Winking Studios flags sharp increase in revenue, higher earnings
By Josh White
Date: Friday 30 Jan 2026
(Sharecast News) - Winking Studios said in an update on Friday that it expected to report a sharp increase in revenue and higher earnings for the year ended 31 December, supported by an acquisition and continued organic growth across its studios.
The AIM- and SGX-listed game art outsourcing and development group said revenue for 2025 was expected to be at least 40% higher than the $31.9m reported in the 2024 financial year, marginally ahead of current market expectations.
It said the improvement was driven primarily by the acquisition of Shanghai Mineloader Digital Technology in April, alongside mid- to high-single-digit organic growth from the rest of the business.
Adjusted EBITDA for the year was expected to increase by between 7% and 13% compared with 2024's adjusted EBITDA of $4.8m, reflecting the higher revenue base and continued investment in production capacity and capabilities across southeast Asia.
During the year, the group also launched Vertic Studios, its high-end art production brand, as part of its strategic expansion and consolidation programme.
Winking Studios said its balance sheet remained healthy and that it continued to focus on strengthening its core platform in Asia, pursuing disciplined mergers and acquisitions, and building a stronger commercial presence in Western markets.
As at 31 December, indicative artist bookings totalled at least $48.6m over the next 24 months, subject to final customer confirmation.
Of that, around $34.6m was expected to be recognised as revenue in 2026, providing strong visibility into the next financial year.
The company said further details would be provided with the release of its unaudited 2025 results, which were scheduled for publication on 27 February.
At 1112 GMT, shares in Winking Studios were up 10.83% at 13.3p.
Reporting by Josh White for Sharecast.com.
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