have like layers of management on top of each other. And I really don't like that. I want to have smart people on the team that are able to make decisions independently. And that's how we structure it. So we have about 70 people in publishing and the rest are mostly on development with a support layer of HR finance that are doing a lot of work for the amount of people that we have there.

Does the release of GTA 6 in Q4 mean that we cannot release games in Q4?

Unless -- well, we'll see if it actually launches. But there is always a Q4 window when you should not be launching games. That is always due to AAA. So I mean, what will happen hypothetically this year is if it does launch, it means that some other AAA games will shift from the period where we won't launch anyway. But again, it really depends on how well the games market perceives the launch because expectations are quite high, and we all know that it's become a that this happens before GTA 6 releases. I hope it does, but we will be avoiding that launch window, and we usually do avoid it if you look at us historically.

Question about our credit facilities and cash management for working capital. How does the firm forecast cash? And what is the status of its credit facilities? So in terms of cash forecast, it gets a little bit nerdy, but we run 2 independent models, and they check on each other on weekly cash flow and a bigger model that goes out 3 years.

In terms of credit facilities, we do not have any credit facilities right now. We have a minimum, absolutely minimum use of credit cards. And how we manage cash is we tend to forecast for the worst case. So our forecast and market guidance, as you've seen, tend to be on the conservative side has been so since I arrived as a CFO, and we continue to work on the same assumptions. Games can -- of course, our expectations for games is that we invest in are very high. But when we forecast for cash, we have to take a much more conservative view.

Another question, is tinyBuild considering a sale of certain back-catalog games to generate funds or perhaps return capital to shareholders? I can take that?

Yes. Continue.

So we have sold very small IPs back in 2024 when just after the capital increase, it was appropriate. We are not looking actively at selling any franchise, any catalog title. If we were approached at a very interesting price, definitely, we would consider that. But what Alex said about building a franchise for the long term, when you own the IP, you really keep working that franchise, and that's what we're doing. We're doing that with Hello Neighbor, but we're doing that with other titles as well. You see the sequel of SpeedRunners, you see the sequel of Streets of Rogue and so on and so forth. The more announcement to come on other big franchises we have in the portfolio. So for now, we have no active desire to sell anything in the catalog.

What are the drivers of growth in general admin expenses from $7.1 million in the first half of 2025 to $8.8 million in the second half, excluding trade receivable release? It's mostly timing. There is nothing else than that. In 2024, we also went very, very tight on costs. Some of that has to come back and came back in the second half of 2025.

How does tinyBuild valuation compared to peers? So I'm going to take that. As management, we don't like to speak about valuation. We'd rather the market do that. But I can tell you what I read from analysts. We are currently trading on the lowest multiples, both in terms of EV sales and EBITDA. Why? I think it's still a legacy of the financial problems we had 2 years ago. We have raised capital. We have demonstrated now for 2 years that we can manage a tight ship in an uneasy market, and we have the best pipeline ever. So I'll let you draw the conclusions in terms of where we think valuation should go.

Another question. What is the reason for the decline in gross margins in the second half despite higher revenues and the success of The King is Watching? So gross margins are impacted by royalties and by other small factors. The mix of the portfolio is what really drives the variance there, nothing structural.

Another question. Will you implement the formal capital allocation policy so investors can get confidence in how cash will be allocated once larger budget games are launched? Yes. Capital allocation is already something we're doing very formally internally. I think you're looking for an explicit guidance. We're looking at everything. If we were -- let's run a scenario. If we were to hit big with any of the game in our pipeline, we would consider everything from signing new titles, of course, because we are a growth company, all the way down to share buyback.

It's not something we have been putting as top priorities in the past few years because we were adjusting, we are rightsizing the business, and we were making sure that we were building that big pipeline. But if we had excess cash, everything all the way down to share buyback will be considered very carefully.

Another question. How will you generate ongoing revenues and ensure ongoing players progression beyond the first few weeks for SAND, Raiders of Sophie?

That's a great question. And I can see there is some other questions regarding the game feature sets, et cetera. So during the playtest that this person probably played, there was essentially accelerated progression and not all of the content was in the game. We do believe that it is primarily a PVP, player versus player experience. And one of the reasons we've been doing so many public play tests is to make sure that players understand that. that there's going to be a small PVE component, but it's not the focus of the game. Because what we found during playtesting is that what the team is very good at is player versus player interaction.

And as a reminder, the team previously did a game called Secret Neighbor, which was one of our top sellers. It was the multiplayer spin-off of Hello Neighbor. So they know what they're doing. I fully trust them. And I play the game twice a week, every Tuesday and every Thursday, seeing a lot of progress. So I'm actually like scheduled to play it right after this call.

Will you be releasing a demo for Kingmakers or at least a single public playtest?

We will talk about this marketing campaign when it's the right time for that specific one. So we can't like spoil our marketing plans in investor meetings. I did that before, and it's not the right move.

Graveyard Keeper has a proven fan base and strong brand recognition. What's the strategy for monetizing that IP further? Could you develop a multiplayer open world version?

Multiplayer, I'm not sure. But let's just say, we are very excited about Graveyard Keeper. Same thing as was the previous question. I can't talk about our marketing plans, sorry.

Another question more directly. Any share repurchase expected this year? Again, depending on cash, excess cash could well be used in that direction.

Okay. Some of the concerns on SAND are lack of PVE content, nothing...

We can't address that, sorry.

Sorry, apologies.

Yes.

Do you believe you will maintain sufficient cash buffer even if key games slip? Yes, that's basically the core of my job is making sure that we have enough resources to keep investing in games even if we stumble on a game. And it's happened. Last year, we delayed SAND and Kingmakers. And you've all seen FEROCIOUS, which was highly expected, didn't perform as well. And still, we delivered ahead of expectations. So I'm pretty confident that we are forecasting conservatively.

Are there any other title experiencing delays?

Well, I mean, you have a delay only if you announce a launch date, right? So games are a very unpredictable medium that often requires some time. What I will say is that for some of our announced projects and including The King is Watching, which did launch last year, including DUCKSIDE, including Pigeon Sim, we have been practicing to release games really fast as in shorter development cycles are a priority for us because the market changes, teams can get tired of working on the same thing for several years.

So we use a lot of data-driven decision-making, a lot of playtesting, like I mentioned, for games like SAND to make sure that the target audience will like what they play. It doesn't make sense to release something if we have data suggesting that players are just not going to like it. I mean, was the point, the publicly available reviews on Steam, on PlayStation, on Xbox are very critical of any kind of issue.

Did I lose everyone or did we just lose Jaz?

Jaz has a disconnection momentarily, Alex.

Meanwhile, there is an interesting question about more frequent business updates. And the answer to that is maybe not necessarily doing more frequent business updates. But over the past couple of years, we've been like very deep in production of titles that we didn't spend enough effort on, I guess, corporate PR to give potential investors, players, partners an idea of what is happening. And you can already see that changing with the recent interview I did about The King is Watching. And the idea is to have more frequent stories on what we're doing, how we're doing and essentially sharing knowledge. I feel like we need to do a better job on that, and it is one of the priorities for me this year.

Okay. I just pressed something here, sorry. Okay. Jaz is having some connectivity issues. So let me just scan for more question. Could we build an MMO game like Fortnite using the Deadside engine? Now it needs a little bit of elaborating. Fortnite is a session-based multiplayer game, similar to PUBG or CounterStrike, it doesn't need a persistent world. And MMO assumes that you have a persistent world.

And this is exactly what the Deadside engine is really good at doing. It has features like a huge map, 100-plus players on that map. Each is able to build their own base on it. We have vehicles. We have enemy bots with AI. And those things seem like they're really easy to do. But once you scale it to a persistent world that needs to live on for weeks or months, we found that it's incredibly difficult to do. In fact, I've been wanting to do games like this for the past 12-ish years ever since I got into the original Day Z mods for Arma way, way back. And I just couldn't because it's really difficult.

And a result of that difficulty is that many games try to do MMO open world, persistent world and end up becoming session-based. We see this time and time again. And this is the reason for acquiring the studio, Bad Pixel, that has developed that side. And now we're seeing fruits of labor behind that decision, not just for the original game, but for other games that use the same technology.

And I guess final question here. Was this analyst call recorded? Will it be accessible? And I guess the answer to that is yes.

Meeting is recorded. On that note, Alex, thank you and Jaz for taking all those questions from investors. Thanks to the investors for so many questions today. That's brilliant. The company review all the questions that submitted. If there's any others that we can put responses to, well, of course, publish those back to you. Just before redirecting investors to provide you with their feedback, which is particularly important to you and the team, Alex, if I could just ask you for a few closing comments, please.

I mean it's -- a lot of people, at least for my generation, want to make games because they think it's easy and a fun job. It is a fun job. It's not easy. And it's one of those things that I'm not going to do anything else in life. I have hobbies, but my work is video games, and I love video games. Not going anywhere. We're going to persist here and I'm really excited about the progress over the last couple of years and the work that the team has done. So hopefully, you guys stick around with us for the journey.

Fantastic. Alex, Jaz, thanks indeed for updating investors today. Can I please ask investors not to close this session? You should be automatically redirected to provide your feedback in order for the team can better understand your views and expectations. It will only take a few moments to complete and it's greatly valued by the company.

On behalf of the management team of tinyBuild, Inc., we'd like to thank you for attending today's presentation. That concludes today's session, and good afternoon to you all.

Thanks, everyone. Thank you.