Company expands global footprint with largest acquisition to date
SINGAPORE: Winking Studios Limited (AIM / SGX: WKS), a leading global AAA game art outsourcing and development company, reported a 27.3% year-on-year revenue increase to US$19.4 million for the six months ended June 30, 2025, driven by resilient demand and strategic expansion.
Gross profit rose 38.2% to US$5.9 million, with gross margin improving to 30.2% from 27.9% in 1H2024. Adjusted EBITDA climbed 17.9% to US$2.41 million, while net profit reached US$1.1 million, up 21.1% from the prior-year period.
The Group maintained a strong balance sheet with US$27.1 million in cash and zero debt as of June 30, 2025.
In April, Winking Studios completed its largest acquisition to date—Shanghai Mineloader Digital Technology Co., Ltd.—a top-tier Asian game art outsourcing and development studio. The acquisition strengthens the Group’s capabilities in AAA console game art and accelerates its expansion into Western markets.
“Our first-half performance reflects robust demand and disciplined execution of our M&A strategy,” said Johnny Jan, Executive Director and CEO. “Mineloader adds scale and deepens our presence in Western markets as we pursue further acquisitions.”
The Group also announced the upcoming launch of Vertic Studios, a premium art production brand, in 2H2025. Headcount increased from 1,312 to 1,405 by July 31, 2025, supporting expanded production capacity across Southeast Asia.
Indicative artist bookings totaled US$49.4 million over the next 24 months, with US$18.4 million expected to be recognized in 2H2025.
With a healthy pipeline, strong cash reserves, and no debt, Winking Studios plans to continue executing its M&A strategy, including establishing a UK office to support long-term international growth.