Winking Studios flags revenue jump and higher EBITDA for FY2025

Acquisition lifts growth ahead of February results.

Winking Studios Limited said it expects FY 2025 revenue to rise by at least 40% from FY 2024, with adjusted EBITDA also forecast to increase.

The company said revenue growth exceeded current market expectations based on a preliminary review of its unaudited financial statements.

The group said FY 2025 revenue growth was driven mainly by the acquisition of Shanghai Mineloader Digital Technology in April, alongside mid-to-high single-digit organic growth across its other studios.

FY 2024 revenue stood at US$31.9m, while consensus market expectations for FY 2025 revenue were US$43.6m.

Adjusted EBITDA for FY 2025 is expected to be between 7% and 13% higher than FY 2024’s adjusted EBITDA of US$4.8m, the company said.

Winking Studios noted that adjusted EBITDA excludes items such as share-based compensation expenses, foreign exchange movements, and acquisition and integration costs.

The group said indicative artist bookings totalled at least US$48.6m as at 31 Dec. 2025, with about US$34.6m expected to be recognised as revenue in FY 2026, subject to customer confirmation.

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