Tuesday, March 10, 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.
Solid Q4 results. The company reported Q4 revenue of $90.0 million and adj. EBITDA of $15.0 million. While revenue was modestly below our estimate of $99.0 million, adj. EBITDA was in line with our estimate of $15.1 million, as illustrated in Figure #1 Q4 Results. Notably, the strong adj. EBITDA figure was largely driven by more efficient use of marketing spend, which decreased approximately 25% y-o-y.
Key operating metrics. Bookings and monthly paying users (MPU) decreased by 7% and 10%, respectively, compared with the prior year period, but the decrease was expected as the company is focused on the quality of gameplay and retaining high-quality users. Furthermore, the company’s strategy appears to be paying off, as average bookings per paying user (ABPPU) increased from $102 in Q4’24 to $106 in Q4’25.
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