Winking Studios (LSE:WKS) reported robust full-year 2025 results, with revenue climbing 42.6% to US$45.5 million, supported by the successful integration of its Mineloader acquisition alongside a recovery in underlying business activity. Organic revenue growth reached 8.6%, while gross profit increased 43.2% with margins remaining broadly steady. Adjusted EBITDA rose 13.2%, reflecting continued profitability despite higher costs associated with its market listing and expanded operations.
The company significantly increased its involvement in AAA game projects, expanding the number of titles supported from 14 to 117 during the year. It also established Vertic Studios in Southeast Asia, a new unit dedicated to premium English-language AAA art production. Revenue diversification improved notably, with U.S. sales more than doubling while China and Hong Kong continued to represent the largest regional markets. Supported by a stronger balance sheet, rising bookings, and plans to develop a Western operational base, Winking Studios aims to benefit from a recovery in global demand for outsourced game development services.
More about Winking Studios Limited
Winking Studios Limited, listed in both London and Singapore, is a global provider of AAA game art outsourcing and game development services to the international gaming industry. Operating across Art Outsourcing, Game Development, and Global Publishing & Other Services segments, the company runs 13 studios throughout Greater China and Southeast Asia and employs more than 1,400 staff, delivering end-to-end production support for many of the world’s leading game publishers and developers.
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