Fourth Quarter 2025 and Recent Operational Highlights
ARK Franchise Updates:
ARK: Survival Evolved ("ASE"):
Units sold were approximately 579,248 for the fourth quarter 2025
During the fourth quarter of 2025, average daily active users ("DAU") was 105,468 and peak DAU was 137,404
ARK: Survival Ascended ("ASA"):
Units sold were approximately 691,872 for the fourth quarter 2025
During the fourth quarter of 2025, average DAU was 91,123 and peak DAU was 147,572
Launched ARK Lost Colony DLC
Launched 'ARK x Teenage Mutant Ninja Turtles' Cosmetic Pack in collaboration with Look North World
ARK: Ultimate Mobile Edition ("ARK Mobile"):
Surpassed 10 million downloads as of December 31, 2025
During the fourth quarter of 2025, average DAU was 129,861
2026 / 2027 ASA Content Roadmap
2026
ARK World Creator (scheduled for May 2026)
ARK Bob's True Tales, Tides of Fortune (scheduled for June 2026)
ARK Genesis Part 1 (ASA remake)
ARK Survival of the Fittest ("SOTF")
ARK Dragontopia (scheduled for December 2026)
2027
ARK Atlantis
ARK Bob's True Tales, Galaxy Wars
ARK Legacy of Santiago
Game Portfolio Updates:
2026 Games Developers Conference ("GDC")
Introduced PixARK Worlds, a new title in development that features revolutionary user-generated content designed to expand the ARK universe onto the Nintendo Switch 2
Revealed event-exclusive trailer for upcoming AAA title For The Stars
Unveiled new indie title, Gobby Gang
Bellwright surpassed 1 million downloads on Steam Early Access, announced console port plans to Xbox and PlayStation, and launched the Maiden Voyage update. Following the launch of the update, the title achieved its highest Steam concurrent user peak of the year and sold over 166,000 units in Q4 2025
Launched Echoes of Elysium on Steam Early Access in partnership with Loric Games
Participated in the Steam Winter Sale, resulting in double digit sales multiples for ASA and Bellwright
Launched Rebel Engine in partnership with Seven Leaf Clover. The title demonstrated notable creator engagement, partnering with VTuber Hakos Baelz and Spanish gaming creator Joseju
Announced strategic collaboration with Noiz at TwitchCon to strengthen gaming portfolio visibility with streamers
Business Updates:
Minted the first official $USDO stablecoin during the Company's December 2025 Investor Day
Debuted Golden Poop, a commemorative digital meme collectible created to humorously acknowledge gaming culture and industry satire
As of December 31, 2025, SaltyTV released 100+ short film dramas
Three of SaltyTV's titles were recognized by the International Short Drama Association:
My Ex's Best Friend recognized for Best Revenge-Driven Narrative
Hollywood Heartthrob recognized for Most Charismatic Screen Presence
Faux Fiancé recognized for Best Destiny-Bound Narrative
Management Commentary
"The fourth quarter provided strong visibility into the momentum we expect across the ARK franchise over the next two years. In addition to launching ARK: Lost Colony, ASA's first standalone DLC expansion pack, we introduced robust ASA content and DLC roadmap during our December Investor Day. The 2026 slate includes the ARK SOTF remake, ARK World Creator for consoles, ARK Bob's True Tales, Tides of Fortune, the ASA remake of ARK Genesis Part 1, and ARK: Dragontopia. Since launching in October 2023, ASA has surpassed 4 million units sold, and our expanded roadmap reflects our commitment to sustained franchise growth and increased revenue visibility through 2027.
"Beyond ARK, we are continuing to invest, advance, and scale our broader game portfolio. We are particularly encouraged by the meaningful progress made across our developing AAA games; For The Stars, Nine Yin Sutra: Immortal, and Nine Yin Sutra: Wushu. AAA games are high-budget, high-profile projects that are designed to deliver expansive worlds, cutting-edge visuals, and robust marketing campaigns that far exceed those of typical indie releases. These games, while still in development, represent Snail's investment and expansion into other AAA games outside of ASE and ASA. These three games have represented a core pillar of our long-term investment strategy over the past few years. Being classified as an AAA game, we believe these titles offer substantial upside with an attractive profit margin profile compared to many of our other games. The progress made has been encouraging, and we are excited to continue developing and sharing updates. At the recent GDC event, we shared an event-exclusive trailer for For The Stars that provided some early insights into the gameplay and concept art.
"Across our other business units, we also made meaningful progress. We minted the first official $USDO stablecoin during the Investor Day and debuted the Golden Poop digital collectible coin. We are currently working towards a potential partnership opportunity tied to our stablecoin initiative and look forward to sharing additional information later this year. Within our short film vertical, SaltyTV has now released 100+ short film dramas, with three productions receiving recognition from the International Short Drama Association. Our Interactive Films division also expanded into narrative-driven game development in 2025, which we view as a strategic adjacency that builds on existing creative capabilities.
"We remain excited about our gaming pipeline for the next two years. ARK will continue to remain the foundational backbone of our company, while we also invest in and grow other arms of the business. Many of our projects are approaching the final stages of development, and we believe we are well-positioned to broaden our portfolio, diversify revenue streams, and drive long-term shareholder value."
Fourth Quarter 2025 Financial Highlights
Net revenues were $25.1 million compared to $26.2 million in the same period last year. The decrease was primarily due to a decrease in deferred revenues that were recognized in 2025 of $3.5 million, partially offset by increases in ARK sales of $1.3 million and an increase in Bellwright sales of $1.2 million.
Total units sold were 1.5 million units compared to 1.3 million units in the same period last year, primarily driven by an increase in sales of ASA of 0.2 million units, an increase in Bellwright sales of 0.1 million units, partially offset by a decrease in sales of ASE and our other titles of 0.1 million units.
Net loss was $(0.9) million compared to net income of $1.1 million in the same period last year, primarily due to a decrease in gross profit of $1.7 million and an increase in operating expenses of $2.8 million, partially offset by an increase in other income (expense) of $2.0 million and benefit from income taxes of $0.5 million.
Bookings were $20.8 million compared to $17.0 million in the same period last year. The increase was primarily due to a lower portion of sales deferred in 2025. Changes in deferred revenues decreased by $4.9 million while net revenue decreased $1.1 million.
EBITDA was $(1.3) million compared to $1.6 million in the same period last year. The decrease was primarily due to an increase in operating expenses of $2.8 million.
As of December 31, 2025, unrestricted cash was $8.6 million compared to $7.3 million as of December 31, 2024.
Full Year 2025 Financial Highlights
Net revenues were $81.2 million compared to $84.5 million in the same period last year. The decrease was primarily due to a decrease in recognition of deferred revenues of $15.5 million related to the ARK franchise, decrease in Bellwright and Myth of Empires sales of $1.5 million and $1.3 million respectively, partially offset by an increase in ASA sales of $11.3 million, ARK Mobile sales of $2.4 million, and revenue generated from the SaltyTV application of $0.8 million.
Total units sold increased 32.7% to 6.3 million units compared to 4.7 million units in the same period last year, primarily driven by an increase in ARK franchise units sold by 1.7 million units, partially offset by a slight decrease in Bellwright and West Hunt sales of 0.1 million units.
Net loss was $(27.2) million compared to net income of $1.8 million in the same period last year, primarily due to a non-cash tax expense related to the full valuation of our deferred tax assets of $10.1 million, increase in general and administrative expenses of $5.2 million, increase in research and development of $2.9 million, increase in advertising and marketing of $3.7 million, and impairment expenses of $1.5 million.
Bookings increased 16.2% to $87.8 million compared to $75.7 million in the same period last year. The increase was primarily due to the increased ASA sales driven by the launch of ARK: Lost Colony, ARK: Astraeos, and ASE's first sales event in June 2025 since the price drop in August 2023.
EBITDA was $(16.8) million compared to $3.2 million in the same period last year. The decrease was due to the increase in general and administrative expenses of $5.2 million, an increase in research and development of $2.9 million, an increase in advertising and marketing of $3.7 million and an additional $1.5 million in impairment expenses.
Use of Non-GAAP Financial Measures
In addition to the financial results determined in accordance with U.S. generally accepted accounting principles, or GAAP, Snail believes Bookings and EBITDA, as non-GAAP measures, are useful in evaluating its operating performance. Bookings and EBITDA are non-GAAP financial measures that are presented as supplemental disclosures and should not be construed as alternatives to net income (loss) or revenue as indicators of operating performance, nor as alternatives to cash flow provided by operating activities as measures of liquidity, both as determined in accordance with GAAP. Snail supplementally presents Bookings and EBITDA because they are key operating measures used by management to assess financial performance. Bookings adjusts for the impact of deferrals and, Snail believes, provides a useful indicator of sales in a given period. Management believes Bookings and EBITDA are useful to investors and analysts in highlighting trends in Snail's operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which Snail operates and capital investments.
Bookings is defined as the net amount of products and services sold digitally or physically in the period. Bookings is equal to revenues, excluding the impact from deferrals. Below is a reconciliation of total net revenue to Bookings, the closest GAAP financial measure.
Three Months EndedDecember 31,
Fiscal Year EndedDecember 31,
2025
2024
2025
2024
(in millions)
(in millions)
Total net revenue
$
25.1
$
26.2
$
81.2
$
84.5
Change in deferred net revenue
(4.3
)
(9.2
)
6.6
(8.8
)
Bookings
$
20.8
$
17.0
$
87.8
$
75.7
We define EBITDA as net income (loss) before (i) interest expense, (ii) interest income, (iii) provision for (benefit from) income taxes and (iv) depreciation expense. The following table provides a reconciliation from net income (loss) to EBITDA:
Three Months EndedDecember 31,
Fiscal Year EndedDecember 31,
2025
2024
2025
2024
(in millions)
(in millions)
Net income (loss)
$
(0.9
)
$
1.1
$
(27.2
)
$
1.8
Interest income and interest income – related parties
(0.7
)
(0.1
)
(1.3
)
(0.3
)
Interest expense
0.3
0.1
0.7
0.7
Provision for (benefit from) income taxes
(0.1
)
0.3
10.7
0.6
Depreciation expense
0.1
0.2
0.3
0.4
EBITDA
$
(1.3
)
$
1.6
$
(16.8
)
$
3.2
Webcast Details
The Company will host a webcast at 4:30 PM ET today to discuss its fourth quarter and full year 2025 financial and operational results. Participants may access the live webcast and replay via the link here or on the Company's investor relations website at https://investor.snail.com/.
Forward-Looking Statements
This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "may," "predict," "continue," "estimate" and "potential," or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding Snail's intent, belief or current expectations. These forward-looking statements include information about possible or assumed future results of Snail's business, financial condition, results of operations, liquidity, plans and objectives. The statements Snail makes regarding the following matters are forward-looking by their nature: Snail's 2026 / 2027 ASA content roadmap; plans to port Bellwright to the Xbox and Playstation consoles; Snail's announced strategic collaboration with Noiz and its potential to strengthen the visibility of Snail's gaming portfolio with streamers; the momentum Snail expects across the ARK franchise over the next two years and the visibility regarding the same provided by Snail's fourth quarter; Snail's expanded roadmap and commitment to sustained franchise growth and increased revenue visibility through 2027; Snail's continued investment, advancement, and scaling of its broader game portfolio; progress made across the development of AAA games; the intention for AAA games to deliver expansive worlds, cutting-edge visuals, and robust marketing campaigns that far exceed those of typical indie releases; Snail's investment and expansion into other AAA games outside of ASE and ASA and the potential for its existing AAA games to form a core pillar of its long-term investment strategy; For The Stars, Nine Yin Sutra: Immortal, and Nine Yin Sutra: Wushu offering substantial upside with an attractive profit margin profile compared to many of our other games; the occurrence and timing of a potential partnership opportunity tied to Snail's stablecoin initiative; Snail's interactive films division serving as a strategic adjacency and building on Snail's existing creative capabilities; ARK remaining the foundational backbone of Snail and its gaming pipeline; Snail investing in and growing other arms of its business; Snail's in-house projects are approaching the final stages of development; Snail being positioned to broaden its portfolio, diversify revenue streams, and drive long-term shareholder value;and assumptions underlying any of the foregoing.
Further information on risks, uncertainties and other factors that could affect Snail's financial results and business include Snail's ability to strengthen its gaming portfolio's visibility; its ability to expand and grow its franchise and increase its revenue; and the risks that are included in its filings with the Securities and Exchange Commission (the "SEC") from time to time, including its annual reports on Form 10-K and quarterly reports on Form 10-Q filed, or to be filed, with the SEC. You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those expressed or implied in the forward-looking statements as a result of such risks and uncertainties. All forward-looking statements in this press release are based on management's beliefs and assumptions and on information currently available to Snail, and Snail does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
About Snail, Inc.
Snail, Inc. (NASDAQ:SNAL) is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs, and mobile devices. For more information, please visit: https://snail.com/.Investor Contact:
John Yi and Steven ShinmachiGateway Group, Inc.949-574-3860[email protected]
Snail, Inc. and SubsidiariesConsolidated Balance Sheets as of December 31, 2025 and 2024
December 31, 2025
December 31, 2024
ASSETS
Current Assets:
Cash and cash equivalents
$
8,568,164
$
7,303,944
Restricted cash and cash equivalents
187,000
—
Accounts receivable, net of allowances for credit losses of $523,500 as of December 31, 2025 and 2024
12,528,347
9,814,822
Accounts receivable, related party
—
2,336,274
Loan and interest receivable, related party
107,759
105,759
Prepaid expenses, related party
2,700,474
2,521,291
Prepaid expenses and other current assets
2,232,485
1,846,024
Prepaid taxes
4,734,007
7,318,424
Total current assets
31,058,236
31,246,538
Restricted cash and cash equivalents, net of current portion
1,748,000
935,000
Accounts receivable, related party, net of current portion
—
1,500,592
Prepaid expenses, related party, net of current portion
8,282,974
9,378,594
Property and equipment, net
4,146,175
4,378,352
Intangible assets, net
3,827,927
973,914
Intangible assets, net, related party
4,916,667
—
Deferred income taxes
—
10,817,112
Other noncurrent assets, net
604,793
1,683,932
Operating lease right-of-use assets, net
4,722,366
1,279,330
Total assets
$
59,307,138
$
62,193,364
LIABILITIES, NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY (DEFICIT)
Current Liabilities:
Accounts payable
$
5,506,332
$
4,656,367
Accounts payable, related parties
20,067,013
15,383,171
Accrued expenses and other liabilities
3,364,150
4,499,280
Interest payable, related parties
527,770
527,770
Revolving loan
—
3,000,000
Convertible notes at fair value
3,842,189
—
Current portion of long-term debt
1,305,880
2,722,548
Current portion of deferred revenue
14,799,840
3,947,559
Current portion of operating lease liabilities
393,448
1,444,385
Total current liabilities
49,806,622
36,181,080
Accrued expenses
468,106
265,251
Revolving loan
5,000,000
—
Long-term debt, net of current portion
4,292,538
—
Deferred revenue, net of current portion
17,282,685
21,519,888
Operating lease liabilities, net of current portion
4,336,240
57,983
Total liabilities
81,186,191
58,024,202
Commitments and contingencies
Stockholders' Equity (Deficit):
Class A common stock, $0.0001 par value, 500,000,000 shares authorized; 10,382,336 shares issued and 9,032,061 shares outstanding as of December 31, 2025, and 9,626,070 shares issued and 8,275,795 shares outstanding as of December 31, 2024
1,038
962
Class B common stock, $0.0001 par value, 100,000,000 shares authorized; 28,748,580 shares issued and outstanding as of December 31, 2025 and December 31, 2024
2,875
2,875
Additional paid-in capital
26,923,115
25,738,082
Accumulated other comprehensive loss
(275,049
)
(279,457
)
Accumulated deficit
(39,352,510
)
(12,117,385
)
Treasury stock at cost (1,350,275 shares as of December 31, 2025 and 2024)
(3,671,806
)
(3,671,806
)
Total Snail, Inc. equity (deficit)
(16,372,337
)
9,673,271
Noncontrolling interests
(5,506,716
)
(5,504,109
)
Total stockholders' equity (deficit)
(21,879,053
)
4,169,162
Total liabilities, noncontrolling interests and stockholders' equity (deficit)
$
59,307,138
$
62,193,364
Snail, Inc. and SubsidiariesConsolidated Statements of Operations and Comprehensive Income (Loss) for the Years Ended December 31, 2025 and 2024
Three months endedDecember 31,
Years endedDecember 31,
2025
2024
2025
2024
Revenues, net
$
25,109,473
$
26,214,296
$
81,225,622
$
84,467,047
Cost of revenues
15,495,477
14,866,526
58,794,947
54,236,342
