FinancialTen Square Games
Consolidated Quarterly Report of the Ten Square Games S.A. Group
1 May 2025106 pages~145 min full read
Ten Square Games increased net profit to PLN 27.5 million in Q1 2025, up from PLN 17.9 million in the prior year, despite a 9.2% year-over-year decline in total bookings to PLN 90.5 million.
The proprietary 'TSG Store' reached a record 19.1% share of total bookings by bypassing platform commissions, contributing to an adjusted EBITDA of PLN 30.5 million.
The Group maintains a debt-free balance sheet with PLN 172.4 million in cash and equivalents, supporting the approval of a PLN 100 million dividend for the 2024 fiscal year.
Flagship titles Fishing Clash and Hunting Clash experienced declines in bookings due to reduced marketing spend, while the newer title Wings of Heroes grew to represent 8.1% of total bookings.
Management launched a 2025–2029 incentive program tied to a cumulative Adjusted EBITDA target of PLN 438 million to align internal goals with long-term growth.
The company is prioritizing long-term player retention and has scheduled the global launch of its new title, Trophy Hunter, for mid-2025.
Ten Square Games S.A. demonstrated a strategic pivot toward operational efficiency and profitability during the first quarter of 2025. Despite a 9.2% year-over-year decline in total bookings to PLN 90.5 million and a slight dip in total revenues to PLN 96.7 million, the Group achieved a significant increase in net profit, rising to PLN 27.5 million from PLN 17.9 million in the prior year. This financial performance was primarily driven by a disciplined reduction in operating costs, specifically within marketing and third-party services, alongside the continued growth of the proprietary "TSG Store." By bypassing traditional platform commissions, the direct-to-consumer channel reached a record 19.1% share of total bookings, substantially bolstering adjusted EBITDA to PLN 30.5 million.
The Group’s portfolio performance showed a transition in product lifecycle management. While flagship titles Fishing Clash and Hunting Clash experienced declines in active users and bookings due to reduced user acquisition spending and geopolitical headwinds, the newer title Wings of Heroes saw its share of bookings climb to 8.1%. The Group maintains a robust balance sheet with PLN 431.4 million in total assets and a strong liquidity position, characterized by PLN 172.4 million in cash and equivalents and an absence of external debt. This financial stability supported the approval of a PLN 100 million dividend for the 2024 fiscal year.
Looking ahead, the Group is focusing on long-term player retention and the global launch of Trophy Hunter in mid-2025. Management has aligned internal incentives with these growth objectives through a new 2025–2029 program tied to a cumulative Adjusted EBITDA target of PLN 438 million. Accounting practices remain conservative, particularly regarding the capitalization of development costs post-soft launch and the maintenance of tax provisions related to IP Box relief audits. The geographic scope remains global, with revenue primarily derived from micro-payments and advertisements across its mobile gaming ecosystem.
