Thursday, November 13, 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.
Q3 results. The company reported Q3 revenue of $13.8 million and an adj. EBITDA loss of $9.6 million, both of which were lower than our estimates of $22.0 million and a loss of $2.0 million, respectively. The weaker than expected results were largely attributed to moderately higher than expected operating expenses and a $10.9 million increase in deferred revenue, which currently has a balance of $36.4 million. Notably, while revenue and adj. EBITDA were softer than anticipated, bookings increased a solid 9.3%, y-o-y, to $17.6 million.
Favorable release roadmap. The company has a busy release roadmap in Q4 and 2026. Notably, in Q4, the company plans to release the ARK: Survival Ascended (ASA) Lost Colony DLC, which is expected to unlock $5.8 million in deferred revenue. Looking ahead to 2026, the release roadmap includes Honeycomb, Bellwright on PlayStation and Xbox, and two DLCs for ASA, Genesis Part 1 and Part 2, which are tied to $10.3 million in deferred revenue.
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