Wednesday, November 26, 2025
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Strong Q3 results. The company reported Q3 revenue of $97.6 million and adj. EBITDA of $26.7 million. While revenue was slightly below our estimate of $100.0 million, adj. EBITDA strongly outperformed our estimate of $7.2 million. Notably, the strong adj. EBITDA figure was largely driven by more efficient use of marketing spend, which decreased by 43% from the year earlier comparable period.
Key operating metrics. Bookings and monthly paying users (MPU) decreased by 4% and 16%, respectively, compared with the prior year period, but the decrease was expected as the company is focused on the quality of gameplay and retaining high-quality users. Furthermore, the company’s strategy is showing early signs of success, as average bookings per paying user (ABPPU) increased from $92 in Q3’24 to $107 in Q3’25.
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