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We are one of the Largest Game Art Outsourcing and Game Development Studios in the World
Headquartered in Singapore, the Group has 12 studios across Kuala Lumpur, Taipei, Shanghai, Nanjing and Suzhou, providing end-to-end art outsourcing and game development services for the global gaming industry.
With established, long-standing collaborations with a global customer base that includes 22 of the top 25 game publishers in the world, Winking Studios is embarking on our global ambitions via a proactive M&A strategy.
Our Partners
Financial Highlights
Extracted from Annual Report (dated 7 April 2025)
Demand for services remained strong in FY2024
- Revenue
- US$31.9M
- +11.2% before FX
- Excluding the basis of constant currency, revenue growth would be 8.9%
Resilient operating performance
- Adjusted EBITDA
- US$4.8M
- Includes ongoing listing expenses (SGX) and distribution and marketing costs of U$1.2m not incurred in FY2023
Strong Focus & Niche
- Manpower Usage
- 85.9%
- Our Manpower Usage for Games with Online Connectivity (such as Mobile, Console and PC)
High repeat revenues from follow-up projects
- Follow-Up projects
- ~41%
- Percentage of Revenue from Follow-Up status projects
Strong project pipeline
- Indicative bookings
- US$35.8M
- Indicative bookings of our artists by customers over next 24 months (from 31 December 2024), subject to changes depending on the final confirmation from customers
Robust investor support driving global growth ambitions
- Total proceeds raised in FY2024
- US$29.9M
- US$19.9m (or S$27.0m at S$0.25 per share) in Singapore,
- US$10.0m (or £7.9m at 15 pence per share) via dual listing on LSE
Accelerating M&A strategy
- M&A
- 2 Acquisitions
- On Point Creative in Taipei in April 2024, Pixelline in Kuala Lumpur in June 2024
Prudent financial approach with a healthy cash position
- Cash and cash equivalents and bond investments
- US$41.3M
- and zero borrowings as of 31 December 2024
