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- FY25 scale-up driven by Mineloader and organic recovery. <\/strong>Winking Studios\u2019 FY25 revenue rose 42.6% YoY to US$45.5mn, supported by Mineloader\u2019s US$11.4mn contribution and a rebound in organic momentum in 2H25. Gross profit increased 43.2% YoY to US$13.5mn, while gross margin remained stable at 29.8%.<\/li>\n<\/ul>\n\n\n\n
\n\n\n\nFY25 Financials Review<\/h2>\n\n\n\n
FY25 revenue rose 42.6% YoY to US$45.5mn, driven by Mineloader (US$11.4mn over 9 months) and organic recovery in 2H25. Gross margin held stable at 29.8%; Adjusted EBITDA rose 13.2% to US$5.4mn. Reported net profit of US$0.3mn. Final dividend maintained at SG$0.024 cents per share.<\/p>\n\n\n\n
\u00a0<\/div>\n\n\n\nPC and Console Recovery Supports Mid-Term Outsourcing Demand<\/h2>\n\n\n\n
The PC and console market is entering a new expansion phase after the post-2020 slowdown, with Newzoo forecasting global PC and console software revenue to rise from US$82.4bn in 2025F to US$103.7bn by 2028F. Growth is expected to be led by PC and console revenue CAGRs of 6.6% and 4.4% respectively over 2025-2028F, supported by premium releases, higher production values and rising visual complexity. Together with BCG\u2019s view that the broader gaming market is recovering, with industry revenue projected to reach US$350bn by 2030 and 55% of surveyed gamers reporting increased playtime, this reinforces demand for scaled art-outsourcing partners. Winking\u2019s strengthened AAA capabilities, Vertic Studios launch and North American expansion through Ampera position the Group to capture this recovery.<\/p>\n\n\n\n
\u00a0<\/div>\n\n\n\nValuation & Action<\/h2>\n\n\n\n
We maintain an OUTPERFORM<\/strong> rating with a revised target price of S$0.304<\/strong>, based on a DCF valuation with a terminal growth rate of 2.0% and a cost of equity of 7.21%. This represents 32.1% upside from the current share price of S$0.23. The revised target price reflects the updated operating assumptions following FY25 results and an enlarged diluted share base after incorporating the additional 10.0mn Ampera consideration shares. The separate up-to-35.0mn Ampera incentive share arrangement is excluded from our base-case share count as issuance remains contingent on long-term adjusted EBITDA and VWAP performance targets.<\/p>\n\n\n\n
\u00a0<\/div>\n\n\n\nRisks<\/h2>\n\n\n\n
Exposure to USD\/SGD exchange rate fluctuations, integration challenges from acquisitions, margin pressure from price-sensitive customers, slower-than-expected conversion of indicative bookings, and potential future share dilution from performance-linked share issuances.\u00a0<\/p>\n\n\n\n
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FY25 scale-up driven by Mineloader and organic recovery. Winking Studios’ FY25 revenue rose 42.6% YoY to US$45.5mn, supported by Mineloader’s US$11.4mn contribution and a rebound in organic momentum in 2H25. Gross profit increased 43.2% YoY to US$13.5mn, while gross margin remained stable at 29.8%.<\/p>\n","protected":false},"author":1,"featured_media":43355,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_uag_custom_page_level_css":"","footnotes":""},"categories":[14],"tags":[],"class_list":["post-89544","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-reports"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t