Streamplay’s Heavy Investment in Noodlecake Integration Tests Cash Reserves

Integration Success Drives Revenue Growth

Streamplay Studio Limited (ASX: SP8) has delivered a standout quarterly performance for the period ending 31 March 2025, marked by an 827% jump in customer receipts to A$1.65 million. This surge is largely attributed to the successful integration of North American game developer Noodlecake Studios Ltd, acquired as a wholly owned subsidiary effective 1 January 2025.

Noodlecake’s contribution was significant, with unaudited revenue of approximately A$2.7 million and receipts of around A$1.38 million during the quarter. This performance underscores the value of the acquisition, which adds a diversified and monetized game portfolio to Streamplay’s expanding digital entertainment ecosystem.

Strong Financial Position Supports Strategic Initiatives

Streamplay closed the quarter with a solid cash balance of A$7.7 million and no debt, providing ample liquidity to support ongoing strategic initiatives. The company invested A$5.4 million in completing the Noodlecake acquisition during the quarter, reflecting a disciplined capital allocation approach.

Operational cash outflows were primarily driven by research and development, product development, and integration costs related to Noodlecake. Despite these investments, Streamplay’s financial flexibility remains robust, positioning it well for future growth opportunities.

Regional Expansion and Platform Momentum

Beyond the acquisition, Streamplay’s regional operations showed encouraging momentum. Playstream UAE generated AED 2.04 million (~A$873,000) in platform revenue, supported by a subscriber base exceeding 31,000 users. This marks the first full year of commercial operations in the UAE, highlighting the strength of Streamplay’s multi-network approach and marketing partnerships.

In the Pacific Islands, markets such as American Samoa and Tonga contributed steadily to group revenue, while Papua New Guinea experienced temporary disruptions due to telco infrastructure upgrades. Streamplay is actively resolving outstanding receivables in the region and expanding localized content offerings through partnerships with faith-based communities.

South African operations maintained steady activity, supported by MTN’s gaming promotions and ongoing adjustments to pricing strategies expected to take effect in the next quarter. These regional efforts complement Streamplay’s broader cloud gaming and digital entertainment expansion plans.

Pipeline and Product Development Highlights

Noodlecake’s game development pipeline is robust, featuring titles such as Super Flappy Golf, Ultimate Chicken Horse, Possessions, Flick Shot Rogues, and Winter Burrow. Notably, Ultimate Chicken Horse, a popular party platformer with over 36,000 'Overwhelmingly Positive' Steam reviews, is preparing for its mobile launch on iOS and Android.

Post-quarter, Noodlecake achieved a publishing milestone with the global launch of Sacre Bleu on Nintendo Switch and Steam, marking Streamplay’s first cross-platform release on console and PC since the acquisition.

Streamplay continues to invest in R&D and platform optimization, aiming to unlock synergies between its cloud gaming initiatives and Noodlecake’s publishing capabilities. The company is also exploring new markets and distribution opportunities to scale its digital entertainment footprint.

Outlook and Strategic Focus

Looking ahead, Streamplay expects to complete the launch of Paddle Arena Plus and expand Playstream’s cloud gaming catalogue in late April, broadening its commercial reach in emerging markets. The company remains committed to growing its publishing pipeline with multiple game launches scheduled across mobile, PC, and console platforms.

Further expansion in the Pacific region is planned, leveraging cost savings from the mJams platform relaunch and new commercial discussions aimed at enhancing digital entertainment services. Continued investment in content development and collaboration between Streamplay and Noodlecake will be key to unlocking additional growth opportunities.

Chairman Bert Mondello emphasised the company’s strong momentum and strategic clarity: “The team’s strong performance, combined with recovery and continued interest across markets such as the UAE, highlights the strength of our expanding portfolio. We remain focused on building on this momentum to deliver long-term shareholder value.”