Snail Inc

snail.com

What Do They Do?

Publishes and develops interactive games, including the ARK franchise, for players on consoles, PCs and mobile devices.

How Do They Make Money?

The company sells games and downloadable add-ons through digital platforms and retail distributors, and sells virtual items to free-to-play mobile players. Game and add-on sales count when content is made available on a platform; technical support and some virtual items bring in money over the player's service period or when used.

FY2025 revenue by product or service revenue

Segment	Share	How money arrives
Console Sold outright	38% FY2022: 44%	Sold outright
Pc Sold outright	50% FY2022: 42%	Sold outright
Mobile	9.6% FY2022: 13%
Physical Retail And Other	2.1%
Platform One	48%
Platform Two	12%
Platform Three	24%
Platform Four	1.6%
Service, Other	13%

Who Are Their Customers?

The company sells games to digital platforms such as Xbox Live, PlayStation Network and Steam, and to retail distributors. For mobile games, it sells to end users through Apple’s App Store and Google Play.

Customers above 10% of revenue, FY2025

of revenue from three customers (49%, 15%, 12%)

FY2024: 86% from four customers

Do Revenues Turn Into Profits?

No. It lost $27.2M in FY2025.

Operating income, FY2025

−21% of revenue

▼ Now a loss vs FY2024 ($3.9M, 5%)

Net income, FY2025

−34% of revenue

▼ Now a loss vs FY2024 ($1.8M, 2%)

Free cash flow, FY2025

−1% of revenue

How Are They Changing?

Since the FY2025 annual report

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

Revenue: ▼ −11%; vs $22.2M in Q2 FY2025
Net income: ▼ −82% (Loss); vs −$16.6M in Q2 FY2025

Pc share of revenue vs 45.2% in Q2 FY2025

Sep 1, 2026 Nasdaq allows continued listing subject to equity conditions The panel requires the company to meet the equity rule and disclose transactions and resulting equity; its decision is conditional.
Jul 2, 2026 Nasdaq issued a delisting notice; Snail completed a reverse split Nasdaq cited the minimum bid-price and equity requirements; Snail said the reverse split was intended to help regain bid-price compliance.
May 27, 2026 Nasdaq granted an extension to meet listing requirements The company had until September 22, 2026, to show compliance, or its shares could face delisting.
Mar 31, 2026 Nasdaq notified Snail of a continued-listing deficiency The notice gave Snail 45 days to submit a compliance plan, and Nasdaq could grant an extension if it accepted the plan.

Shrinking. Revenue fell 24% in 4 years, from $106.7M in FY2021 to $81.2M in FY2025, about 7% a year.

Short-form entertainment The older report described games and future animation and television plans; the latest also describes short-form dramas distributed through SaltyTV.

Revenue over time

Console Pc Mobile Physical Retail And Other Platform One Platform Two Platform Three Platform Four Service, Other Other

$200M$100M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Activision Blizzard, Electronic Arts, Take-Two Interactive, Zynga, Ubisoft, Epic Games, Tencent, Netmarble, Sony, Microsoft, Nintendo, Embracer Group, Saber Group, Enand Global 7, FunCom, Axolot Games, and Facepunch Studios

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