Ten Square Games (TEN) Q2 2025 earnings summary

Executive summary

• Q2 2025 focused on executing a data-driven strategic plan, with product transformation, iteration-based improvements, and a shift to systematic processes, resulting in measurable improvements in bookings and player segmentation.

• Bookings in Q2 2025 were PLN 81.4M, down 10% quarter-over-quarter, mainly due to reduced user acquisition and extensive A/B testing.

• Adjusted EBITDA for Q2 2025 was PLN 27M, down 11.4% quarter-over-quarter but up 5% year-over-year; net profit was PLN 20M, down 27.4% quarter-over-quarter but up 18.7% year-over-year for H1.

• New games, Wings of Heroes and Trophy Hunter, were launched and scaled, with Trophy Hunter showing exceptional early KPIs and high player satisfaction.

• A record dividend of PLN 100M was paid in June 2025, bringing total distributions since IPO to PLN 485M.

Financial highlights

• Revenues from sales in Q2 2025 were PLN 84.4M, with a gross profit margin of 82%.

• Operating cash flow in Q2 2025 was PLN 26.3M, with cash and cash equivalents at PLN 83.4M after major outflows.

• Adjusted EBITDA margin in Q2 2025 was 32%, and net profit margin was 24%.

• Total assets at period end were PLN 335.8M, down from PLN 416.8M at year-end 2024.

• Gross margin improved to 83.5% year-over-year.

Outlook and guidance

• Management expects continued pressure on bookings but aims to maintain profitability through cost discipline and ongoing product iterations.

• Marketing spend is expected to increase in Q3 and Q4, especially for Wings of Heroes and Trophy Hunter, as A/B testing concludes.

• Preliminary Q3 revenue will be announced in October, with the final Q3 report in November.

• New incentive programs for 2025–2029 target cumulative Adjusted EBITDA of PLN 438M.