Noodlecake Gives Streamplay a Bigger Stage in FY26

Noodlecake lifts revenue to A$13.80 million

Streamplay Studio Limited (ASX:SP8) more than doubled FY26 revenue as its Noodlecake Studios business made a full-year contribution, with sales reaching A$13.80 million from A$5.45 million a year earlier. Canada supplied A$11.48 million of that total, compared with A$2.87 million in FY25, while revenue from the Middle East and Africa was A$1.71 million and Asia Pacific contributed A$613,834.

The group still reported a statutory loss after tax of A$2.05 million, although that was an improvement on the A$2.77 million loss in FY25. The loss per share narrowed to 0.16 cents from 0.23 cents. Streamplay said it recorded positive FY26 EBITDA and five consecutive cash-flow-positive quarters, but the audited accounts remain loss-making and include A$1.38 million of share-based payment expense.

Cash generation improves while the balance falls

Operating cash flow swung to a A$2.15 million inflow from a A$1.05 million outflow in FY25, helped by customer receipts of A$9.55 million. That improvement did not prevent cash from falling to A$5.65 million at 30 June 2026 from A$7.73 million, as Streamplay spent A$2.31 million on intangible assets and paid A$1.79 million of deferred consideration linked to the Noodlecake acquisition.

Net assets declined to A$12.11 million from A$13.19 million, while working capital fell to A$4.00 million from A$5.70 million. The directors said the group had no material debt obligations and believed its forecasts supported continued operation as a going concern. Goodwill of A$3.58 million related to Noodlecake was not impaired, based on a value-in-use assessment using a 16.8% post-tax discount rate and 2.5% terminal growth rate.

Publishing pipeline expands across platforms

Noodlecake entered FY27 with more than 60 published titles and over 270 million lifetime downloads across mobile, PC and console. Winter Burrow launched globally on Steam, Xbox and Nintendo Switch during FY26, while Flappy Golf Party and Ultimate Chicken Horse launched day-one on Amazon Luna GameNight. The group also signed larger-scale publishing agreements for Tiebreakers and Project DS, and completed Golden Lap and KAMI 2 ahead of their post-year-end launches.

Alongside publishing, Streamplay continued operating Playstream and ArcadeX across Pacific and MEA markets. The company said its operator footprint expanded into North America after the post-year-end commercial launch of Playstream in Canada, with further integrations in Africa, North America and Europe completed after balance date. The model combines direct game sales and publishing with recurring telco and platform revenue, although the accounts show that approximately 35% of external revenue came through three major storefront and platform counterparties.

Performance rights add a further equity consideration

Shareholders approved 125 million performance rights for directors during the year, with market-capitalisation hurdles ranging from A$30 million to A$60 million and revenue hurdles extending through FY28. The Class D rights linked to FY26 revenue carry a full-vesting threshold of A$15 million; reported revenue of A$13.80 million was below that level, with the terms providing for pro-rata vesting between A$10 million and A$15 million.

Streamplay also issued 100 million unlisted options to a corporate adviser, exercisable at A$0.015 and expiring in April 2029. After year-end, it issued a further 11.04 million shares to employees and consultants in lieu of bonuses and fees. Those instruments do not immediately translate into ordinary shares in every case, but they are part of the capital structure investors will need to track as the publishing pipeline is converted into recurring revenue.