Business
Trading Update
Trading Update.
About this update from Tinybuild Inc.
[{"type":"text","content":"\n\n24 June 2024\ntinyBuild, Inc\n(\"tinyBuild\" or the \"Company\")\nTrading Update\nPublication and posting of Annual Report\n \ntinyBuild, a premium video games publisher and developer with global operations, announces a trading update and that the Company's Annual Report and Financial Statements for the year ended 31 December 2023 (\"Annual Report\") has been published and will be available on the Company's website (www.tinybuildinvestors.com).\nHighlights\n· Sales slightly ahead of expectations for the first five months of the year, with a heavily H2-weighted release schedule\n· Strong pipeline performance, including Level Zero: Extraction, Duck Side and Drill Core at Steam Next Fest\n· Cash and cash equivalent of mid-to-high single digit at the end of May 2024 and, as previously communicated, the Group will continue to invest in a disciplined manner in upcoming game releases\n· In June 2024, the Company disposed of IP associated with Surgeon Sim to Atari for an undisclosed cash sum\n \nCurrent Trading\nThe industry backdrop remains difficult with few signs of modest improvement. Versus Evil continues to underperform, after the disappointing launch of Broken Roads in April 2024. Despite this challenging backdrop, tinyBuild is carefully managing its catalogue while investing in high-potential new IP and tinyBuild's revenues have started to trade slightly ahead of expectations for the first five months of the year.\nIn addition to this, the response to recent announcements gives reason for optimism, as backed by hard data: Level Zero: Extraction and DUCKSIDE demos are respectively in the top 3 and top 10 most played games at the ongoing Steam Next Fest.\nAs at 31 May 2024, the Company had cash levels of mid-to-high single digit demonstrating a reduced cash burn as a result of cost control measures put in place at the end of 2023. In addition to the cash at the end of May 2024, the Company also disposed of IP associated with Surgeon SIM to Atari for an undisclosed sum in June 2024. As previously announced, cash and cash equivalents is anticipated to reduce towards the half year as the Company invests in upcoming game releases. The Group continues to have no borrowings.\nPipeline\nThe positive momentum is also translating in strong performance in ...