Ten Square Games Q1 2025 Financial Results Presentation

Key insights

6 takeaways

01
Ten Square Games reported a 9.5% quarter-over-quarter decline in bookings for Q1 2025 as the company pivots from aggressive user acquisition toward long-term player retention.See it on page 32
02
Operational efficiency gains and reduced marketing spend drove a 7.5% increase in adjusted EBITDA, which reached 30.5 million PLN for the quarter.See it on page 15
03
The company achieved a net profit of 27.5 million PLN and approved a record-high dividend payout of 100 million PLN, scheduled for distribution in June 2025.See it on page 33
04
The proprietary TSG Store has become a significant revenue driver, accounting for 26.1% of total bookings by March 2025.See it on page 12
05
The firm is diversifying its product pipeline by testing new titles, including the game Trophy Hunter, while focusing on optimizing its existing core portfolio.See it on page 35
06
Management is prioritizing sustainable engagement and technical improvements over short-term top-line growth during this transitional phase.See it on page 3

Summary

Ten Square Games is currently executing a strategic pivot focused on long-term player retention and operational efficiency rather than aggressive user acquisition. This transition has resulted in a 9.5 percent quarter-over-quarter decline in bookings for the first quarter of 2025. However, the company has successfully offset this revenue contraction by significantly reducing marketing expenditures, leading to a 7.5 percent increase in adjusted EBITDA. The firm maintains a robust financial foundation, reporting a net profit of 27.5 million PLN and an adjusted EBITDA of 30.5 million PLN for the period.

Central to this turnaround strategy is the optimization of the existing core portfolio and the development of proprietary distribution channels. The TSG Store has emerged as a critical component of this ecosystem, accounting for 26.1 percent of total bookings by March 2025. Simultaneously, the company is diversifying its product pipeline through the testing of new titles such as Trophy Hunter. These efforts are supported by a strong cash position, which has enabled the board to approve a record-high dividend payout of 100 million PLN, scheduled for distribution in June 2025.

While the company remains committed to these strategic initiatives, all forward-looking projections regarding growth and market performance are subject to inherent industry risks and uncertainties. The current financial results reflect a deliberate choice to prioritize sustainable engagement and technical improvements over short-term top-line growth. As the organization navigates this transitional phase, the focus remains on balancing the development of new gaming experiences with the maintenance of shareholder value and the continued scaling of direct-to-consumer platforms.