TIDMTBLD
RNS Number : 4738N
tinyBuild, Inc.
23 January 2023
23 January 2023
tinyBuild, Inc
("tinyBuild" or the "Company")
Pre-Close Trading Update and Notice of Results
tinyBuild (AIM:TBLD), a premium video games publisher and
developer with global operations, is pleased to provide a trading
update for the twelve months ended 31 December 2022 ("FY 2022").
The Company expects to publish FY 2022 results on 29 March
2023.
Highlights
-- Revenue in line with expectations, with adjusted EBITDA broadly in line
-- Eight new titles released in H2 2022, plus Hello Neighbor animated series debut
-- Potion Craft passed 1,000,000 downloads, ahead of PS and Switch launch
Following a solid second half of trading, the Company is on
track to deliver another year of strong growth with revenues in
line with expectations for FY 2022. Progress in its strategy
focused on own-IP also means the Company is on track to deliver
Adjusted EBITDA broadly in line with expectations for FY 2022,
reflecting a greater investment in marketing to accelerate revenue
growth. The cash position at the end of FY 2022 was over $25m, also
impacted by timing of M&A and higher development spending on
new titles, both announced and unannounced.
Current trading
Overall, FY 2022 was a challenging year which started with the
invasion of Ukraine and was marked throughout by the cost of living
crisis, with expectations that video games sales and operations in
Eastern Europe may be negatively impacted. Conversely, tinyBuild
performed strongly in the second half of 2022, both in terms of
sales and game development.
tinyBuild has continued to diversify its games portfolio into
new genres (e.g. simulation, action, strategy), and its revenue
sources to benefit from platform competition and the growth in
subscription services. This trend gives the Company greater
visibility regarding its future revenue growth while helping
de-risk ongoing investments.
Portfolio and pipeline
In the second half of 2022, tinyBuild released a number of new
titles, including Tinykin, SpiderHeck, Asterigos and Hello Neighbor
2, plus version 1.0 of Cartel Tycoon, Despot's Game and Potion
Craft, and a number of platform launches which generated growth
across the entire portfolio.
Recent announcements include the release date for Rhythm Sprouts
across PC and consoles and Hello Neighbor: Search and Rescue, a
brand new VR title in the Hello Neighbor franchise that will launch
both on PSVR2 (Sony) and on Oculus (Meta).
People
The number of staff has increased from 147 in March 2021, at the
time of the IPO, to over 500 currently.tinyBuild helped staff and
their families relocate to safer areas in Eastern Europe and it is
carefully monitoring the geopolitical situation adapting its
contingency plans to the evolving circumstances. This response to
protect staff has resulted in one-off costs during the year, of
which up to $2m are expected to be classified as exceptional in the
full year results.
tinyBuild aims to offer employees the best working conditions in
the industry. For example, the Company has implemented clear
policies against crunching, the industry practice by which
developers overwork to meet certain targets. In December 2022,
tinyBuild also gave all direct employees an extra week of holiday,
following a similar move in June 2022 and FY 2021. As a result,
tinyBuild has one of the lowest levels of staff turnover, low
single-digit, compared to an estimated 15.5.% at an industry level
(Wired).
Employee Benefit Trust
As set out in the Company's FY 2022 interim results, tinyBuild
established an independent employee benefit trust, known as the
tinyBuild Share Incentive Trust (the "EBT"). The EBT has purchased
154,300 of the Company's common shares of $0.001 in order, to among
other things, satisfy potential future option exercises of vested
options granted pursuant to the Company's share incentive
arrangements and to satisfy the settlement of any other awards
granted pursuant to the Company's current and future incentive
award schemes.
Outlook
Early indicators of positive consumer traction across the
Company's diversified portfolio and pipeline are very encouraging,
and the Board looks ahead to FY 2023 with confidence.
Alex Nichiporchik, Chief Executive Officer of tinyBuild,
commented:
" 2022 validated our strategy of investing in long-term,
sustainable franchises and the people behind them. We faced
unprecedented challenges, all while integrating acquisitions and
moving to a decentralised approach that empowers people to make the
right decisions."
"Our focus and shared love for video games resulted in a record
Q4 sales period, with a highly diversified portfolio of games
across all platforms and early signs of success of our cross-media
strategy. We are building something to outlive us as a
generation."
Enquiries :
tinyBuild, Inc investorrelations@tinybuild.com
Alex Nichiporchik - Chief Executive Officer
Antonio Jose Assenza - Chief Financial Officer
Giasone (Jaz) Salati - Head of M&A and IR
Berenberg ( Joint Broker and Nominated Adviser)
Mark Whitmore, Ciaran Walsh, Milo Bonser +44 (0)20 3207 7800
-------------------------------
Numis (Joint Broker)
Hugo Rubinstein, Tejas Padalkar +44 (0)20 7260 1000
-------------------------------
SEC Newgate (Financial PR) tinybuild@secnewgate.co.uk
Robin Tozer, Bob Huxford, Molly Gretton, +44 (0)7540 106366
Harry Handyside
-------------------------------
About tinyBuild:
Founded in 2013, tinyBuild (AIM: TBLD) is a leading premium
AA-rated and indie video games publisher and developer. tinyBuild
strategically secures access to IP and partners with developers to
establish a stable platform on which to build multi-game and
multimedia franchises. tinyBuild has a strong portfolio of over 40
titles, and its upcoming pipeline includes over 20 new titles
currently in development.
Headquartered in Bellevue, Washington, USA, the Company has key
operations worldwide, with employees, contractors or partners in
multiple locations across five continents. tinyBuild's geographic
diversity enables it to source high-potential IP, cost-effective
development resources and a loyal customer base through innovative
grassroots marketing. tinyBuild was admitted to AIM, a market
operated by the London Stock Exchange, in March 2021.
For further information, visit: www.tinybuildinvestors.com .
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END
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