Fourth Quarter 2025 and Recent Operational Highlights
ARK Franchise Updates:
- ARK: Survival Evolved (“ASE”):
- Units sold were approximately 579,248 for the fourth quarter 2025
- During the fourth quarter of 2025, average daily active users (“DAU”) was 105,468 and peak DAU was 137,404
- ARK: Survival Ascended (“ASA”):
- Units sold were approximately 691,872 for the fourth quarter 2025
- During the fourth quarter of 2025, average DAU was 91,123 and peak DAU was 147,572
- Launched ARK Lost Colony DLC
- Launched 'ARK x Teenage Mutant Ninja Turtles' Cosmetic Pack in collaboration with
Look North World
- ARK: Ultimate Mobile Edition (“ARK Mobile”):
- Surpassed 10 million downloads as of
December 31, 2025 - During the fourth quarter of 2025, average DAU was 129,861
- Surpassed 10 million downloads as of
- 2026 / 2027 ASA Content Roadmap
- 2026
- ARK World Creator (scheduled for
May 2026 ) - ARK Bob’s True Tales – Tides of Fortune (scheduled for
June 2026 ) - ARK
Genesis Part 1 (ASA remake) - ARK Survival of the Fittest (“SOTF”)
- ARK Dragontopia (scheduled for
December 2026 )
- ARK World Creator (scheduled for
- 2027
- ARK Atlantis
- ARK Bob’s True Tales – Galaxy Wars
- ARK Legacy of
Santiago
- 2026
Game Portfolio Updates:
- 2026
Games Developers Conference (“GDC”)- Introduced PixARK Worlds, a new title in development that features revolutionary user-generated content designed to expand the ARK universe onto the Nintendo Switch 2
- Revealed event-exclusive trailer for upcoming
AAA title For The Stars - Unveiled new indie title,
Gobby Gang
- Bellwright surpassed 1 million downloads on Steam Early Access, announced console port plans to Xbox and PlayStation, and launched the Maiden Voyage update. Following the launch of the update, the title achieved its highest Steam concurrent user peak of the year and sold over 166,000 units in Q4 2025
- Launched Echoes of Elysium on Steam Early Access in partnership with
Loric Games - Participated in the Steam
Winter Sale , resulting in double digit sales multiples for ASA and Bellwright - Launched Rebel Engine in partnership with Seven
Leaf Clover . The title demonstrated notable creator engagement, partnering with VTuber Hakos Baelz and Spanish gaming creator Joseju - Announced strategic collaboration with Noiz at TwitchCon to strengthen gaming portfolio visibility with streamers
Business Updates:
- Minted the first official $USDO stablecoin during the Company’s
December 2025 Investor Day - Debuted Golden Poop, a commemorative digital meme collectible created to humorously acknowledge gaming culture and industry satire
- As of
December 31, 2025 , SaltyTV released 100+ short film dramas - Three of SaltyTV’s titles were recognized by the
International Short Drama Association :- My Ex’s
Best Friend recognized for Best Revenge-Driven Narrative - Hollywood Heartthrob recognized for Most Charismatic Screen Presence
- Faux Fiancé recognized for Best Destiny-Bound Narrative
- My Ex’s
Management Commentary
“The fourth quarter provided strong visibility into the momentum we expect across the ARK franchise over the next two years. In addition to launching ARK: Lost Colony, ASA’s first standalone DLC expansion pack, we introduced robust ASA content and DLC roadmap during our December Investor Day. The 2026 slate includes the ARK SOTF remake, ARK World Creator for consoles, ARK Bob’s True Tales – Tides of Fortune, the ASA remake of ARK
“Beyond ARK, we are continuing to invest, advance, and scale our broader game portfolio. We are particularly encouraged by the meaningful progress made across our developing
“Across our other business units, we also made meaningful progress. We minted the first official $USDO stablecoin during the Investor Day and debuted the Golden Poop digital collectible coin. We are currently working towards a potential partnership opportunity tied to our stablecoin initiative and look forward to sharing additional information later this year. Within our short film vertical, SaltyTV has now released 100+ short film dramas, with three productions receiving recognition from the
“We remain excited about our gaming pipeline for the next two years. ARK will continue to remain the foundational backbone of our company, while we also invest in and grow other arms of the business. Many of our projects are approaching the final stages of development, and we believe we are well-positioned to broaden our portfolio, diversify revenue streams, and drive long-term shareholder value.”
Fourth Quarter 2025 Financial Highlights
Net revenues were
Total units sold were 1.5 million units compared to 1.3 million units in the same period last year, primarily driven by an increase in sales of ASA of 0.2 million units, an increase in Bellwright sales of 0.1 million units, partially offset by a decrease in sales of ASE and our other titles of 0.1 million units.
Net loss was
Bookings were
EBITDA was
As of
Full Year 2025 Financial Highlights
Net revenues were
Total units sold increased 32.7% to 6.3 million units compared to 4.7 million units in the same period last year, primarily driven by an increase in ARK franchise units sold by 1.7 million units, partially offset by a slight decrease in Bellwright and West Hunt sales of 0.1 million units.
Net loss was
Bookings increased 16.2% to
EBITDA was
Use of Non-GAAP Financial Measures
In addition to the financial results determined in accordance with
Bookings is defined as the net amount of products and services sold digitally or physically in the period. Bookings is equal to revenues, excluding the impact from deferrals. Below is a reconciliation of total net revenue to Bookings, the closest GAAP financial measure.
| Three Months Ended | Fiscal Year Ended | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (in millions) | (in millions) | |||||||||||||||
| Total net revenue | $ | 25.1 | $ | 26.2 | $ | 81.2 | $ | 84.5 | ||||||||
| Change in deferred net revenue | (4.3 | ) | (9.2 | ) | 6.6 | (8.8 | ) | |||||||||
| Bookings | $ | 20.8 | $ | 17.0 | $ | 87.8 | $ | 75.7 | ||||||||
We define EBITDA as net income (loss) before (i) interest expense, (ii) interest income, (iii) provision for (benefit from) income taxes and (iv) depreciation expense. The following table provides a reconciliation from net income (loss) to EBITDA:
| Three Months Ended | Fiscal Year Ended | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (in millions) | (in millions) | |||||||||||||||
| Net income (loss) | $ | (0.9 | ) | $ | 1.1 | $ | (27.2 | ) | $ | 1.8 | ||||||
| Interest income and interest income?–?related parties | (0.7 | ) | (0.1 | ) | (1.3 | ) | (0.3 | ) | ||||||||
| Interest expense | 0.3 | 0.1 | 0.7 | 0.7 | ||||||||||||
| Provision for (benefit from) income taxes | (0.1 | ) | 0.3 | 10.7 | 0.6 | |||||||||||
| Depreciation expense | 0.1 | 0.2 | 0.3 | 0.4 | ||||||||||||
| EBITDA | $ | (1.3 | ) | $ | 1.6 | $ | (16.8 | ) | $ | 3.2 | ||||||
Webcast Details
The Company will host a webcast at
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 include, but are not limited to, statements regarding Snail’s intent, belief or current expectations. These forward-looking statements include information about possible or assumed future results of Snail’s business, financial condition, results of operations, liquidity, plans and objectives. The statements Snail makes regarding the following matters are forward-looking by their nature: Snail’s 2026 / 2027 ASA content roadmap; plans to port Bellwright to the Xbox and Playstation consoles; Snail’s announced strategic collaboration with Noiz and its potential to strengthen the visibility of Snail’s gaming portfolio with streamers; the momentum Snail expects across the ARK franchise over the next two years and the visibility regarding the same provided by Snail’s fourth quarter; Snail’s expanded roadmap and commitment to sustained franchise growth and increased revenue visibility through 2027; Snail’s continued investment, advancement, and scaling of its broader game portfolio; progress made across the development of
Further information on risks, uncertainties and other factors that could affect Snail’s financial results and business include Snail’s ability to strengthen its gaming portfolio’s visibility; its ability to expand and grow its franchise and increase its revenue; and the risks that are included in its filings with the Securities and Exchange Commission (the “SEC”) from time to time, including its annual reports on Form 10-K and quarterly reports on Form 10-Q filed, or to be filed, with the
About
Investor Contact:
949-574-3860
SNAL@gateway-grp.com
Consolidated Balance Sheets as of | ||||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 8,568,164 | $ | 7,303,944 | ||||
| Restricted cash and cash equivalents | 187,000 | — | ||||||
| Accounts receivable, net of allowances for credit losses of | 12,528,347 | 9,814,822 | ||||||
| Accounts receivable – related party | — | 2,336,274 | ||||||
| Loan and interest receivable – related party | 107,759 | 105,759 | ||||||
| Prepaid expenses – related party | 2,700,474 | 2,521,291 | ||||||
| Prepaid expenses and other current assets | 2,232,485 | 1,846,024 | ||||||
| Prepaid taxes | 4,734,007 | 7,318,424 | ||||||
| Total current assets | 31,058,236 | 31,246,538 | ||||||
| Restricted cash and cash equivalents, net of current portion | 1,748,000 | 935,000 | ||||||
| Accounts receivable – related party, net of current portion | — | 1,500,592 | ||||||
| Prepaid expenses – related party, net of current portion | 8,282,974 | 9,378,594 | ||||||
| Property and equipment, net | 4,146,175 | 4,378,352 | ||||||
| Intangible assets, net | 3,827,927 | 973,914 | ||||||
| Intangible assets, net – related party | 4,916,667 | — | ||||||
| Deferred income taxes | — | 10,817,112 | ||||||
| Other noncurrent assets, net | 604,793 | 1,683,932 | ||||||
| Operating lease right-of-use assets, net | 4,722,366 | 1,279,330 | ||||||
| Total assets | $ | 59,307,138 | $ | 62,193,364 | ||||
| LIABILITIES, NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 5,506,332 | $ | 4,656,367 | ||||
| Accounts payable – related parties | 20,067,013 | 15,383,171 | ||||||
| Accrued expenses and other liabilities | 3,364,150 | 4,499,280 | ||||||
| Interest payable – related parties | 527,770 | 527,770 | ||||||
| Revolving loan | — | 3,000,000 | ||||||
| Convertible notes at fair value | 3,842,189 | — | ||||||
| Current portion of long-term debt | 1,305,880 | 2,722,548 | ||||||
| Current portion of deferred revenue | 14,799,840 | 3,947,559 | ||||||
| Current portion of operating lease liabilities | 393,448 | 1,444,385 | ||||||
| Total current liabilities | 49,806,622 | 36,181,080 | ||||||
| Accrued expenses | 468,106 | 265,251 | ||||||
| Revolving loan | 5,000,000 | — | ||||||
| Long-term debt, net of current portion | 4,292,538 | — | ||||||
| Deferred revenue, net of current portion | 17,282,685 | 21,519,888 | ||||||
| Operating lease liabilities, net of current portion | 4,336,240 | 57,983 | ||||||
| Total liabilities | 81,186,191 | 58,024,202 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ Equity (Deficit): | ||||||||
| Class A common stock, | 1,038 | 962 | ||||||
| Class B common stock, | 2,875 | 2,875 | ||||||
| Additional paid-in capital | 26,923,115 | 25,738,082 | ||||||
| Accumulated other comprehensive loss | (275,049 | ) | (279,457 | ) | ||||
| Accumulated deficit | (39,352,510 | ) | (12,117,385 | ) | ||||
| (3,671,806 | ) | (3,671,806 | ) | |||||
| (16,372,337 | ) | 9,673,271 | ||||||
| Noncontrolling interests | (5,506,716 | ) | (5,504,109 | ) | ||||
| Total stockholders’ equity (deficit) | (21,879,053 | ) | 4,169,162 | |||||
| Total liabilities, noncontrolling interests and stockholders’ equity (deficit) | $ | 59,307,138 | $ | 62,193,364 | ||||
Consolidated Statements of Operations and Comprehensive Income (Loss) for the Years Ended | |||||||||||||||||||||
| Three months ended | Years ended | ||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||
| Revenues, net | $ | 25,109,473 | $ | 26,214,296 | $ | 81,225,622 | $ | 84,467,047 | |||||||||||||
| Cost of revenues | 15,495,477 | 14,866,526 | 58,794,947 | 54,236,342 | |||||||||||||||||
| Gross profit | 9,613,997 | 11,347,770 | 22,430,675 | 30,230,705 | |||||||||||||||||
| Operating expenses: | |||||||||||||||||||||
| General and administrative | 4,808,505 | 3,943,985 | 18,092,206 | 12,867,210 | |||||||||||||||||
| Research and development | 3,946,074 | 4,123,964 | 14,580,668 | 11,647,293 | |||||||||||||||||
| Advertising and marketing | 1,525,471 | 192,235 | 5,236,951 | 1,523,398 | |||||||||||||||||
| Depreciation | 44,397 | 68,420 | 247,976 | 303,714 | |||||||||||||||||
| Impairment expenses | 784,329 | — | 1,536,182 | — | |||||||||||||||||
| Total operating expenses | 11,108,775 | 8,328,604 | 39,693,983 | 26,341,615 | |||||||||||||||||
| Income (loss) from operations | (1,494,779 | ) | 3,019,166 | (17,263,308 | ) | 3,889,090 | |||||||||||||||
| Other income (expense): | |||||||||||||||||||||
| Interest income | 794,047 | 35,451 | 1,348,013 | 260,679 | |||||||||||||||||
| Interest income - related parties | 504 | 504 | 2,000 | 2,005 | |||||||||||||||||
| Interest expense | (215,784 | ) | (88,776 | ) | (660,088 | ) | (723,038 | ) | |||||||||||||
| Other income (expenses) | (77,272 | ) | (1,527,707 | ) | 115,051 | (981,223 | ) | ||||||||||||||
| Foreign currency transaction (loss) gain | (13,802 | ) | 43,742 | (90,500 | ) | 11,686 | |||||||||||||||
| Total other income (expense), net | 487,692 | (1,536,786 | ) | 714,476 | (1,429,891 | ) | |||||||||||||||
| Income (loss) before benefit from income taxes | (1,007,087 | ) | 1,482,380 | (16,548,832 | ) | 2,459,199 | |||||||||||||||
| Provision for income taxes | (144,716 | ) | 362,623 | 10,688,900 | 632,124 | ||||||||||||||||
| Net income (loss) | (862,371 | ) | 1,119,757 | (27,237,732 | ) | 1,827,075 | |||||||||||||||
| Net loss attributable to non-controlling interests | (215 | ) | (215 | ) | (2,607 | ) | (4,865 | ) | |||||||||||||
| Net income (loss) attributable to | (862,156 | ) | 1,119,972 | (27,235,125 | ) | 1,831,940 | |||||||||||||||
| Comprehensive income (loss) statement: | |||||||||||||||||||||
| Net income (loss) | $ | (862,371 | ) | 1,119,757 | (27,237,732 | ) | 1,827,075 | ||||||||||||||
| Other comprehensive income (loss): | |||||||||||||||||||||
| Other comprehensive loss related to currency translation adjustments, net of tax | (92,250 | ) | (48,600 | ) | (23,969 | ) | (25,074 | ) | |||||||||||||
| Other comprehensive income related to credit adjustments, net of tax | 5,357 | — | 28,377 | — | |||||||||||||||||
| Total other comprehensive income (loss) | (86,893 | ) | (48,600 | ) | 4,408 | (25,074 | ) | ||||||||||||||
| Total comprehensive income (loss) | $ | (949,264 | ) | $ | 1,071,157 | $ | (27,233,324 | ) | $ | 1,802,001 | |||||||||||
| Net income (loss) attributable to Class A common stockholders: | |||||||||||||||||||||
| Basic | $ | (205,518 | ) | $ | 248,176 | $ | (6,322,162 | ) | $ | 400,576 | |||||||||||
| Diluted | $ | (243,606 | ) | $ | 248,176 | $ | (6,322,162 | ) | $ | 400,576 | |||||||||||
| Net income (loss) attributable to Class B common stockholders: | |||||||||||||||||||||
| Basic | $ | (656,637 | ) | $ | 871,796 | $ | (20,912,963 | ) | $ | 1,431,364 | |||||||||||
| Diluted | $ | (778,330 | ) | $ | 871,796 | $ | (21,289,188 | ) | $ | 1,431,364 | |||||||||||
| Net income (loss) per share attributable to Class A common stockholders: | |||||||||||||||||||||
| Basic | $ | (0.02 | ) | $ | 0.03 | $ | (0.73 | ) | $ | 0.05 | |||||||||||
| Diluted | $ | (0.03 | ) | $ | 0.03 | $ | (0.73 | ) | $ | 0.05 | |||||||||||
| Net income (loss) per share attributable to Class B common stockholders: | |||||||||||||||||||||
| Basic | $ | (0.02 | ) | $ | 0.03 | $ | (0.73 | ) | $ | 0.05 | |||||||||||
| Diluted | $ | (0.03 | ) | $ | 0.03 | $ | (0.74 | ) | $ | 0.05 | |||||||||||
| Weighted-average shares used to compute income (loss) per share attributable to Class A common stockholders: | |||||||||||||||||||||
| Basic | 8,997,876 | 8,183,918 | 8,690,934 | 8,045,469 | |||||||||||||||||
| Diluted | 9,175,310 | 8,183,918 | 8,690,934 | 8,045,469 | |||||||||||||||||
| Weighted-average shares used to compute income (loss) per share attributable to Class B common stockholders: | |||||||||||||||||||||
| Basic | 28,748,580 | 28,748,580 | 28,748,580 | 28,748,580 | |||||||||||||||||
| Diluted | 28,748,580 | 28,748,580 | 28,748,580 | 28,748,580 | |||||||||||||||||
Consolidated Statements of Cash Flows for the Years Ended | ||||||||
| 2025 | 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | (27,237,732 | ) | $ | 1,827,075 | |||
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
| Amortization – intangible assets, net | 311,129 | 7,804 | ||||||
| Amortization – intangible assets, net – related party | 83,333 | — | ||||||
| Amortization – film assets | 1,331,330 | — | ||||||
| Amortization – loan origination fees and debt discounts | 13,109 | 62,855 | ||||||
| Accretion – convertible notes | — | 222,628 | ||||||
| Loss on change in fair value of convertible notes | 504,658 | — | ||||||
| (Gain) loss on change in fair value of warrant liabilities | (719,925 | ) | 1,332,815 | |||||
| Depreciation – property and equipment | 247,976 | 303,714 | ||||||
| Impairment of film assets | 868,722 | — | ||||||
| Impairment of intangible assets | 667,460 | — | ||||||
| Gain on remeasurement of previously held equity interest | (7,857 | ) | — | |||||
| Stock-based compensation expense (income) | 371,496 | (890,208 | ) | |||||
| Deferred taxes, net | 10,817,741 | (569,601 | ) | |||||
| Changes in assets and liabilities, net of business acquisitions: | ||||||||
| Accounts receivable | (2,678,525 | ) | 15,319,987 | |||||
| Accounts receivable – related party | 3,836,866 | 3,663,726 | ||||||
| Prepaid expenses – related party | (1,583,563 | ) | 1,928,581 | |||||
| Prepaid expenses and other current assets | (386,461 | ) | (1,206,331 | ) | ||||
| Prepaid taxes | 2,584,417 | 2,211,331 | ||||||
| Other noncurrent assets | (1,265,874 | ) | (1,523,065 | ) | ||||
| Accounts payable | 1,106,676 | (7,183,648 | ) | |||||
| Accounts payable – related parties | 3,473,842 | (8,001,265 | ) | |||||
| Accrued expenses and other liabilities | 110,762 | 46,542 | ||||||
| Loan and interest receivable – related party | (2,000 | ) | (2,005 | ) | ||||
| Lease liabilities | (215,715 | ) | (266,800 | ) | ||||
| Deferred revenue | 6,615,079 | (8,849,259 | ) | |||||
| Net cash used in operating activities | (1,153,056 | ) | (1,565,124 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Acquisition of software | (290,000 | ) | — | |||||
| Acquisition of software licenses | (4,093,027 | ) | — | |||||
| Investments in software | (849,138 | ) | — | |||||
| Net cash paid for acquisition of Matrioshka | (9,719 | ) | — | |||||
| Acquisition of fixed assets | (15,798 | ) | — | |||||
| Net cash used in investing activities | (5,257,682 | ) | — | |||||
| Cash flows from financing activities: | ||||||||
| Repayments on promissory note | — | (89,374 | ) | |||||
| Repayments on notes payable | (624,131 | ) | (2,333,333 | ) | ||||
| Repayments on convertible notes | (2,303,527 | ) | (1,020,000 | ) | ||||
| Repayments on revolving loan | — | (3,000,000 | ) | |||||
| Borrowings on revolving loan | 2,000,000 | — | ||||||
| Borrowings on term loan | 3,500,000 | — | ||||||
| Cash proceeds from exercise of warrants | 159,000 | 220,000 | ||||||
| Proceeds on issuance of convertible notes | 6,000,000 | — | ||||||
| Payments of loan origination fees | (25,750 | ) | — | |||||
| Payments of offering costs in accounts payable | — | (262,914 | ) | |||||
| Net cash provided by (used in) financing activities | 8,705,592 | (6,485,621 | ) | |||||
| Effect of foreign currency translation on cash and cash equivalents | (30,634 | ) | (24,630 | ) | ||||
| Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents | 2,264,220 | (8,075,375 | ) | |||||
| Cash and cash equivalents, and restricted cash and cash equivalents – beginning of the year | 8,238,944 | 16,314,319 | ||||||
| Cash and cash equivalents, and restricted cash and cash equivalents – end of the year | $ | 10,503,164 | $ | 8,238,944 | ||||
| Supplemental disclosures of cash flow information | ||||||||
| Cash paid during the year for: | ||||||||
| Interest | $ | 617,246 | $ | 467,188 | ||||
| Income taxes | $ | (2,859,830 | ) | $ | (1,100,302 | ) | ||
| Noncash transactions during the year for: | ||||||||
| Change in fair value of notes recorded in accumulated other comprehensive income | $ | 21,297 | $ | — | ||||
| Debt converted to equity | $ | (331,500 | ) | $ | (60,000 | ) | ||
| Right-of-use assets obtained in exchange for a lease liability | $ | (4,709,564 | ) | $ | (85,588 | ) | ||
| Liabilities converted to equity upon exercise of warrants | $ | 323,113 | $ | 176,750 | ||||
| Acquisition of software in accounts payable – related parties | $ | — | $ | 290,000 | ||||
| Acquisition of software and software licenses in accounts payable and accrued expenses | $ | 130,000 | $ | 420,000 | ||||
| Net assets acquired in a business combination | $ | 5,461 | $ | — | ||||
| Acquisition of software licenses in accounts payable – related parties | $ | 1,500,000 | $ | — | ||||
| Acquisition of software license paid in prior years | $ | 2,500,000 | $ | — | ||||
