Winking Studios boosts revenue 43% and expands AAA footprint after Mineloader acquisition

Winking Studios Limited ( (SG:WKS) ) has shared an update.

Winking Studios reported a strong FY2025 with revenue up 42.6% to US$45.5 million, driven by the integration of its Mineloader acquisition and a rebound in organic growth, lifting underlying organic revenue by 8.6%. Gross profit rose 43.2% with margins broadly stable, while adjusted EBITDA increased 13.2% despite higher listing and operating costs, underscoring resilient profitability.

The group sharply expanded its AAA project footprint, boosting the number of AAA titles worked on from 14 to 117 and launching Vertic Studios in Southeast Asia to focus on high-end English-language AAA art production. Geographic diversification accelerated as U.S. revenue more than doubled and China and Hong Kong remained the largest contributors, while a strengthened balance sheet, growing bookings and plans to build a Western operational presence position the company to capitalise on recovering outsourcing demand in the global games market.

More about Winking Studios Limited

Winking Studios Limited, dual-listed in London and Singapore, is a leading global AAA game art outsourcing and game development company serving the international gaming industry. Through its segments in Art Outsourcing, Game Development and Global Publishing & Other Services, it operates 13 studios across Greater China and Southeast Asia with over 1,400 staff, supplying end-to-end production for major publishers including most of the world’s top game developers.

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