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Unloved by shareholders at present...
Fifa world cup will run from June 11 to July 19, 2026. Fifa Game is one of WInking Studios customers!
https://en.wikipedia.org/wiki/2026_FIFA_World_Cup
AAA games (pronounced " Triple-A" ) are high-budget, high-profile video games typically produced by major publishers like Ubisoft, Electronic Arts (EA), or Sony. They are the gaming equivalent of Hollywood blockbusters.
From 14 to 117 titles!
https://links.sgx.com/1.0.0/corporate-announcements/JVC0P0YK917HLGCQ/27d79e75d89e89ecf83fbbbe0640b4a4d898b9d597acf33090b2e967be23580d
Read their recent announcement, really find the potential ahead. With acquisition plus SBB if it really happens, Winking Studios would be Awaking Studio.
Vested and just nibbled a bit using SRS so that I am not tempted to sell for early profits.
Vested and just nibbled a bit using SRS so that I am not tempted to sell for early profits.
Looks like they also want to do share buybacks now to push the price up.
The company officially completed the acquisition of Studios Ampera Inc. on April 1, 2026. This expands their global footprint in AAA game art outsourcing. Furthermore, they appointed Claude Bordeleau (formerly of Keywords Studios) as Chief Revenue Officer, signaling an aggressive push into Western gaming markets.
US here we come!
https://www.londonstockexchange.com/news-article/WKS/completion-of-proposed-acquisition/17531711
Winking Studios Completes Acquisition of Ampera Claude Bordeleau, formerly a senior leader of Keywords Studios, joins the Group as Chief Revenue Officer
Claude Bordeleau, formerly a senior leader of Keywords Studios, joins the Group as Chief Revenue Officer and leads the Group&rsquo s global commercial strategy across Western markets, reporting directly to Executive Director and Chief Executive Officer (Founder) Johnny Jan.
Further information on Ampera and the Proposed Acquisition are set out in the Previous Announcement: https://investor.winkingworks.com/frontend/web/index.php?r=attachment/download& id=144
From the price anomaly, seems like something is brewing. Just my hunch.
Nibbling this counter since my kids (despite grown-up liao) are still hooked on online games. Likewise my nieces and nephews even my colleagues are all hooked online. By extrapolation to the larger market, I believe the potential is there. Just need a spark (involve in some mega title) to ignite the price! Vested.
Nibbling this counter since my kids (despite grown-up liao) are still hooked on online games. Likewise my nieces and nephews even my colleagues are all hooked online. By extrapolation to the larger market, I believe the potential is there. Just need a spark (involve in some mega title) to ignite the price! Vested.
Didn' t realise this - But " As of late March, it confirmed US$48.6 million in artist bookings for the next 24 months."
https://www.investegate.co.uk/announcement/rns/winking-studios-limited--wks/fy2025-trading-update/9394795
Nice to open up to North America opportunities
Winking Studios Proposed Acquisition of North American Studio and Appointment of Gaming Industry Veteran as Chief Revenue Officer
Winking Studios Limited (AIM/SGX: WKS) has officially entered into a share purchase agreement to acquire 100% of Studios Ampera Inc., a Quebec-based art and game development studio. This acquisition serves as the Group&rsquo s initial North American platform, designed to accelerate business development and expand its footprint in Western markets.
Key Highlights
- Leadership Appointment: Upon completion, Claude Bordeleau, a veteran of Keywords Studios and founder of Volta, will join Winking Studios as Chief Revenue Officer (CRO). He will report directly to CEO Johnny Jan and lead the global commercial strategy for Western markets.
- Transaction Terms: The aggregate consideration includes CAD 525,010 in cash (approx. US$379,845) and the deferred issuance of 10 million new Ordinary Shares, subject to specific conditions.
- Growth Strategy: The deal is expected to be accretive to revenue in FY2026. To incentivize long-term growth, the Company may issue up to 35 million additional shares contingent on achieving a cumulative adjusted EBITDA of US$33 million between 2026 and 2031.
- Operational Expansion: Ampera currently operates with a team of 18 employees, all of whom will join the Group, providing immediate operational capacity and senior leadership in North America.
Strategic Rationale
" Expanding our presence in Western markets is a key strategic priority... Claude brings a strong entrepreneurial track record and deep industry relationships that will enhance our ability to deepen relationships with leading developers and publishers." &mdash Johnny Jan, Executive Director and CEO
The acquisition bridges the gap between Winking Studios' significant delivery scale in Asia and the strengthening demand for outsourcing in the West. It provides a scalable platform to enhance customer engagement and reduce concentration risk on existing clients.
About Studios Ampera Inc.
Founded in November 2025, Ampera focuses on art outsourcing and game development. The studio has already secured commercial traction and is currently engaged in active projects with several mid-to-large-scale game developers.
Game outsourcing sector is currently experiencing a massive tailwind. Industry reports for 2026 show that AAA studios are increasingly outsourcing to manage rising development costs (e.g., GTA VI' s $1B+ budget). As a leading regional player in game art and animation, Winking Studios is a primary beneficiary of this structural shift toward external development partners.
https://www.athena-productions.com/read/why-game-outsourcing-matters-in-2026-65
Industry consolidation is a major tailwind for Winking Studios, transforming it from a niche player into a global leader in the game art outsourcing market. As major publishers consolidate and streamline, they are increasingly shifting toward a lean, agile approach that relies on specialized partners like Winking to manage rising costs and complexity.
https://gameopedia.com/blogs/why-the-gaming-industry-is-spending-billions-on-consolidation
Winking Studios reported a strong full-year 2025 performance, with revenue rising 42.6% to US$45.5 million, driven by the acquisition of Mineloader and organic growth. Adjusted EBITDA grew 13.2% to US$5.4 million, the company holds a robust cash position of US$28.8 million with zero debt, and indicated bookings (revenue visibility) rose 36% year-on-year to US$48.6 million over the next 24 months. Active clients grew from 200 to over 600 since 2020. The dual-listed game art outsourcing and game development studio (SGX and London Stock Exchange) serves 22 of the top 25 global game publishers. Analysts currently hold a consensus Buy rating with a target price of S$0.39, representing ~61% upside from current levels.
https://ca.investing.com/news/company-news/winking-studios-ltd-sgxwks-full-year-2025-earnings-call-highlights-robust-revenue-growth--4485504
Preliminary Results For The Year Ended 31 December 2025
Scaling delivery and building the platform for long-term growth
Winking Studios Limited (AIM / SGX: WKS) (&ldquo Winking Studios&rdquo or the &ldquo Company&rdquo and together with its subsidiaries,
the &ldquo Group&rdquo ), one of the leading global AAA game art outsourcing studios and an established game development company, announces its unaudited full year results for the financial year ended 31 December 2025 (&ldquo FY2025&rdquo ).
Financial Summary
&bull Underlying organic revenue growth[3] was 8.6%, with momentum strengthening in second half of the year as expected.
&bull Mineloader contributed revenue of US$11.4 million following completion of the acquisition in April 2025.
Excluding this, the Group&rsquo s underlying revenue growth rate was 7.0%.
&bull Mainland China and Hong Kong[4] remained the largest revenue contributor, increasing 51.1% to US$16.7 million(FY2024: US$11.1 million).
&bull US revenue more than doubled to US$7.3 million (FY2024: US$3.5 million), driven mainly by the addition of mindloader.
WINKING STUDIOS LIMITED AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS AND FULL YEAR ENDED 31 DECEMBER 2025
&bull Repeat revenue from follow-up projects represented 32.8% of revenue (FY2024: 41.4%), reflecting the larger
mix of console projects following the Mineloader acquisition, which typically generate fewer follow-up projects.
&bull Gross profit rose in line with revenue growth, with gross margin maintained.
&bull Cash, cash equivalents and bond investments of US$28.8 million at year end, with zero debt, after completion
of the acquisition of Mineloader (31 December 2024: US$41.3 million zero debt).
Key Financial Highlights (FY2025 vs FY2024):
&bull Revenue: US$45.5 million (+42.6%)
&bull Gross Profit: US$13.5 million (+43.2%)
&bull Gross Margin: 29.8% (stable)
&bull Adjusted EBITDA: US$5.4 million (+13.2%)
&bull EBITDA: US$3.4 million (+69.2%)
&bull Adjusted Net Profit: US$3.0 million
&bull Net Cash Generated from Operations: US$5.1 million
&bull Cash & Cash Equivalents: US$27.4 million, with zero debt
Revenue growth was underpinned by:
&bull An 8.6% organic revenue increase
&bull US$11.4 million contribution from Mineloader (acquired April 2025)
&bull Mainland China & Hong Kong revenue rising 51.1% to US$16.7 million
&bull US revenue more than doubling to US$7.3 million
Strategic Highlights
&bull Successfully integrated Mineloader, one of Asia&rsquo s leading game art outsourcing and development studios, and
the Group&rsquo s largest acquisition to date (US$19.8 million), adding AAA console capability.
&bull Launched Vertic Studios, a new high-end art production brand in Southeast Asia focused solely on AAA projects,
with English-speaking teams.
&bull AAA titles worked on increased to 117 in FY2025 (FY2024: 14), supported by Mineloader and the expanded
studio network. The Group coordinated delivery on major franchises, including Ninja Gaiden.
&bull Headcount increased by 68.6% to 1,426 employees (FY2024: 846), reflecting the addition of Mineloader and
continued investment in Southeast Asia.
Outlook
&bull As at 31 December 2025, indicative artist bookings of at least US$48.6 million over the following 24 months,
with approximately US$34.6 million expected to be recognised as revenue in FY2026 (subject to final customer
confirmation).
&bull Trading in FY2026 has started in line with the Board&rsquo s expectations, with outsourcing demand exceeding earlier
expectations as the global games market enters a recovery phase, albeit with continued price sensitivity.
&bull Establishing the Group&rsquo s operational presence in Western markets remains a key priority, alongside selective
M& A.
&bull Supported by favourable long-term market drivers, good revenue visibility, increased capacity and a robust
balance sheet, the Board is confident in the Group&rsquo s positioning for FY2026 and its ability to continue executing
its growth strategy.
Executive Director and Chief Executive Officer (Founder) of Winking Studios, Johnny Jan, commented:
&ldquo FY2025 was a standout year for Winking Studios. We delivered strong growth, scaled the business meaningfully and
showed what the Group can do with Mineloader fully embedded in our platform. We also saw a clear recovery in organic
momentum in the second half, alongside a step-change in our AAA delivery across the expanded studio network. That
progress reflects the quality of our teams and the trust we have built with leading developers and publishers.
WINKING STUDIOS LIMITED AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS AND FULL YEAR ENDED 31 DECEMBER 2025
&ldquo Our focus now is on the next stage of execution. 2026 is set to be an important year for the Group, as we continue
investing in talent and capacity in Southeast Asia and forge ahead with formally establishing an operational presence in
Western markets. Overall market conditions are improving and, while developers and publishers remain cost-conscious,
more development and art work is being allocated to outsourcing partners. With a strong balance sheet, solid revenue
visibility and supportive long-term market drivers, we have entered the new financial year confident in our strategy and
in our ability to deliver sustainable value for shareholders.&rdquo
A bit surprised that the proft guidance has not driven the share price higher. The market a bit slow to do the maths perhaps.
Winking Studios Notice of Results & Investor Presentation
Winking Studios Limited (AIM / SGX:WKS), (&ldquo Winking Studios&rdquo ) one of Asia' s largest AAA game art outsourcing studios and an established game development company, will announce its unauditedresults for the financial year ended 31 December 2025 (" FY2025" ) on Friday, 27 February 2026.
Winking Studios will be hosting an online presentation and Q& A open to all investors and analysts on
the day at 9:00am GMT/ 5:00pm SGT.
To register for the online presentation and Q& A, please follow this link:
Amazing! The company is entering a period of significant expansion, with revenue projected to climb at least 40% year-over-year to exceed US$44.6 million. This growth is backed by strong forward-looking visibility, supported by US$48.6 million in artist bookings already secured for the next 24 months. Complementing this operational momentum is a formidable balance sheet, featuring US$41.3 million in cash reserves and a zero-debt position, providing the financial flexibility to scale aggressively.
https://links.sgx.com/1.0.0/corporate-announcements/EKHS230TDTHB1RY9/85391c3e154b87c908bebf4ff6fb4da59c3358e52a8fc452d979ecf8281cbc39
Compelling
Winking Studios: FY2025 Trading Update - Revenue increase of at least 40%
Winking Studios expects to report a revenue increase of at least 40% as compared to financial year ended 31 December 2024&rsquo s (&ldquo FY2024&rdquo ) revenue of US$31.9m, which is marginally higher than current market expectations (based on a preliminary review of the Group&rsquo s unaudited financial statements announced todate for FY2025). Shanghai Mineloader Digital Technology Co., Ltd. (" Mineloader" ), acquired in April 2025, was a significant driver of the improved revenue performance, alongside mid-to-high single-digit organic growth from our other studios.
The Group&rsquo s Adjusted EBITDA2 for FY20253 is expected to be higher by a range of between 7% to 13% than FY20244&rsquo s Adjusted EBITDA of US$4.8m.
In FY2025, Winking Studios continued to successfully deliver against its strategic expansion and consolidation objectives, acquiring Mineloader and investing in production capacity and capabilities in Southeast Asia, including the launch of Vertic Studios, its high-end art production brand. Supported by a healthy balance sheet, the Group remains focused on continuing to strengthen its core platform in Asia, pursuing disciplined M& A, and progressing its plans to build a stronger commercial presence in Western markets.
As at 31 December 2025, the Group&rsquo s indicative artist bookings have totalled at least US$48.6 million over the next 24 months (subject to final confirmation from customers). Of this, approximately US$34.6 million is expected to be recognised in FY2026 as revenue.