Wednesday, August 20, 2025
Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.
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.
Disappointing Q2. Total company revenues of $22.2 million increased nearly 3% over the prior year earlier period, but was lighter than our $26.0 million estimate. The variance was largely attributable to quality issues of its Aquatica DLC and subsequent disappointing sales. Adj. EBITDA loss of $2.2 million was higher than our slightly positive adj. EBITDA expectation.
Stronger finish to the year expected. While we believe that the company’s product roadmap should significantly improve revenue performance, particularly in Q4, we are lowering our second half and full year 2025 revenue and adj. EBITDA expectations. Based on a 2025 lower revenue base, we are tweaking our 2026 estimates lower, as well.
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