LONDON (ShareCast) - (Sharecast News) - Indie games publisher tinyBuild said in an update on Thursday that revenue and adjusted EBITDA for the 2024 financial year were broadly in line with expectations, despite ongoing industry challenges.
The AIM-traded company said it ended the year with cash levels in the low single-digit millions, consistent with forecasts, adding that it expected a seasonal improvement in liquidity by the end of January.

It said the broader gaming market remained difficult, with little indication of near-term recovery.

tinyBuild said it was managing its existing catalogue while continuing to invest in new intellectual property, including Kingmakers, SAND, and Streets of Rogue 2, all slated for release in 2025.

The board said the titles had performed well in terms of pre-launch demand, with Kingmakers, SAND, and FEROCIOUS ranking among Steam's most wishlisted games.

It said it remained cautious in setting release dates, considering competition and market conditions, and acknowledged the inherent risk of converting wishlists into sales.

Cash levels were expected to reach their lowest point in mid-2025 before improving following key game launches.

The firm noted that it had no borrowings, and was continuing to monitor its intellectual property portfolio for strategic opportunities while maintaining disciplined cost control.

tinyBuild reiterated its commitment to managing cash resources carefully amid global economic uncertainty and geopolitical risks, particularly concerning its operational exposure to Ukraine.

Despite the challenges, the board said it remained confident that the company was on track to meet expectations for 2025.

"Over the past two years we rightsized the business to cope with increasingly difficult market conditions and refocused on the 1000-hour game model, while managing cash carefully," said chief executive officer Alex Nichiporchik.

"We are looking at a strong pipeline of upcoming high-potential games scheduled for launch in 2025 and we remain excited about the future."

At 0932 GMT, shares in tinyBuild were down 1.2% at 6.18p.

Reporting by Josh White for Sharecast.com.

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