FinancialtinyBuild
Annual Report and Consolidated Financial Statements for the Year Ended 31 December 2021
1 Apr 202266 pages~161 min full read
In 2021, tinyBuild achieved record financial performance following its March IPO, with consolidated revenue increasing 39% to $52.2 million and Adjusted EBITDA growing 46% to $22.2 million.
See it on page 38The company’s revenue is heavily driven by its own-IP portfolio and back-catalogue, which accounted for 81% and 83% of total sales, respectively.
See it on page 11Operational capacity was expanded through seven acquisitions, including Versus Evil and Red Cerberus, which bolstered internal publishing, QA, and development capabilities.
See it on page 10The *Hello Neighbor* franchise remains a core asset, surpassing 70 million total downloads and successfully transitioning into a broader multimedia brand.
See it on page 14Management executed a large-scale staff relocation program from Ukraine to the Balkans and Western Europe to mitigate geopolitical risks, despite the region contributing less than 5% of annual revenue.
See it on page 16The company ended 2021 with a strong liquidity position of $48.8 million in cash and total assets of $122.4 million.
See it on page 39The current development pipeline includes over 30 titles supported by a data-centric marketing strategy that utilizes thousands of influencers.
See it on page 12The 2021 fiscal year marked a transformative period for tinyBuild as it successfully transitioned to a public company via a March IPO on the London Stock Exchange’s AIM market. This strategic shift facilitated record financial performance, with consolidated revenue rising 39% to $52.2 million and Adjusted EBITDA growing 46% to $22.2 million. These results were underpinned by an aggressive expansion of the company’s own-IP portfolio, which increased to 81% of total revenue, and a robust back-catalogue that contributed 83% of sales. The company’s "multi-game and franchise" model was further validated by the continued success of the *Hello Neighbor* franchise, which surpassed 70 million downloads and expanded into a multimedia brand.
Operational growth was largely driven by a significant M&A program, including seven acquisitions such as Versus Evil and Red Cerberus. These transactions, totaling millions in investment, bolstered publishing, QA, and development capabilities while diversifying the global footprint into high-skill, low-cost regions. Despite these gains, the company faced substantial geopolitical headwinds due to the conflict in Ukraine. Management responded with a large-scale extraction operation to relocate staff to new hubs in the Balkans and Western Europe. While the affected regions account for less than 5% of annual revenues, the company remains focused on mitigating regional instability and reducing revenue concentration among its top titles and platform partners.
The company concluded the year in a strong liquidity position, reporting $48.8 million in cash and total assets expanding to $122.4 million. Following the IPO, tinyBuild established formal corporate governance structures and performance-based remuneration policies to align leadership with shareholder interests. With a pipeline of over 30 titles and a data-centric marketing strategy leveraging thousands of influencers, the group is positioned as a multimedia powerhouse. The transition to a public entity has provided the capital necessary to continue its trajectory of organic investment and strategic acquisitions within the global indie gaming market.
