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Singapore-headquartered Winking Studios (AIM/SGX: WKS), a leading AAA game art outsourcing and development firm, reported strong first-half results for 2025, underscoring resilience in the global gaming sector. A one-of-a-kind company on the SGX which listed on Catalist in 2023, Winking specializes in creating high-quality, premium video game content. |
Below are key 1HFY2025 financial metrics of Winking which, by the way, is 64.2% owned by Acer Group, a stake achieved through a combination of its pre-IPO stake, an investment during the 2023 IPO, and share acquisitions in 2024 and during the 2024 AIM listing:
|
US$’m, unless stated |
1H2025 |
1H2024 |
Change (%) |
|
Revenue |
19.4 |
15.2 |
+27.3 |
|
Gross Profit |
5.9 |
4.2 |
+38.2 |
|
Gross Margin (%) |
30.2 |
27.9 |
+2.3 pp |
|
Adjusted EBITDA |
2.4 |
2.1 |
+17.9 |
|
Adjusted EBITDA Margin (%) |
12.6 |
13.6 |
-1.0 pp |
|
EBITDA |
2.2 |
1.8 |
+18.3 |
|
Adjusted Net Profit |
1.4 |
1.1 |
+21.1 |
|
Net Profit |
0.9 |
0.9 |
+2.0 |
|
Cash & Equivalents + Bonds |
27.1 |
41.3 |
-34.4 |
|
Debt |
0 |
0 |
- |
Net profit edged up 2% to US$0.9 million, while adjusted net profit grew 21.1% to US$1.4 million, highlighting underlying strength after one-off expenses like share-based compensation and fees related to its Nov 2024 listing on AIM.
Segment-wise,
| • Art outsourcing—82.1% of revenue. This segment grew 25.9% to US$15.9 million on orders from China, the US, and Malaysia. (In this segment, Winking is delegated tasks involved in creating visual and artistic components of video games) • Game development jumped 36.8% to US$3.4 million, driven by demand in China and Australia. • Global publishing and other services dipped 33.3% to US$0.07 million, a minor segment. |
Geographically, Mainland China and Hong Kong led at 39.1% of revenue (up from 33%), but diversification efforts shone through with US revenue up 53.2% to US$2.9 million.
The company ended the period debt-free with US$27.1 million in cash and bonds, down from US$41.3 million due to the Mineloader deal, supporting further M&A.
CEO Johnny Jan emphasized M&A as a growth engine, noting ongoing talks in the UK and Europe.
Headcount expanded from 1,312 to 1,405 by July, with plans for Vertic Studios—a high-end art brand—in 2H2025.
A US$49.4 million project pipeline over 24 months (US$18.4 million for 2H2025) signals confidence, backed by involvement in 12 of Tencent's "evergreen" titles and next-gen consoles like Switch 2.
Outsourcing trends, post-COVID efficiencies, and AI exploration position Winking well, though rising administrative costs (up 57.9% to US$4.3 million) from acquisitions are a concern. |
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See Winking Studio's PowerPoint deck here.