PlaySide Studios (PLY) H2 2024 earnings summary

Executive summary

• Achieved record revenue of $64.6m in FY24, up 68% year-over-year from $38.4m.

• EBITDA reached $17.5m, reversing a prior year loss of $1.7m; NPAT was $11.3m with EPS of 2.8 cents.

• Net operating cash flow was $18.1m, with a closing net cash balance of $37.1m.

• Largest games development studio in Australia, with 360 staff and over 70 titles developed.

Financial highlights

• Original IP revenue doubled to $30.3m (+103% year-over-year); Work for Hire revenue rose 46% to $34.3m.

• Cash conversion was strong at 96% of EBITDA.

• Five-year revenue CAGR of 67%.

• Headcount increased to 351 by year-end.

Outlook and guidance

• Major PC/Console titles progressing toward launch, including Kill Knight (Oct 2024) and MOUSE (CY2025).

• Continued investment in MOUSE and significant marketing initiatives planned.

• FY25 guidance to be provided at the AGM in October.