Ten Square Games records $7.4m profit despite drop in bookings

Ten Square Games recorded a net profit of PLN 27.5 million ($7.4m) as bookings reached PLN 90.5m ($24.3m) to reflect a 9.5% quarter-on-quarter decline. 

That's according to the company's Q1 2025 financials, which showed that user acquisition cost decreased by 31.1% quarter-on-quarter to PLN 15.6m ($4.2m). 

The company's cash and cash equivalents balance stood at PLN 172.4m ($46m) at the end of Q1 2025, reflecting growth in cash over recent quarters. 

This is further supported by an operating cash flow of PLN 30m ($8m) in Q1 2025. Despite modest investing and financing outflows, net cash flow remained positive in the same quarter at PLN 28.4m ($7.6m). 

As a result of this cost management, adjusted EBITDA increased to PLN 30.5m ($8.2m), representing a 7.5% rise from the previous quarter and a 11.0% year-over-year increase.

Games growth 

The TSG Store has also grown, reaching a 19.1% share of the Group’s bookings by March 2025. This increase is driven by contributions from Fishing Clash and Hunting Clash.

The developer stated that Fishing Clash surpassed its 25% target, reaching a 26.1% share in March 2025, while Hunting Clash also grew to a 17.5% share. 

The recent US federal court ruling against Apple’s monopolistic practices now allows TSG to promote its store directly to iOS users, further boosting its growth potential.

Continued push

General and administrative costs also decreased by 5.1% to PLN 6.4 million ($1.7 million), primarily due to lower costs associated with subsidiaries and office rentals.

The Polish developer said it may see an additional positive impact on its results from the potential release of a PLN 12.5m ($3.3m) tax provision. The tax control process has been extended until July 30th, 2025.