Annual Report and Consolidated Financial Statements 2024

1. 01
   tinyBuild experienced a significant decline in revenue and continued operating losses in 2024, with revenue dropping by 22% year-over-year to $34.7 million (from $44.7 million in 2023) and an operating loss of $20.4 million (compared to $63.8 million in 2023).See it on page 18
2. 02
   The revenue decline was primarily due to limited flow-through from new games released in 2023 and a 50% drop in development revenues, largely from platform deals.See it on page 18
3. 03
   Adjusted EBITDA remained negative at -$3.681 million in 2024, an improvement from -$7.113 million in 2023, impacted by revenue decline and a $13.7 million impairment of software development costs.See it on page 57
4. 04
   tinyBuild raised over $11 million in new capital in January 2024 and welcomed Atari as a new core investor, helping to fund promising projects.See it on page 7
5. 05
   The company maintains an organic growth strategy focusing on diversification, internal development teams (e.g., DUCKSIDE), established partnerships (e.g., Potion Craft), and leveraging influencer relationships for marketing, achieving over 5 billion content-related views on YouTube by December 31, 2024.See it on page 9
6. 06
   tinyBuild mitigates the risk of early-stage game development by providing milestone-based funding, acquiring IP, adjusting budgets with data-driven approaches, and intensifying audience validation through playtests and demos.See it on page 22
7. 07
   The company's investment in DevGAMM, an Eastern European-focused video games event organizer, led to successful events in Gdansk, Vilnius, and Lisbon in 2024, increasing events revenue to $1.4 million.See it on page 13

Annual Report and Consolidated Financial Statements for the Year Ended 31 December 2024

tinyBuild · 2025

Quarterly Report: 11 bit studios Q1-Q3 2024

11 bit studios