PLAYSTUDIOS, Inc.

ir.playstudios.com

What Do They Do?

Develops free-to-play casual games for mobile and social platforms, pairing them with a loyalty program that connects players to real-world rewards from hospitality, entertainment, and leisure brands.

How Do They Make Money?

Players pay when they buy virtual currency, which stays available in the game until they use it; the company also earns money from ads shown within its games.

revenue

Segment	Share	How money arrives
Virtual currency (over time) Usage-based	81%	Usage-based
Advertising (point in time)	19%
Other revenue (point in time)	<0.1%

Who Are Their Customers?

Players access free games on mobile and social platforms and can buy virtual currency through third-party or direct-to-consumer platforms. Rewards partners use playAWARDS tools to offer and manage real-world rewards in the games.

Do Revenues Turn Into Profits?

Not on paper. It lost $28.6M in FY2025, but brought in more cash than it spent: $25.4M of free cash flow.

Operating income, FY2025

−10% of revenue

▼ −27% (Loss) vs FY2024 (−$32.9M, −11%)

Net income, FY2025

−12% of revenue

▼ 0% (Loss) vs FY2024 (−$28.7M, −10%)

Free cash flow, FY2025

11% of revenue

▼ −39% vs FY2024 ($41.8M, 14%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −7%; vs $59.3M in Q2 FY2025
Net income: ▲ +350% (Loss); vs −$2.9M in Q2 FY2025

Virtual currency (point in time or over time) share of revenue vs 81.2% in Q2 FY2025

Sep 18, 2026 Stopped operating The Win Zone sweepstakes product The company expects a pre-tax impairment charge in the range of $3.0 million to $3.5 million.
May 5, 2026 Nasdaq approved a listing transfer and extended the compliance period The company has until November 2, 2026, to regain compliance with the minimum bid-price rule.

Shrinking. Revenue fell 18% in 4 years, from $287.4M in FY2021 to $235.1M in FY2025, about 5% a year.

New game launches The earlier portfolio listed Tetris and casual titles; the latest report identifies Tetris Block Party and The Win Zone as new launches, adding these titles to the catalog.

Revenue over time

Virtual currency (over time) Advertising (point in time) Other revenue (point in time)

$500M$250M$0

FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Product Madness, DoubleU, Huuuge Games, Playtika, SciPlay, Scopely, Zynga, Activision Blizzard, Electronic Arts, Epic Games, Netmarble, NetEase, Niantic, Take-Two Interactive Software, and Vivendi

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