- Strong growth in the Group’s revenue, gross profit and Adjusted EBITDA.
- Resilient game outsourcing services demand, with follow-up projects contributing 38.8% of revenue (1H2024: 44.1%).
- Healthy balance sheet with cash and cash equivalents and bond investments of US$27.1 million and zero debt as at 30 June 2025 (31 December 2024: US$41.3 million and zero debt).
- Largest acquisition to date in Shanghai Mineloader Digital Technology Co., Ltd. (“Mineloader”), one of Asia’s leading game art outsourcing and development studios, in April 2025.
Outlook
• The Board believes the Asian gaming market is experiencing a strong recovery, led by mobile gaming, which continues to drive the demand for art outsourcing.
• The Group will continue to scale up in Southeast Asia to meet demand with top-tier talent and enhanced production capacity, including the launch of Vertic Studios in 2H2025, a new high-end art production brand of the Group for the global gaming market. Since 30 June 2025, the Group’s headcount has grown from 1,312 to 1,405 as at 31 July 2025.
• Growing project pipeline with leading game developers and publishers globally, underpinned by strong indicative artist bookings totalling at least US$49.4 million over the next 24 months (subject to final confirmation from customers) as at 30 June 2025 and of which US$18.4 million is expected to be recognised in 2H2025.
• Strong cash position and no debt support plans to continue to execute M&A strategy, including further expansion in Western markets and to establish our UK office as a strategic foothold for long-term international expansion.
Executive Director and Chief Executive Officer (Founder) of Winking Studios, Johnny Jan, commented:
"We are pleased to report healthy revenue growth in the first half of 2025, reflecting robust demand and the successful execution of our core M&A strategy. The completion of our largest acquisition to date, Mineloader, adds scale, broadens our capabilities in AAA console game art production and deepens our presence in Western markets as we actively pursue further acquisitions.
With a strong balance sheet, a healthy base of follow-up revenues from high-value projects and a growing pipeline of M&A opportunities, underpinned by our team's continued focus on execution and operational excellence, we are well positioned for growth in FY2025 and to create long-term value for all our stakeholders.”
Results Statement: https://investor.winkingworks.com/frontend/web/index.php?r=attachment/download&id=129
Results Slides: https://investor.winkingworks.com/frontend/web/index.php?r=attachment/download&id=128
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