Thursday, May 15, 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.
Solid Q1 results. The company reported Q1 revenue of $20.1 million and an adj. EBITDA loss of $3.3 million, both of which were better than estimates of $18.0 million and a loss of $4.5 million, respectively. Notably, revenue increased 42.5% over the prior year period and was driven by ARK Ultimate Mobile Edition, released in December 2024, and less deferred revenue associated with ARK: Survival Ascended sales.
Favorable outlook. The company has several releases slated for 2025, including a 10th-anniversary expansion pack for ARK: Survival Evolved, the release of Bellwright on Xbox in Q4, and new content for Ark: Ultimate Mobile Edition. Additionally, the company is releasing nine new titles in 2025, including Robots at Midnight, Honeycomb, and Echoes of Elysium, which could have breakout potential. We view the company’s efforts to drive user engagement and diversify revenue streams favorably
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