Friday, November 13, 2026
Jacob Mutchler, Research Analyst, Noble Capital Markets, Inc.
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.
Strong Q3 Results. The company reported Q3 revenue of $33.1 million, an increase of 139.2% year over year, driven by stronger ARK sales and a favorable change in deferred revenue recognition. EBITDA improved to $7.2 million, representing a 21.8% margin, compared with a loss of $9.7 million in the prior-year period.
Bookings Rebound. ARK: Survival Ascended (ASA) sold approximately 1.2 million units, up 700,000 year over year, supported by three major downloadable content (DLC) releases in July. Average daily active users reached 121,000, with a peak of 184,000. Bookings increased 30.4% to $23 million, driven by stronger ASA and Bellwright sales. We believe the response reinforces demand for new ARK content and supports the company’s monetization strategy.
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