Video games developer tinyBuild (AIM: TBLD) has once again said that trading will be ahead of expectations for FY2026 following the success of recent game launches.
The business
Founded in 2013, tinyBuild is a leading premium AA-rated and indie video games publisher and developer. The company has a strong portfolio of over 90 titles and it strategically secures access to IP and partners with developers to establish a stable platform on which to build multi-game and multimedia franchises. Some of its titles include: Probably Stolen, a cyberpunk shopkeeping simulator set in a dystopian space station; Last Harbor, a zombie apocalypse set on a boat; and the long-running horror series Hello Neighbor.
Headquartered in Bellevue, Washington, USA, the company has key operations worldwide, with employees, contractors or partners in multiple locations across five continents. The medium-term strategy is to expand its position as a leading global video games developer and publisher, focussing on IP ownership while creating long-term scalable franchises across multiple media formats.
tinyBuild listed on AIM in March 2021, raising £36 million for a market cap of £154.4 million. In the past few years the firm has been affected by the wider challenging conditions in the video game industry. It had a particularly tough time in 2023 when it posted an operating loss of $63.8 million as a result of $48.1 million of impairment charges, and a $3.5 million one-off legal settlement alongside lower revenues and higher costs. However, the firm seems to be bouncing back, with FY2025 results ahead of expectations and recent H1 numbers showing revenues up by 18% to $20 million following a strong catalogue performance and new launches.
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Trading update
tinyBuild said that a series of record-setting launches have been seen recently, including ReStory, Probably Stolen and Graveyard Keeper 2, making a strong contribution to the second-half of the financial year.
ReStory: Chill Electronics Repairs, the electronics repair shop simulator released on 6th August, reached 500,000 copies sold in just over a month and attracted a peak of more than 19,000 concurrent players on gaming platform Steam.
Graveyard Keeper 2 was released on 22nd September, sold more than 500,000 copies in two days, and reached a peak of more than 60,000 concurrent players on Steam.
Probably Stolen, the cyberpunk shopkeeping simulator, launched on 28th October, and has already sold over one million copies. The game has attracted a peak of more than 180,000 concurrent players on Steam.
These releases build on the contribution from other new games launched during FY2026 such as Hozy, ALL WILL FALL, and SAND, adding to a strong performance from catalogue titles such as Hello Neighbor and Graveyard Keeper.
The positive momentum is also translating into a strong performance in terms of wishlists, an important indicator for future sales. Upcoming title Kingmakers is now #8 on Steam’s Most Wishlisted Games chart out of a total 3,999 titles. Other upcoming games also have high rankings, including The Lift #82, Streets of Rogue 2 #83 and Last Harbor #99.
Steam top 10 wishlist games. Source: Steam as at 12th November 2026
Outlook
The pipeline for 2026 and beyond is said to be strong, including a number of larger-budget, high-potential games alongside continuous investment in the catalogue such as updates, downloadable content and platform launches. While the company flagged caution over the uncertain macroeconomic situation, it now expects to deliver revenue of $54-56 million and adjusted EBITDA of $7-8 million for 2026, ahead of current market expectations.
tinyBuild one year share price chart
Comment
tinyBuild is really building momentum, having announced a string of profit upgrades over the past year. Revenue for the full year is now set to be around 55% ahead of FY2025 at the mid-range of forecasts, with adjusted EBITDA ahead by 34% on the same basis. As expected, the second half has been much stronger than the first as a result of the timing of the new release schedule, with H2 revenues (at the mid-range) 75% ahead of H1 and adjusted EBITDA up 34%.
Looking to next year, the war-torn, medieval-themed third-person shooter Kingmakers looks set to be a potential hit, having a high position in the Steam wishlist despite no confirmed release date and having been delayed. Excitement for the game, which combines modern vehicles and warfare interspersed with medieval knights, has built following a 12-minute Gameplay Deep Dive by the company in September.
tinyBuild shares are down by 3.85% to 12.5p despite the positive update, capitalising the business at £49.2 million. Considering the FY2026 mid-range forecasts and net cash of $4.7 million (£3.5 million) as at 30th June 2026, the company is being valued on an EV/EBITDA multiple of 8.1 times.
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Disclosures
tinybuild is not a corporate client of Optimo Research Ltd.
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