Streamplay Doubles Income with Noodlecake Boost, Eyes $10M Run Rate
Streamplay Studio’s FY25 preliminary results reveal a striking 121% income surge, driven by the strategic acquisition of North American game studio Noodlecake, positioning the company for a $10 million annual income trajectory.
- Total income jumps 121% to $7.2 million in FY25
- Noodlecake acquisition contributes $2.9 million in six months
- Gross profit margin improves sharply to 34%
- Positive EBITDA of $131,000 despite net loss after tax
- Strong cash position of $7.7 million post-acquisition
A Transformative Year for Streamplay
Streamplay Studio Limited (ASX, SP8) has unveiled a compelling preliminary financial report for FY25, showcasing a remarkable 121% increase in total income to $7.2 million. This leap is largely attributed to the acquisition of North American indie game studio Noodlecake, completed on 1 January 2025, which contributed nearly $3 million in revenue within just six months of integration.
The acquisition has not only expanded Streamplay’s portfolio with over 60 published titles but also significantly enhanced its footprint in Tier 1 markets, including North America. The company’s Chairman, Bert Mondello, highlighted this milestone as a genuine inflection point, emphasizing the trajectory towards a $10 million annual income when factoring in a full year of Noodlecake’s performance.
Financial Performance and Profitability Signals
Beyond top-line growth, Streamplay improved its gross profit margin to 34%, a substantial increase from 20% in the previous year, reflecting operational efficiencies and a more profitable revenue mix. Despite reporting a net loss after tax of $1.82 million, driven by increased investments in development, staff, and integration costs, the company achieved a positive EBITDA of $131,000. When adjusted to include a full year of Noodlecake’s results, EBITDA rises to $371,000, signaling a promising path toward sustainable profitability.
Operating revenue surged 201% to $5.4 million, fueled by Noodlecake’s storefront sales and subscriptions, alongside growth in emerging markets such as the UAE and American Samoa. Other income streams, including R&D tax credits and gains on digital asset disposals, further bolstered the financials.
Strategic Growth and Market Expansion
Streamplay’s operational highlights include the launch of new game titles like Super Flappy Golf and Ultimate Chicken Horse, with a robust pipeline featuring Winter Burrow and Flick Shot Rogues, which are gaining traction among gaming communities. The company also secured a new licensing agreement with Amazon, enhancing its development funding opportunities and reinforcing existing Tier 1 partnerships.
Geographically, Streamplay is expanding its presence across the Middle East, Africa, and the Pacific, with revenues in these regions rising 43% to $2.6 million. This diversification supports the company’s strategy to leverage global markets and telco-aligned services, positioning it well for future growth.
Cash Position and Outlook
Despite the $5.4 million outlay for the Noodlecake acquisition, Streamplay ended FY25 with a solid cash balance of $7.7 million, down from $14.3 million the previous year but sufficient to support ongoing investments and operational needs. The company returned to positive operating cash flow and profitability in the final quarter of FY25, underscoring its improving financial health.
Looking ahead, Streamplay anticipates further revenue growth driven by development funding milestones, additional telco launches, and new game publishing opportunities. The integration of Noodlecake and expanded licensing agreements, including with Amazon, are expected to underpin a strong FY26 performance.
Bottom Line?
Streamplay’s FY25 results mark a pivotal step toward profitability, with the Noodlecake acquisition setting the stage for accelerated growth in FY26.
Questions in the middle?
- How will Streamplay sustain EBITDA growth as Noodlecake’s full-year impact unfolds?
- What are the risks associated with increased development and integration costs?
- How significant will new licensing deals, especially with Amazon, be for revenue diversification?
