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Highlights

  • In FY24, PLY’s revenue grew by 68.23% YoY reaching AUD 64.6 million.
  • EBITDA in FY24 reached AUD 17.5 million in FY24, a significant turnaround from a
  • In FY25, the company projects revenue of AUD 62–68 million and EBITDA of AUD 0–5 million.

PlaySide Studios Limited (ASX:PLY) is an ASX-listed video game developer and publisher with a diverse portfolio of approximately 60 titles. The company creates games across multiple platforms, including mobile, PC/console, virtual reality, and mixed reality.

In the financial year 2024 (FY24), the company reported significant revenue growth of 68.23% YoY to AUD 64.6 million, compared to AUD 38.4 million in FY23. During the reported period, original IP revenue reached AUD 30.3 million, up 103% YoY and work for hire (WFH) revenue reached AUD 34.3 million, reflecting a 46% YoY increase.

The company reported an EBITDA of AUD 17.5 million in FY24, a significant improvement from a loss of AUD 1.7 million in FY23, driven by higher revenues. During the reported period, PLY posted a normalised net profit after tax of AUD 11.3 million, a stark contrast to the AUD 5.2 million loss recorded in FY23.

Strategic Agreements in FY24

FY24 also saw the signing of key partnerships, including a multi-game licensing deal with Warner Bros and a publishing agreement with Fumi Games for "MOUSE," a 1930s-inspired first-person shooter set to launch in 2025.

FY25 Outlook

The company plans to release four key titles or game updates in the first half of FY25, including:

    1. Thrive: A medieval city-building game.
    2. Dumb Ways: A multiplayer mode for Age of Darkness.
    3. Mixed Reality Title: Exclusively designed for Meta.

Revenue for FY25 is anticipated to range between AUD 62–68 million, slightly below FY24’s figure of AUD 64.6 million and EBITDA is expected to be in the range of AUD 0–5 million, down from AUD 17.5 million in FY24.

By 30 June 2025, the company forecasts a cash balance of AUD 15–20 million, down from AUD 37.1 million in FY24.

Top 10 shareholders of PLY

The top 10 shareholders of PLY have ~59.06% shareholding in the company. Sakkas (Gerry) and Goulopoulos (Mark) have the highest stakes with a shareholding of ~16.50% and 16.18%, respectively.

Share performance of PLY

PLY shares closed 9.64% higher at AUD 0.455 apiece on 7 January 2025. Over the past year, PLY’s share price has dropped by almost 20.18% and in a week, it has increased by nearly 10.98%.

52-week high of PLY is AUD 1.10, recorded on 28 May 2024 and 52-week low is AUD 0.385, recorded on 19 December 2024.

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 07 January 2025. The reference data in this report has been partly sourced from REFINITIV.