Key Highlights

  • FY26 Revenue increased 13% to $54.9 million, exceeding the company's $50 million-$53 million guidance range.
  • Original IP revenue more than doubled to $34.7 million, up 108% from $16.7 million.
  • EBITDA improved to a $15.5 million profit from a $7.5 million loss, while NPAT turned positive at $5.4 million.
  • External Projects revenue declined 37% to $20.2 million, highlighting the contrasting performance across PlaySide's business.

PlaySide Studios (ASX: PLY) jumped +13.64% to $0.12 AUD today as investors celebrated a dramatic Earnings turnaround. The game developer's shift to profitability and record-breaking game launch powered the substantial share price gain. The company reported a significant improvement in financial performance for the year ended 30 June 2026, with revenue increasing 13% to $54.9 million from $48.7 million in FY25. The result exceeded the company's guidance range of $50 million to $53 million.

Original IP revenue was the primary contributor to the increase, rising 108% to $34.7 million from $16.7 million. External Projects revenue moved in the opposite direction, declining 37% to $20.2 million from $32.0 million. At 10:11 am on 20 August 2026, PLY shares were trading at $0.12, up 4.55%, or $0.0050, on the day.

EBITDA and NPAT turn positive

PlaySide recorded EBITDA of $15.5 million for FY26, compared with a $7.5 million loss in FY25. NPAT also moved into positive territory at $5.4 million, compared with a $12.1 million loss in the previous financial year.

Operating cash flow improved to an inflow of $10.7 million from an outflow of $7.3 million in FY25. Cash at bank stood at $15.4 million at 30 June 2026, compared with $13.5 million a year earlier.

The improvement in earnings and cash generation represents a substantial change in the company's financial position compared with FY25.

MOUSE becomes PlaySide's largest game launch

MOUSE: P.I. For Hire was the standout release of FY26 and became the most successful game launch in PlaySide's history. The title launched simultaneously across six PC and console platforms on 16 April 2026 and generated US$28 million in gross sales during the reporting period.

The game subsequently surpassed one million units sold and recorded a 94% "Very Positive" review score on Steam. PlaySide also secured exclusive rights to a sequel, extending the company's exposure to the Franchise beyond the initial release.

The company's Original IP portfolio generated 30% of its revenue from its back catalogue, indicating that previously released titles continued to contribute alongside new launches.

External Projects revenue declines

While Original IP performance improved sharply, External Projects revenue fell from $32.0 million to $20.2 million. The company said conditions in this part of the Business were tougher during FY26 and adjusted its cost base accordingly.

PlaySide has nevertheless continued expanding its Business Development team, including the appointment of three additional personnel across the UAE and Europe. New external project work was also awarded by Meta and Epic Games after the end of the financial year.

The company has characterised the weaker external project environment as cyclical and is positioning its business development operations for a potential recovery in demand.

Cost base reduced

PlaySide implemented restructuring measures that generated approximately $12 million in annualised cost savings. The reduction in the cost base occurred alongside continued Investment in business development and its publishing activities.

The company also completed a $6.6 million Placement before costs and a $1.8 million Share Purchase Plan at $0.20 per share. A $6.0 million Debt Facility was secured against a $7.8 million FY25 DGTO claim.

These funding measures, together with the year-end cash balance, provide additional Liquidity as PlaySide prepares for upcoming releases and development activity.

Game pipeline expands

PlaySide is preparing for several significant releases and Marketing milestones. Gameplay for Game of Thrones: War for Westeros is being promoted ahead of its official gameplay trailer at Gamescom's Opening Night Live on 25 August.

Dumb Ways to Build was also announced for PC and console, with its US release scheduled for 10 September 2026. The company has additionally signed a global publishing agreement with Swedish developer MVRX Games for the co-operative adventure platformer Dew.

The physical edition of MOUSE: P.I. For Hire launched through global retailers in July, providing another distribution channel following the game's digital release.

Conclusion

PlaySide Studios' FY26 results show a marked improvement in profitability, driven primarily by the substantial increase in Original IP revenue and the performance of MOUSE: P.I. For Hire. Revenue rose 13%, EBITDA moved from a $7.5 million loss to a $15.5 million profit, and NPAT turned positive at $5.4 million. However, External Projects revenue declined 37%, showing that the recovery was not uniform across the business. With a reduced cost base, positive Operating Cash Flow and several upcoming game releases, PlaySide enters FY27 with a different earnings profile from the previous year, while the performance of its new titles and recovery in external project Demand remain important factors.