Thursday, May 14, 2026
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 Q1 results. The company reported Q1 revenue of $27.2 million and adj. EBITDA of $2.4 million, both of which surpassed our estimates of $18.0 million and a loss of $4.6 million, respectively. Notably, the favorable print was supported by increased ASA and Bellwright sales, as well as continued conversion of deferred revenue.
Busy release pipeline. The company has a busy release pipeline, with eleven internally developed projects and six licensed IP titles expected in the next 12-18 months. Notably, the pipeline includes multiple ASA content releases, the expansion of Bellwright to PlayStation and Xbox, and internally developed titles such as Gobby Game. Additionally, the company continues to advance its three AAA projects, For The Stars, Nine Yin Sutra: Immortal, and Nine Yin Sutra: Wushu, as part of its portfolio expansion strategy.
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