tinyBuild Annual Report and Consolidated Financial Statements for Year Ended 31 December 2022

tinyBuild achieved record 2022 financial results with $63.3 million in revenue (up 21%) and $11.5 million in profit (up 39.7%).

The company successfully shifted to an owned-IP portfolio model, which now accounts for 77% of total sales and reduced revenue concentration from its top three titles to 30%.

Adjusted EBITDA reached $24.4 million despite $11.2 million in impairment charges for underperforming back-catalogue assets and $1.7 million in relocation costs.

Geopolitical instability in Ukraine and Russia necessitated the relocation of over 100 staff members to a new hub in Serbia and other EU locations.

The company maintains a robust balance sheet with $133.8 million in total assets, $26.5 million in net cash, and an undrawn $35 million credit facility.

Management is executing a 'canon-commercial' strategy across a pipeline of over 80 titles, targeting a minimum 2x return on investment for each project.

Operations are supported by 12 internal studios and over 400 employees, with the 'Hello Neighbor' franchise serving as a key multimedia brand with over 70 million downloads.