Playside Studios Ltd (PLY) AI Stock Analysis

• Market Cap: AU$136.15M
• Dividend Yield: N/A
• Average Volume (3M): 391.07K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.09
• Revenue Growth: -24.66%
• EPS Growth: -206.50%
• Country: AU
• Employees: N/A
• Sector: Communication Services
• Sector Strength: 97
• Industry: Electronic Gaming & Multimedia
• EPS (TTM): -0.02
• Shares Outstanding: 453,834,630
• 10 Day Avg. Volume: 548,253
• 30 Day Avg. Volume: 391,070
• PEG Ratio: 0.03
• Price to Book (P/B): 1.67
• Price to Sales (P/S): 1.35
• P/FCF Ratio: -2.91
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: AU$0.52
• Price Target Upside: 114.58% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: AU$0.29 ▲(19.17% Upside)

The score is primarily held down by weak financial performance (losses and deteriorating/negative cash flow), despite a low-leverage balance sheet. Technicals are supportive of an uptrend but appear overextended, and valuation remains unattractive/unclear due to negative earnings and no dividend data.

Positive Factors

Low leverage / strong balance sheet

A very low debt-to-equity ratio provides durable financial flexibility for a game developer with lumpy, long product cycles. Minimal leverage reduces bankruptcy risk, enables funding of R&D or marketing from equity, and supports weathering revenue volatility over months.

High gross margin

Exceptionally high gross margin indicates the business captures most revenue above direct costs, a structural advantage for digital games. Once fixed operating expenses are controlled, incremental sales can scale profitably, improving long-term operating leverage.

Diversified monetization model

Multiple monetization channels (direct sales, in-app purchases, DLC, partnerships) reduce dependence on single-title launches. This structural diversification supports recurring revenue potential and cross-title monetization, improving resilience over several months.

Negative Factors

Declining revenue trend

A sustained revenue decline erodes scale and the ability to absorb fixed development and marketing costs. Over a multi-month horizon, shrinking top-line constrains resource allocation for new titles and weakens bargaining power with platform partners and publishers.

Weak cash generation

Material negative operating cash flow and a steep drop in free cash flow indicate persistent liquidity strain. This limits internal funding for game development, increases reliance on external financing or equity raises, and heightens dilution and execution risk over time.

Negative returns and profitability

A deeply negative ROE and loss-making margins show the company hasn't converted equity into sustainable profits. Over the medium term this signals capital allocation inefficiency and raises questions about the ability to achieve profitable scale without structural cost or product improvements.

Playside Studios Ltd Business Overview & Revenue Model

Company Description

Playside Studios Ltd (PLY) is an Australian video game development company specializing in creating engaging and innovative mobile and console games. The company operates within the entertainment sector and focuses on developing high-quality interactive experiences, utilizing its expertise in game design, art, and programming to produce a diverse portfolio of titles that appeal to a wide audience.

How the Company Makes Money

Playside Studios generates revenue primarily through the sale of its video games across various platforms, including mobile app stores and console marketplaces. The company employs a model that includes direct sales of games, in-app purchases, and downloadable content (DLC), which enhance user engagement and provide additional revenue opportunities. Furthermore, Playside collaborates with strategic partners and publishers to expand its market reach and leverage co-marketing initiatives, contributing to increased visibility and sales. The company may also explore licensing agreements and collaborations for merchandise related to its popular game titles, adding another layer to its revenue streams.

Playside Studios Ltd Financial Statement Overview

Summary

Playside Studios Ltd faces significant financial challenges with declining revenue, negative profitability, and severe cash flow issues. Despite a strong gross profit margin and low leverage, these factors pose substantial risks.

Income Statement

Playside Studios Ltd has shown fluctuating revenue growth with a recent decline of 14.45% in the latest year. The company has consistently maintained a high gross profit margin of 100%, but profitability is a concern with negative net profit margins and EBIT margins in the latest period. The negative margins indicate challenges in managing operational costs and achieving profitability.

Balance Sheet

The balance sheet reflects a strong equity position with a low debt-to-equity ratio of 0.03, indicating minimal leverage risk. However, the negative return on equity of -30.81% in the latest year suggests inefficiencies in generating returns on shareholder investments. The equity ratio remains healthy, showing a stable asset base.

Cash Flow

Cash flow analysis reveals significant challenges, with a drastic decline in free cash flow growth of -552.52% and negative operating cash flow. The free cash flow to net income ratio is high at 3.07, indicating reliance on non-operational cash flow sources. These factors highlight liquidity concerns and potential cash management issues.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	56.92M	48.70M	64.64M	38.45M	29.24M	10.88M
Gross Profit	56.92M	48.70M	64.64M	38.45M	29.24M	10.88M
EBITDA	-3.07M	-6.64M	15.38M	-2.84M	5.85M	-6.25M
Net Income	-2.97M	-12.11M	11.31M	-6.97M	4.85M	-5.88M
Balance Sheet
Total Assets	63.13M	55.43M	69.15M	48.22M	54.60M	17.66M
Cash, Cash Equivalents and Short-Term Investments	28.53M	13.48M	37.44M	32.20M	37.91M	11.23M
Total Debt	1.61M	1.17M	2.04M	1.68M	2.10M	1.46M
Total Liabilities	17.30M	16.14M	17.95M	9.41M	9.63M	4.97M
Stockholders Equity	45.83M	39.29M	51.19M	38.81M	44.97M	12.70M
Cash Flow
Free Cash Flow	4.98M	-22.53M	6.48M	-5.25M	542.00K	-4.23M
Operating Cash Flow	6.38M	-7.33M	18.08M	-1.60M	7.62M	-3.83M
Investing Cash Flow	-14.23M	-15.20M	-11.79M	-3.64M	-7.13M	-2.19M
Financing Cash Flow	-835.00K	-872.00K	-763.00K	-429.00K	26.47M	16.63M

Playside Studios Ltd Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.24
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:PLY, the sentiment is Positive. The current price of 0.24 is below the 20-day moving average (MA) of 0.25, above the 50-day MA of 0.23, and above the 200-day MA of 0.20, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 61.48 is Neutral, neither overbought nor oversold. The STOCH value of 75.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:PLY.

Playside Studios Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PPL	62 Neutral	AU$54.98M	36.15	23.87%	―	18.95%	1200.00%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
MXO	54 Neutral	AU$18.05M	-560.00	-1.65%	―	12.07%	98.72%
SP8	48 Neutral	AU$11.88M	-4.55	-19.65%	―	201.07%	-69.23%
PLY	47 Neutral	AU$136.15M	-9.32	-26.76%	―	-24.66%	-206.50%
ICI	47 Neutral	AU$20.49M	53.33	―	―	-2.82%	―
FTI	38 Underperform	AU$47.36M	-9.27	-53.59%	―	-15.18%	89.75%

Playside Studios Ltd Corporate Events

PlaySide Studios Prepares for Major Game Launch Amid Growth Initiatives

PlaySide Studios is gaining momentum ahead of the 2026 launch of its highly anticipated game, ‘MOUSE: P.I. For Hire,’ which has already amassed over 1.2 million Steam wishlists and is set for major marketing initiatives. Cost-saving measures and tax offsets position the company for an EBITDA-positive first half of the financial year, as it also focuses on scaling external projects and bolstering leadership with strategic hires in the MENAT region, aiming to capitalize on opportunities in this burgeoning gaming market.

The most recent analyst rating on (AU:PLY) stock is a Hold with a A$0.24 price target. To see the full list of analyst forecasts on Playside Studios Ltd stock, see the AU:PLY Stock Forecast page.

Playside Studios Issues Unquoted Securities for Employee Incentive

Playside Studios Ltd has announced the issuance of 1,046,530 unquoted securities under an employee incentive scheme. These securities are restricted and will not be quoted on the ASX until the restriction ends, indicating a strategic move to retain talent and align employee interests with company growth.

The most recent analyst rating on (AU:PLY) stock is a Hold with a A$0.24 price target. To see the full list of analyst forecasts on Playside Studios Ltd stock, see the AU:PLY Stock Forecast page.

Playside Studios Announces Proposed Issue of Securities

Playside Studios Ltd announced a proposed issue of 1,046,530 fully paid restricted ordinary securities, scheduled for December 17, 2025. This move is part of a strategic effort to enhance its capital structure, potentially impacting its market positioning and offering new opportunities for stakeholders.

The most recent analyst rating on (AU:PLY) stock is a Hold with a A$0.24 price target. To see the full list of analyst forecasts on Playside Studios Ltd stock, see the AU:PLY Stock Forecast page.

PlaySide Studios Appoints New CFO to Drive Strategic Growth

PlaySide Studios has announced the appointment of Mr. Colin Lai as the new Chief Financial Officer and Company Secretary, effective March 2, 2026, following the retirement of Mr. Darren Briggs. Colin Lai brings 15 years of experience in finance and governance from ASX-listed and multinational organizations, and his role is seen as pivotal in supporting PlaySide’s strategic initiatives in Original IP and scaling its External Projects division, aiming for sustainable growth in earnings and cash flow.

The most recent analyst rating on (AU:PLY) stock is a Hold with a A$0.24 price target. To see the full list of analyst forecasts on Playside Studios Ltd stock, see the AU:PLY Stock Forecast page.

Playside Studios Issues New Performance Rights to Employees

Playside Studios Ltd has announced the issuance of 2,631,581 unquoted performance rights under an employee incentive scheme. This move is part of the company’s strategy to motivate and retain talent, potentially enhancing its operational capabilities and competitive positioning in the gaming industry.

The most recent analyst rating on (AU:PLY) stock is a Buy with a A$0.60 price target. To see the full list of analyst forecasts on Playside Studios Ltd stock, see the AU:PLY Stock Forecast page.

PlaySide Studios Director Increases Stake Through Private Placement

PlaySide Studios Limited has announced a change in the director’s interest, with Cristiano Nicolli acquiring 250,000 fully paid ordinary shares through a private placement. This acquisition, approved by shareholders at the recent AGM, increases Nicolli’s total holdings to 929,019 shares, reflecting a strategic move to strengthen his investment in the company.

The most recent analyst rating on (AU:PLY) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Playside Studios Ltd stock, see the AU:PLY Stock Forecast page.

Playside Studios Announces Quotation of New Securities on ASX

Playside Studios Ltd has announced the quotation of 650,000 ordinary fully paid securities on the ASX, effective from October 28, 2025. This move is part of previously announced transactions, potentially impacting the company’s market presence and providing opportunities for stakeholders to engage with the company’s growth trajectory.

The most recent analyst rating on (AU:PLY) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Playside Studios Ltd stock, see the AU:PLY Stock Forecast page.

PlaySide Studios Expands Dumb Ways Franchise with New Game and Fortnite Collaboration

PlaySide Studios announced the upcoming release of ‘Dumb Ways to Party,’ a new multiplayer party game set in the Dumb Ways to Die universe, during the Galaxies Gaming Showcase. The game, which will be released in 2026, marks the franchise’s first expansion onto PC and consoles. Additionally, PlaySide revealed a limited-time collaboration with Fortnite, offering players who purchase the game via the Epic Games Store exclusive in-game rewards. This announcement highlights PlaySide’s strategic expansion into new gaming platforms and collaborations, potentially enhancing its market presence and offering new opportunities for stakeholder engagement.

The most recent analyst rating on (AU:PLY) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Playside Studios Ltd stock, see the AU:PLY Stock Forecast page.

PlaySide Studios 2025 AGM: Resolutions Passed with Strong Support

PlaySide Studios Ltd held its 2025 Annual General Meeting, where all resolutions on the agenda were successfully carried. Key resolutions included the adoption of the remuneration report, election and re-election of directors, and approval of director participation in share placements. The results indicate strong shareholder support, which could positively impact the company’s governance and strategic initiatives moving forward.

The most recent analyst rating on (AU:PLY) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Playside Studios Ltd stock, see the AU:PLY Stock Forecast page.

PlaySide Studios Restructures Amid Financial Challenges to Focus on IP Growth

PlaySide Studios Ltd faced a challenging financial year with a 25% drop in revenue and an EBITDA loss, prompting a swift business restructure. This restructuring aims to enhance flexibility and focus on original IP titles, positioning the company for future growth and maintaining strong partnerships for external projects.

The most recent analyst rating on (AU:PLY) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Playside Studios Ltd stock, see the AU:PLY Stock Forecast page.

PlaySide Studios Extends Contract with Meta, Projects Revenue Growth

PlaySide Studios has announced a 12-month extension of its Work for Hire contract with Meta Platforms Technologies for development work on the Horizon Worlds social platform, extending the partnership until December 2026. This extension is expected to positively impact PlaySide’s financial performance, with management anticipating FY26 revenue to surpass FY25’s A$48.7 million while reducing operating costs, indicating a strong market position and potential growth for stakeholders.

The most recent analyst rating on (AU:PLY) stock is a Buy with a A$0.43 price target. To see the full list of analyst forecasts on Playside Studios Ltd stock, see the AU:PLY Stock Forecast page.