0001493152-26-011617
SEC filingSnail, Inc. (SNAL) reported net revenues of $81.2 million for fiscal year 2025 ended December 31, 2025, primarily driven by its flagship ARK franchise, which has achieved over 108.6 million console and PC installs through year-end. Gross profit was $22.4 million after cost of revenues of $58.8 million. Operating expenses totaled $39.7 million, including general and administrative expenses of $18.1 million, research and development of $14.6 million, advertising and marketing of $5.2 million, depreciation of $248K, and impairment expenses of $1.5 million, resulting in an operating loss of $17.3 million. Other income net was $714K, but a $10.7 million provision for income taxes contributed to a net loss attributable to Snail, Inc. of $27.2 million, or -$1 per basic and diluted share on 37.4 million weighted-average shares. Total assets stood at $59.3 million, with cash and equivalents at $8.6 million. Total liabilities were $81.2 million, yielding a stockholders' equity deficit of $21.9 million. Operating cash flow used $1.2 million, investing activities used $5.3 million, and financing provided $8.7 million, for a net cash increase of $2.3 million, ending with $16.3 million in cash and restricted cash. The company continues to invest in software and licenses, including ARK: Survival Ascended DLC launched in 2025, which ranked in Steam's top 100.
Snail, Inc. recorded net revenues of $81.2 million for FY 2025 ended December 31, 2025. Gross profit was $22.4 million following $58.8 million in cost of revenues. Total operating expenses amounted to $39.7 million, comprising $18.1 million in general and administrative, $14.6 million in research and development, $5.2 million in advertising and marketing, $248K in depreciation, and $1.5 million in impairment expenses. This resulted in an operating loss of $17.3 million. Other income (expense), net was $714K, including $1.4 million interest income and $660K interest expense. Income before taxes was -$16.5 million, with a $10.7 million provision for income taxes leading to a net loss attributable to Snail, Inc. of $27.2 million. Basic and diluted loss per share was -$1 on 37.4 million weighted-average shares.
The flagship ARK franchise generates the substantial majority of revenues, with over 108.6 million console and PC installs through December 31, 2025. ARK: Survival Ascended ranked in the top 100 on Steam in 2025, following the launch of ARK: Lost Colony DLC. No detailed segment revenue breakdown is provided.
Gross profit was $22.4 million on $81.2 million revenues. Operating expenses exceeded gross profit, driving the $17.3 million operating loss. Key costs included elevated R&D and G&A. Impairments totaled $1.5 million.
Net cash used in operating activities was $1.2 million, adjusted for non-cash items like $10.8 million deferred taxes, $1.5 million impairments, and working capital changes. Investing activities used $5.3 million, mainly on software licenses ($4.1M) and other software ($1.1M+). Financing provided $8.7 million, including $6.0M from convertible notes and $3.5M term loan borrowings, offset by repayments. Net cash increased $2.3 million to $16.3 million (cash + restricted). Total assets: $59.3 million (current $31.1M, including $8.6M cash). Liabilities: $81.2 million (current $49.8M). Stockholders' equity deficit: -$21.9 million.
The company focuses on high-quality entertainment via premium games on consoles, PCs, and mobile. Expertise in online multiplayer monetization supports the ARK portfolio across platforms. Risks include those detailed in Item 1A.