24 June 2024
tinyBuild, Inc
("tinyBuild" or the
"Company")
Trading Update
Publication and posting of Annual
Report
tinyBuild, a premium video games publisher and
developer with global operations, announces a trading update and
that the Company's Annual Report and Financial Statements for the
year ended 31 December 2023 ("Annual Report") has been published and
will be available on the Company's website
(www.tinybuildinvestors.com).
Highlights
·
Sales slightly ahead of expectations for the first
five months of the year, with a heavily H2-weighted release
schedule
·
Strong pipeline performance, including
Level Zero: Extraction,
Duck Side and Drill Core
at Steam Next Fest
·
Cash and cash equivalent of mid-to-high single
digit at the end of May 2024 and, as previously
communicated, the Group will continue to
invest in a disciplined manner in upcoming game releases
·
In June 2024, the Company disposed of IP
associated with Surgeon Sim to Atari for an undisclosed cash
sum
Current
Trading
The industry backdrop remains difficult with
few signs of modest improvement. Versus Evil continues to
underperform, after the disappointing launch of Broken Roads in April 2024. Despite
this challenging backdrop, tinyBuild is carefully managing its
catalogue while investing in high-potential new IP and tinyBuild's
revenues have started to trade slightly ahead of expectations for
the first five months of the year.
In addition to this, the response to recent
announcements gives reason for optimism, as backed by hard data:
Level Zero: Extraction and
DUCKSIDE demos are
respectively in the top 3 and top 10 most played games at the
ongoing Steam Next Fest.
As at 31 May 2024, the Company had cash levels
of mid-to-high single digit demonstrating a reduced cash burn as a
result of cost control measures put in place at the end of 2023. In
addition to the cash at the end of May 2024, the Company also
disposed of IP associated with Surgeon SIM to Atari for an
undisclosed sum in June 2024. As previously announced, cash and
cash equivalents is anticipated to reduce
towards the half year as the Company invests in upcoming game
releases. The Group continues to have no borrowings.
Pipeline
The positive momentum is also translating in
strong performance in terms of wishlists, one of the most important
indicators for future sales. The Company added 1m new wishlists
across the portfolio in the past month. Kingmakers is now in the top 25 Most
Wishlisted Games on Steam.
The release schedule remains heavily weighted
towards the second half of the year and risk remains around new
launches. As a mitigating factor, the Company remains fully focused
on cost control and regularly reviews investment in new games to
align with audience validation.
Employee
Benefit Trust
As at today's date, the Employee Benefit
Trust holds a total of 3,937,587 ordinary shares. The EBT was
set up in 2022 for the benefit of current and future employees and
will continue to act independently of the Company to satisfy
future share awards and option exercises of vested
options granted.
Outlook
The pipeline for 2024 and beyond is
strong and includes a number of larger-budget (above $1m),
high-potential games alongside continuous investment in the
catalogue including updates, DLCs and platform launches.
The implication of the conflict in
Ukraine and the evolving macroeconomic situation impose caution and
vigilance in the medium and long term. In particular, tinyBuild
continues to carefully assess the position of its staff, its
exposure in terms of revenues and any other factor that may have an
impact on the business.
All considered, the Board remains
confident the Company is on track to deliver results in line with
expectations.
Annual
Report
The Company's Annual Report for the year ending
31 December 2023 is available on the Company's website
(www.tinybuildinvestors.com)
and it will be posted to shareholders today.
Alex
Nichiporchik, Chief Executive Officer of tinyBuild,
commented:
"Our
investments to create new great IP are starting to bear fruits.
Four weeks ago, we held our first ever tinyBuild Connect to
showcase the most promising pipeline we ever had, including the
likes of SAND, Kingmakers, Level Zero: Extraction, DUCKSIDE,
Streets of Rogue 2, Drill Core and more."
"In a month
our games added a combined one million wishlists on Steam and
players spent approximately 1.8 million hours in-game with our
playtests and demos since March 2024. These are hard numbers
showing that our strategy is working. I am excited about 2024 and
beyond and I want to thank all the people that make this
possible."
Enquiries:
|
tinyBuild,
Inc
Alex Nichiporchik - Chief Executive Officer and
co-founder
Giasone (Jaz) Salati - Chief Financial
Officer
|
investorrelations@tinybuild.com
|
|
Berenberg
(Nominated Adviser and Broker)
Mark Whitmore, Ciaran Walsh, Milo
Bonser
|
+44 (0)20 3207 7800
|
|
SEC Newgate
(Financial PR)
Robin Tozer, Harry Handyside, Molly
Gretton
|
tinybuild@secnewgate.co.uk
+44 (0)7540 106366
|
About
tinyBuild:
Founded in 2013, tinyBuild (AIM: TBLD) is a
global video games publisher and developer, with a catalogue of
more than 70 premium titles across different genres. tinyBuild's
strategy is to focus on its own intellectual property (IP) to build
multi-game and multimedia franchises, in partnership with
developers.
tinyBuild is headquartered in the USA with
operations stretching across the Americas and Europe. The Group's
broad geographical footprint enables the Company to source
high-potential IP, access cost-effective development resources, and
build a loyal customer base through its innovative grassroots
marketing.
tinyBuild was admitted to AIM, a market by the
London Stock Exchange, in March 2021.
For further information, visit:
www.tinybuildinvestors.com.