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.
Strong Q2 Results. The company reported strong Q2 results. Revenue of $119.9 million, and adj. EBITDA of $20.7 million, both easily surpassed our estimates of $97.0 million and $7.0 million, respectively, as illustrated in Figure #1 Q2 Results. Notably, management attributed the strong quarter to an increase in consumable in-app purchases, which are recognized during the quarter rather than being deferred over the average player life cycle of 28 months.
Key operating metrics. Bookings and monthly paying users (MPU) decreased by 14% and 18%, respectively, compared to the prior year period, but the decrease was expected as the company is focused on the quality of gameplay and not over-monetizing its user base. However, the company is showing signs of returning to growth as both average bookings per paying user (ABPPU) and MPUs increased sequentially from Q1. ABPPU increased from $90 in Q1’25 to $93 in Q2’25, and MPUs increased from 284,000 to 312,000 over the same period.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Luxembourg, Grand Duchy of Luxembourg, September 2, 2025 – (GLOBE NEWSWIRE) Codere Online (Nasdaq: CDRO / CDROW, the “Company”), a leading online gaming operator in Spain and Latin America, today announced that Oscar Iglesias, the Company’s Chief Financial Officer, notified the Company of his decision to step down from his role for personal reasons, effective upon the earlier of the completion of an orderly transition to his successor or December 31, 2025.
In connection with the transition and subject to shareholder approval, the Company’s Board of Directors (the “Board”) shall appoint Mr. Iglesias to the Board, where he formerly served between 2021 and 2023 and where he will remain actively engaged in driving Codere Online’s strategic direction.
Mr. Iglesias has been with Codere Online since 2021 and has played a central role in its growth and transformation. Among his many contributions, he was instrumental in leading the Company through its successful 2021 public listing via a merger with DD3 Acquisition Corp. II, thereby strengthening its capital position and enhancing its visibility in the market. Prior to that, Mr. Iglesias spent six years at Codere Group, Codere Online’s parent company, where he served as Global Head of Corporate Development and Deputy CFO.
“We are grateful to Oscar for his leadership and dedication over the past decade,” said Gonzaga Higuero, Chairman of the Board. “He has been a trusted partner and a driving force behind our journey from a private company to a Nasdaq-listed organization. We are pleased that he will remain closely involved with the Company as a member of our Board.”
Mr. Iglesias added: “I am very proud of what we have accomplished together, having successfully delivered on the plan we set out to investors in 2021. While I have made the personal decision to move on from a day-to-day role in the Company, I look forward to continue supporting Codere Online as both a Board member and shareholder of the Company.”
The Company has initiated a search process to identify a new Chief Financial Officer and is committed to a seamless transition.
About Codere Online Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere currently operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina. Codere Online’s online business is complemented by Codere Group’s physical presence in Spain and throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence.
About Codere Group Codere Group is a multinational group devoted to entertainment and leisure. It is a leading player in the private gaming industry, with four decades of experience and with presence in seven countries in Europe (Spain and Italy) and Latin America (Argentina, Colombia, Mexico, Panama, and Uruguay).
Forward-Looking Statements Certain statements in this document may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding Codere Online Luxembourg, S.A. and its subsidiaries (collectively, “Codere Online”) or Codere Online’s or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this document may include, for example, statements about Codere Online’s financial performance and, in particular, the potential evolution and distribution of its net gaming revenue; any prospective and illustrative financial information; and changes in Codere Online’s strategy, future operations and target addressable market, financial position, estimated revenues and losses, projected costs, prospects and plans.
These forward-looking statements are based on information available as of the date of this document and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing Codere Online’s or its management team’s views as of any subsequent date, and Codere Online does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
As a result of a number of known and unknown risks and uncertainties, Codere Online’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. There may be additional risks that Codere Online does not presently know or that Codere Online currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Some factors that could cause actual results to differ include (i) changes in applicable laws or regulations, including online gaming, privacy, data use and data protection rules and regulations as well as consumers’ heightened expectations regarding proper safeguarding of their personal information, (ii) the impacts and ongoing uncertainties created by regulatory restrictions, changes in perceptions of the gaming industry, changes in policies and increased competition, and geopolitical events such as war, (iii) the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities, (iv) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Codere Online operates, (v) the risk that Codere Online and its current and future collaborators are unable to successfully develop and commercialize Codere Online’s services, or experience significant delays in doing so, (vi) the risk that Codere Online may never achieve or sustain profitability, (vii) the risk that Codere Online will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all, (viii) the risk that Codere Online experiences difficulties in managing its growth and expanding operations, (ix) the risk that third-party providers, including the Codere Group, are not able to fully and timely meet their obligations, (x) the risk that the online gaming operations will not provide the expected benefits due to, among other things, the inability to obtain or maintain online gaming licenses in the anticipated time frame or at all, (xi) the risk that Codere Online is unable to secure or protect its intellectual property, and (xii) the possibility that Codere Online may be adversely affected by other political, economic, business, and/or competitive factors. Additional information concerning certain of these and other risk factors is contained in Codere Online’s filings with the U.S. Securities and Exchange Commission (the “SEC”). All subsequent written and oral forward-looking statements concerning Codere Online or other matters and attributable to Codere Online or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.
Lucky Strike Entertainment is one of the world’s premier location-based entertainment platforms. With over 360 locations across North America, Lucky Strike Entertainment provides experiential offerings in bowling, amusements, water parks, and family entertainment centers. The company also owns the Professional Bowlers Association, the major league of bowling and a growing media property that boasts millions of fans around the globe. For more information on Lucky Strike Entertainment, please visit ir.luckystrikeent.com.
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.
A solid finish to the year. The company beat our fiscal Q4 revenue and adj. EBITDA estimates, culminating in a transitional fiscal full year 2025 with improving revenue trends. Total Q4 revenues of $318.0 million, beat our $292.0 million estimate, and adj. EBITDA of $88.7 million was better than our $83.0 million estimate.
Improving revenue trends. Same store revenues, while down 4.1%, reflecting sequential monthly improvement from the down 6% in April, negative 3% in May and flat in June. Management indicated that same store revenue trends were up over 1% in July.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
CULVER CITY, Calif., Aug. 28, 2025 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail Games” or the “Company”), a leading global independent developer and publisher of interactive digital entertainment, today highlighted a series of portfolio milestones across its publishing labels. These developments underscore the Company’s ability to activate across multiple platforms, genres, and industry events, reinforcing Snail’s ongoing strategy of broad market engagement and growth.
Additionally, starting today, action-adventure rpg Robots at Midnight will debut on PlayStation. Known for its combat, immersive environments, and distinct difficulty modes, the title serves as an ideal entry point for players new to souls-like mechanics and is set to capture a broader audience through this new platform launch. To drive player adoption, Robots at Midnight will launch with a 30% promotional discount across PlayStation, Steam, and Xbox platforms.
At Gamescom 2025, Snail Games, in collaboration with Frozen Way, presented Honeycomb: The World Beyond, a survival sandbox title currently in development, with a hands-on demo for players and media. A new trailer also highlighted how NVIDIA technology is being utilized to enhance gameplay and performance. In addition, Frozen Way confirmed a release date of November 6, 2025, for Honeycomb: The World Beyond, marking a major milestone in the project’s development timeline.
Snail’s indie branch Wandering Wizard, in collaboration with Latin American based developers Seven Leaf Clover, will showcase Rebel Engine at PAX West this week. A hyperkinetic “boomer shooter,” Rebel Engine combines high-speed gunplay with devastating melee combos to deliver a modern twist on retro-inspired action. By partnering with international development talent, Snail Games continues to highlight the growing influence of the Latin American gaming sector while reinforcing the Company’s broader commitment to supporting creative voices across global markets.
In addition, Snail Games’ Interactive Films label will launch a new Steam title, The Fame Game: Welcome to Hollywood, on September 4, 2025. This full-motion video experience taps into the growing demand for narrative-driven, interactive entertainment, further positioning Snail to capture audiences beyond traditional gaming segments and expand into new categories of digital engagement.
Together, these milestones reflect the strength of Snail’s multi-label publishing strategy, demonstrating the Company’s ability to deliver across multiple genres, platforms, and regions. By engaging in global showcases, high-profile collaborations, and diverse publishing partnerships, Snail continues to broaden its market presence and reinforce its long-term growth strategy.
About Snail, Inc. Snail, Inc. (Nasdaq: SNAL) 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. For more information, please visit: https://snail.com/.
Forward-Looking Statements
This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and in our public filings with the SEC and include, but are not limited to, statements regarding the growing influence of the Latin American gaming sector, the growing demand for narrative-driven, interactive entertainment and the strength of Snail’s multi-label publishing strategy, demonstrating the Company’s ability to deliver across multiple genres, platforms, and regions. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed by the Company with the SEC on March 26, 2025 and other documents filed by the Company from time to time with the SEC, including the Company’s Forms 10-Q filed with the SEC. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
Investor Contact: John Yi and Steven Shinmachi Gateway Group, Inc. 949-574-3860 SNAL@gateway-grp.com
Total Revenue Growth of 6.1% in Fourth Quarter 2025
Rapid expansion of Lucky Strike brand with 55 current Lucky Strike locations, targeting 100 by calendar year end
Continued efforts to deploy capital efficiently, driving long-term returns
RICHMOND, Va.–(BUSINESS WIRE)– Lucky Strike Entertainment (NYSE: LUCK), one of the world’s premier owner/operators of location-based entertainment, today provided financial results for the fourth quarter and full year of fiscal year 2025, which ended on June 29, 2025.
Quarter Highlights:
Total revenue increased 6.1% to $301.2 million versus 4Q24
Same-Store Revenue decreased 4.1% versus 4Q24
Net loss of $74.7 million versus net loss of $62.2 million in 4Q24
Adjusted EBITDA of $88.7 million versus $83.4 million in 4Q24
From March 31, 2025, through August 28, 2025, we acquired three family entertainment centers and two water parks
Fiscal Year Highlights:
Revenue increased 4.0% to $1,201.3 million versus the prior year
Same Store Revenue decreased 3.7% versus the prior year
Net loss of $10.0 million versus prior year net loss of $83.6 million
Adjusted EBITDA of $367.7 million versus prior year of $361.5 million
Added 14 locations during the fiscal year, 10 through acquisitions and four new builds
Total locations in operation as of August 28, 2025, were 370
“We closed fiscal year 2025 on a true high note, with organic revenue momentum accelerating every single month in the quarter and inflecting solidly positive as we entered June and July,” said Thomas Shannon, Founder and CEO. “Total growth in those two months reached double digits, powered by the incredible response to our revamped Summer Season Pass program and the continued integration of our recent acquisitions. Guests recognized the high quality and strong value we delivered — and they showed up in record numbers. Season Pass sales alone generated $13.4 million at our bowling locations and $4.2 million across our water parks and family entertainment centers.”
“The Season Pass is more than just a ticket — it’s a connection point. With millions of visits each year, these passes give us access to rich customer data, enabling us to personalize and target offerings all year long. That means we’re not only driving visits in peak season but also building deeper loyalty, stronger repeat visitation, and new upsell opportunities across our entire portfolio.”
“Even as we’ve navigated through a period of complex macro volatility, the underlying story of Lucky Strike Entertainment remains clear and compelling: we are the leading out-of-home entertainment platform, built to thrive in every environment. Our ability to generate positive growth through uncertainty, and accelerate even further in stable economies, proves the resilience and scalability of our model. The future of connected play, events, and entertainment belongs to Lucky Strike.”
Fiscal Year 2026 Guidance
We remain focused on delivering profitable growth by driving revenues, expanding operating cash flow, and increasing free cash flow – including FCF/share. Our outlook reflects attractive growth supported by organic operating leverage and increased investment in high-ROI, revenue-generating initiatives. Additionally, recent acquisitions typically take 12-18 months to achieve our company-wide margins. For fiscal year 2026, the Company is issuing the following performance guidance.
Total Revenue Growth:
5% to 9%
Total Revenue:
$1,260M to $1,310M
Adjusted EBITDA:
$375M to $415M
Share Repurchase and Capital Return Program Update
From March 31, 2025, through June 29, 2025, the Company repurchased 0.8 million shares of Class A common stock for approximately $7 million. The Company has $92 million currently remaining under the share repurchase program. For fiscal year 2025, the Company repurchased 6.8 million shares of Class A common stock for approximately $72 million.
On August 19, 2025, the Board of Directors declared a quarterly cash dividend of $0.055 per share of common stock for the first quarter of fiscal year 2026. The dividend will be payable on September 12, 2025, to stockholders of record on August 29, 2025.
Investor Webcast Information
Listeners may access an investor webcast hosted by Lucky Strike Entertainment. The webcast and results presentation will be accessible at 10:00 AM ET on August 28, 2025, in the Events & Presentations section of the Lucky Strike Entertainment Investor Relations website at https://ir.luckystrikeent.com/
About Lucky Strike Entertainment
Lucky Strike Entertainment is one of the world’s premier location-based entertainment platforms. With over 360 locations across North America, Lucky Strike Entertainment provides experiential offerings in bowling, amusements, water parks, and family entertainment centers. The company also owns the Professional Bowlers Association, the major league of bowling and a growing media property that boasts millions of fans around the globe. For more information on Lucky Strike Entertainment, please visit IR.LuckyStrikeEnt.com.
Forward Looking Statements
Some of the statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risk, assumptions, and uncertainties, such as statements of our plans, objectives, expectations, intentions, and forecasts. These forward-looking statements reflect our views with respect to future events as of the date of this release and are based on our management’s current expectations, estimates, forecasts, projections, assumptions, beliefs, and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to: our ability to design and execute our business strategy; changes in consumer preferences and buying patterns; our ability to compete in our markets; the occurrence of unfavorable publicity; risks associated with long-term non-cancellable leases for our locations; our ability to retain key managers; risks associated with our substantial indebtedness and limitations on future sources of liquidity; our ability to carry out our expansion plans; our ability to successfully defend litigation brought against us; failure to hire and retain qualified employees and personnel; cybersecurity breaches, cyber-attacks and other interruptions to our and our third-party service providers’ technological and physical infrastructures; catastrophic events, including war, terrorism and other conflicts; public health emergencies and pandemics, such as the COVID-19 pandemic, or natural catastrophes and accidents; fluctuations in our operating results; economic conditions, including the impact of increasing interest rates, inflation and recession; and other factors described under the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) by the Company on August 28, 2025, as well as other filings that the Company will make, or has made, with the SEC, such as Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in other filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, except as required by applicable law.
Non-GAAP Financial Measures
To provide investors with information in addition to our results as determined under Generally Accepted Accounting Principles (“GAAP”), we disclose Same Store Revenue and Adjusted EBITDA as “non-GAAP measures”, which management believes provide useful information to investors because each measure assists both investors and management in analyzing and benchmarking the performance and value of our business. Accordingly, management believes that these measurements are useful for comparing general operating performance from period to period, and management relies on these measures for planning and forecasting of future periods. Additionally, these measures allow management to compare our results with those of other companies that have different financing and capital structures. These measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for revenue or net income as calculated in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Our fiscal year 2026 guidance measures (other than revenue) are provided on a non-GAAP basis without a reconciliation to the most directly comparable GAAP measure because the Company is unable to predict with a reasonable degree of certainty certain items contained in the GAAP measures without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Such items include, but are not limited to, acquisition-related expenses, share-based compensation, and other items not reflective of the company’s ongoing operations.
Same Store Revenue represents total Revenue less Non-Location Related Revenue, Revenue from Closed Locations, Service Fee Revenue, if applicable, and Acquired Revenue. Adjusted EBITDA represents Net Income (Loss) before Interest Expense, Income Taxes, Depreciation and Amortization, Impairment and Other Charges, Share-based Compensation, EBITDA from Closed Locations, Foreign Currency Exchange Loss (Gain), Asset Disposition Loss (Gain), Transactional and other advisory costs, changes in the value of earnouts, and other.
The Company considers Same Store Revenue as an important financial measure because it provides comparable revenue for locations open for the entire duration of both the current and comparable measurement periods.
The Company considers Adjusted EBITDA as an important financial measure because it provides a financial measure of the quality of the Company’s earnings. Other companies may calculate Adjusted EBITDA differently than we do, which might limit its usefulness as a comparative measure. Adjusted EBITDA is used by management in addition to and in conjunction with the results presented in accordance with GAAP. We have presented Adjusted EBITDA solely as a supplemental disclosure because we believe it allows for a more complete analysis of results of operations and assists investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP.
DENVER–(BUSINESS WIRE)–Veritone (NASDAQ: VERI), a leader in human-centered enterprise AI solutions, today announced a new partnership with Newsmax, one of America’s leading news networks. This collaboration will bring Veritone’s advanced Digital Media Hub (DMH) technology and licensing expertise to Newsmax, enabling it to modernize its newsroom production workflows and unlock the value of its 20-year content archive.
Veritone’s DMH application, powered by its aiWARE™ platform, will enable Newsmax to fully search and utilize its vast library of content – a resource that is increasingly valuable in today’s high-demand media landscape. With Newsmax broadcasts running 24/7 and a continually expanding library of content, the newsroom’s ability to make this material searchable and globally accessible is vital for responding to the evolving needs of both Newsmax viewers and business partners.
“This partnership marks a pivotal chapter for Newsmax’s operational and commercial strategy,” said Sean King, Chief Revenue Officer and General Manager of Veritone Commercial. “By leveraging the capabilities of DMH and our licensing solutions, Newsmax can turn its archive into a dynamic asset, fueling audience engagement and revenue growth.”
Newsmax’s expansive archive offers unparalleled opportunities for monetization. Leveraging the expertise of Veritone’s licensing team and AI-powered solutions, Newsmax now has the tools and support to transform its content into new revenue streams, ensuring that its content is accessible to audiences of all kinds, enabling a broader and more impactful reach.
This collaboration underscores Veritone’s commitment to empowering media organizations with cutting-edge AI solutions that streamline operations and maximize content potential, which is needed more now than ever as the media landscape continues to undergo rapid digital transformation.
About Veritone Veritone (NASDAQ: VERI) builds human-centered enterprise AI solutions. Serving customers in the media, entertainment, public sector and talent acquisition industries, Veritone’s software and services empower individuals at the world’s largest and most recognizable brands to run more efficiently, accelerate decision making and increase profitability. Veritone’s leading enterprise AI platform, aiWARE™, orchestrates an ever-growing ecosystem of machine learning models, transforming data sources into actionable intelligence. By blending human expertise with AI technology, Veritone advances human potential to help organizations solve problems and achieve more than ever before, enhancing lives everywhere. To learn more, visit Veritone.com.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Initiating coverage with an Outperform rating and $23 price target. Newsmax (NYSE: NMAX) is a conservative media company with growing reach across cable and digital platforms. Its national cable channel has evolved into the fourth most-watched cable news network in the U.S, with a loyal core audience and full distribution across major MVPDs and streaming platforms. We believe the company is positioned to unlock a multi-year monetization opportunity across both advertising and affiliate fee revenue streams.
Loyal audience and diversified revenue model. Newsmax serves a highly engaged, politically right-of-center audience that has historically been underserved by mainstream outlets. This loyal viewership has enabled the company to scale both advertising and distribution revenues while maintaining low customer acquisition costs. Since 2019, revenue has grown more than 300%, fueled by steady digital expansion and greater platform reach.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
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.
Disappointing Q2. Total company revenues of $22.2 million increased nearly 3% over the prior year earlier period, but was lighter than our $26.0 million estimate. The variance was largely attributable to quality issues of its Aquatica DLC and subsequent disappointing sales. Adj. EBITDA loss of $2.2 million was higher than our slightly positive adj. EBITDA expectation.
Stronger finish to the year expected. While we believe that the company’s product roadmap should significantly improve revenue performance, particularly in Q4, we are lowering our second half and full year 2025 revenue and adj. EBITDA expectations. Based on a 2025 lower revenue base, we are tweaking our 2026 estimates lower, as well.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
CULVER CITY, Calif., Aug. 18, 2025 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail Games” or the “Company”), a leading global independent developer and publisher of interactive digital entertainment, will hold a conference call and webcast on Tuesday, August 19, 2025 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss its financial results for the second quarter ended June 30, 2025.
Snail Games management will host the conference call and webcast. Participants may listen to the live webcast and replay via the link here or on the Company’s investor relations website at https://investor.snail.com/.
About Snail, Inc. Snail, Inc. (Nasdaq: SNAL) 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. For more information, please visit: https://snail.com/.
Investor Contact: John Yi and Steven Shinmachi Gateway Group, Inc. 949-574-3860 SNAL@gateway-grp.com
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Converts the majority of its debt. The company announced that it has converted $25.0 million of its roughly $34.4 million in debt into a perpetual Series A Preferred Convertible Stock. The Preferred Stock will carry a cumulative annual 10% dividend, based on board of approval, and will be convertible at $2.50 per Class A common share. Following the transaction, the company will have roughly $9.4 million debt remaining under its Term Loan Facility. The move is viewed favorably.
Significant, but manageable restrictions. The company will be required to maintain total leverage below 3.5 to1 declining to 3.25 to 1. In addition, the company will need to maintain a fixed charge coverage of 1.25 to 1 rising to 1.5 to 1. In addition, the company must maintain $1.5 million in unrestricted cash. Finally, the company must maintain a minimum of consolidated EBITDA of $1.0 million for fiscal quarters end Sept. 2025 and then $500,000 thereafter.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
CULVER CITY, Calif., Aug. 08, 2025 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail Games” or the “Company”), a leading global independent developer and publisher of interactive digital entertainment, officially announced The Fame Game: Welcome to Hollywood, a new dating simulation title being developed and published under its subsidiary Interactive Films LLC.
Narrative-led games with relationship mechanics have shown strong user retention particularly among players seeking personalized, emotionally interactive gameplay. The Fame Game: Welcome to Hollywood follows a story told from a male perspective, designed to resonate with a wide audience through branching narrative paths and high likelihood of replays driven by multiple possible endings.
According to Newzoo’s 2024 Global Gamer Study, life and relationship simulation games have experienced a 40% year-over-year rise in player engagement, especially among the 18-34 demographic. Deloitte’s 2023 Digital Media Trends report further highlights the shifting emotional landscape of modern players: 50% of Gen Z and Millennials report stronger emotional connections to fictional characters than to real people, and nearly one in three say games help fulfill their need for meaningful connection.
The project benefits from streamlined mechanics that allow for cost-effective development and rapid iteration, while preserving the game’s emotional depth. Its accessible gameplay structure lowers the barrier to entry, making it approachable for gamers across experience levels – particularly for casual players or those new to narrative-focused games. This design philosophy supports a wider potential audience while minimizing production overhead.
About Snail, Inc. Snail, Inc. (Nasdaq: SNAL) 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. For more information, please visit: https://snail.com/.
About Interactive Films LLC Interactive Films (IF), a film and media subsidiary of Snail, Inc., was founded with the goal of reaching new video audiences, engaging enthusiastic viewers, and telling stories across various formats. IF is also the catalyst behind SaltyTV, a specialized film application designed to produce and showcase compelling short-form vertical content. The SaltyTV app is available for download from the iOS App Store and the Google Play Store. For more information, please visit: https://interactive-films.com/
Forward-Looking Statements This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and in our public filings with the SEC and include, but are not limited to, statements regarding that this project represents a strategic expansion into the high-engagement relationship sim genre and that narrative-led games with relationship mechanics have shown strong user retention particularly among players seeking personalized, emotionally interactive gameplay. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed by the Company with the SEC on March 26, 2025 and other documents filed by the Company from time to time with the SEC, including the Company’s Forms 10-Q filed with the SEC. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
Investor Contact: John Yi and Steven Shinmachi Gateway Group, Inc. 949-574-3860 SNAL@gateway-grp.com
Saga Communications, Inc. is a broadcast company whose business is primarily devoted to acquiring, developing and operating radio stations. Saga currently owns or operates broadcast properties in 27 markets, including 79 FM and 33 AM radio stations. Saga’s strategy is to operate top billing radio stations in mid sized markets, defined as markets ranked (by market revenues) from 20 to 200. Saga’s radio stations employ a myriad of programming formats, including Active Rock, Adult Album Alternative, Adult Contemporary, Country, Classic Country, Classic Hits, Classic Rock, Contemporary Hits Radio, News/Talk, Oldies and Urban Contemporary. In operating its stations, Saga concentrates on the development of strong decentralized local management, which is responsible for the day-to-day operations of the stations in their market area and is compensated based on their financial performance as well as other performance factors that are deemed to effect the long-term ability of the stations to achieve financial objectives. Saga began operations in 1986 and became a publicly traded company in December 1992. The stock trades on NASDAQ under the ticker symbol “SGA”.
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.
An in line quarter. Even though the second quarter results were lackluster, total company revenues were down 5% from the comparable year earlier quarter, it was refreshing to have a company report an in line quarter. Total company Q2 revenues were $23.4 million, roughly in line with our $24.1 million estimate. Adj. EBITDA of $3.5 million was in line with our $3.5 million estimate.
Digital revenue gains traction. While Digital revenue grew a respectable 5.8% in the latest quarter, it faced difficult year earlier comparisons from a non recurring business (up 30.3% in the prior year quarter). Notably, management indicated that Digital revenue is pacing up 30% to 40% in Q3.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Cumulus Media (NASDAQ: CMLS) is an audio-first media company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 406 owned-and-operated radio stations across 86 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and many other world-class partners across more than 9,500 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit www.cumulusmedia.com.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Exceeds Q2 expectations. Q2 revenue of $186.0 million was a tad better than our $183.9 million estimate, with the largest upside variance being Digital revenue and a little lift from Political advertising. Its Digital Marketing Services business was up an impressive 38% in revenue. Adj. EBITDA exceeded expectations at $22.4 million versus our $15.6 million estimate.
Ad trends still negative. Core spot advertising appears to be moderating and its Digital Marketing Services business appears to be a bright spot, pacing up 35% in Q3. Total company revenue is pacing down low double digits in Q3, however, worse than expected. Network advertising continues to be the culprit given the challenged macro economic environment and the company’s decision to decrease content/inventory.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
