Ten Square Games (TEN) Q1 2026 earnings summary

Executive summary

• Payments reached PLN 98.4m in Q1 2026, up 3% quarter-over-quarter and 9% year-over-year, driven by growth in Trophy Hunter and Wings of Heroes, while core titles Fishing Clash and Hunting Clash stabilized.

• Operating profit rose 23.3% sequentially to PLN 14.5m, adjusted EBITDA increased 1.9% to PLN 18.9m, and net profit grew 16% to PLN 13.6m quarter-over-quarter.

• Strategic focus remained on scaling new titles, iterative product development, and expanding direct-to-consumer (D2C) channels.

Financial highlights

• Q1 2026 revenue: PLN 98.6m (Q1 2025: PLN 96.7m); net profit: PLN 13.6m (Q1 2025: PLN 27.5m).

• Adjusted EBITDA: PLN 18.9m, up 1.9% quarter-over-quarter; operating profit: PLN 14.5m, up 23.3% quarter-over-quarter.

• Basic EPS: PLN 2.10 (Q1 2025: PLN 4.24); diluted EPS: PLN 2.14.

• Operating cash flow: PLN 19.2m; cash and equivalents at period end: PLN 137.2m.

Outlook and guidance

• Key drivers for upcoming quarters include performance of core titles, scaling of Trophy Hunter and Wings of Heroes, and adoption of D2C channels.

• Launch of Medal Hunter in H2 2026 could significantly impact results if KPIs are met.

• Geopolitical risks, marketing spend efficiency, and platform policy changes remain critical factors.