Third quarter 2025 financial highlights:
Revenue of $98 million decreased by 12% year-over-year.
Selling and marketing expenses of $30 million decreased by 43% year-over-year.
Profit for the period, net of tax, of $24 million in Q3 2025 increased vs. $15 million in Q3 2024.
Adjusted EBITDA1 of $26 million in Q3 2025 increased vs. $17 million in Q3 2024.
Third quarter and first nine months of 2025 financial performance in comparison
US$ million
Q3 2025
Q3 2024
Change (%)
9M 2025
9M 2024
Change (%)
Revenue
98
111
(12
)
%
315
323
(3
)
%
Platform commissions
(21
)
(24
)
(13
)
%
(67
)
(70
)
(6
)
%
Game operation cost
(14
)
(13
)
13
%
(42
)
(38
)
11
%
Selling and marketing expenses
(30
)
(52
)
(43
)
%
(124
)
(163
)
(23
)
%
General and administrative expenses
(8
)
(7
)
17
%
(25
)
(23
)
8
%
Profit for the period, net of tax2
24
15
66
%
55
24
N/M
Adjusted EBITDA3
26
17
50
%
64
33
93
%
Cash flows generated from operating activities
15
12
24
%
11
24
(53
)
%
________________________N/M: not meaningful
Third quarter 2025 financial performance
In the third quarter of 2025, our revenue decreased by $13 million (or 12%) year-over-year and amounted to $98 million, reflecting a decline in recognition of revenue from both current-period and prior-period bookings. This was mainly due to declining consumer spending levels in the current and preceding years, which reduced the amount of revenue recognized during the quarter. The decrease is consistent with our strategy to pursue more disciplined marketing spending and focus on attracting higher-quality, better-paying users rather than maximizing short-term volume.
Platform commissions decreased by $3 million (or 13%) in ...
