Snail, Inc.

Listed Company

SNALCIK 0001886894NasdaqEmerging GrowthServices-Prepackaged SoftwareDelawareFY ends Dec 31

Period

FY 2025

Revenue

$81.23M

Net Income

$-27.24M

Total Assets

$59.31M

Equity

$-16.37M

Shares Out

500.0K

Op. Cash Flow

$-1.15M

Business

Snail, Inc. is a global independent developer and publisher of interactive digital entertainment focused on creating and expanding premium game franchises. It offers console, PC and mobile games, downloadable content, a premium mod program, and a micro-influencer marketing platform (NOIZ), as well as short-form video content. Its operations are organized across publishing labels (Snail Games USA and Wandering Wizard), internal development studios, third‑party partnerships and its NOIZ marketing division. The company distributes titles through digital platforms (Steam, Epic, console stores, app stores), retail channels and influencer networks worldwide.

Summary from filing dated 2025-03-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues, net	81	84	61	74	107
Cost of revenues	59	54	48	53	64
Gross profit	22	30	13	21	43
General and administrative	18	13	16	19	16
Research and development	15	12	5	3	834,818
Advertising and marketing	5	2	2	714,492	275,370
Depreciation	247,976	303,714	432,306	—	—
Impairment expenses	2	—	—	—	—
Total operating expenses	40	26	23	23	35
Income (loss) from operations	−17	4	−10	−2	8
Interest expense	−660,088	−723,038	−2	—	—
Other income (expense)	115,051	−981,223	265,980	—	—
Foreign currency transaction gain (loss)	−90,500	11,686	−68,180	−1,945	−41,579
Total other income (expense), net	714,476	−1	−1	158,171	1
Income (loss) before provision for income taxes	−17	2	−11	−1	10
Provision for income taxes	11	632,124	−2	−2	2
Net income (loss)	−27	2	−9	994,178	8
Net loss attributable to non-controlling interests	−2,607	−4,865	−8,349	46,371	−558,865
Net income (loss) attributable to Snail, Inc.	−27	2	−9	947,807	8
Other comprehensive loss related to foreign currency translation adjustments, net of tax	−23,969	−25,074	52,817	—	—
Other comprehensive income related to credit adjustments, net of tax	28,377	—	—	—	—
Total other comprehensive income (loss)	4,408	−25,074	52,817	−40,643	−69,383
Total comprehensive income (loss)	−27	2	−9	—	—
Basic	−0.73	0.05	−0.25	0.03	0.24

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-09-30	FY 2022 2022-12-31
Cash and cash equivalents	9	7	15	—	13
Restricted cash and cash equivalents	187,000	—	—	—	—
Prepaid expenses related party	3	3	6	—	—
Prepaid expenses and other current assets	2	2	639,693	10	11
Prepaid taxes	5	7	10	—	—
Total current assets	31	31	57	—	43
Restricted cash and cash equivalents, net of current portion	2	935,000	1	—	6
Prepaid expenses related party, net of current portion	8	9	8	—	6
Property and equipment, net	4	4	5	—	5
Deferred income taxes	—	11	10	—	8
Other noncurrent assets, net	604,793	2	164,170	—	198,668
Operating lease right-of-use assets, net	5	1	2	—	4
Total assets	59	62	91	—	73
Accrued expenses and other liabilities	3	4	3	—	1
Interest payable related parties	527,770	527,770	527,770	—	527,770
Revolving loan	—	3	6	—	9
Convertible notes at fair value	4	—	797,361	—	—
Current portion of long-term debt	1	3	—	—	—
Current portion of deferred revenue	15	4	19	—	4
Current portion of operating lease liabilities	393,448	1	2	—	1
Total current liabilities	50	36	71	—	52
Accrued expenses	468,106	265,251	254,731	—	457,024
Revolving loan	5	—	—	—	—
Long-term debt, net of current portion	4	—	—	—	3
Deferred revenue, net of current portion	17	22	15	—	5
Operating lease liabilities, net of current portion	4	57,983	1	—	3
Total liabilities	81	58	88	—	63
Commitments and contingencies	—	—	—	—	—
Additional paid-in capital	27	26	26	—	23
Accumulated other comprehensive loss	−275,049	−279,457	−254,383	—	−307,200
Accumulated deficit	−39	−12	−14	—	−5
Treasury stock at cost (1,350,275 shares as of December 31, 2025 and 2024)	−4	−4	−4	—	—
Total Snail, Inc. equity (deficit)	−16	10	8	—	15
Noncontrolling interests	−6	−6	−5	—	−5
Total stockholders equity (deficit)	−22	4	3	—	9
Total liabilities, noncontrolling interests and stockholders equity (deficit)	59	62	91	—	73

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization film assets	1	—	—	—	—
Amortization loan origination fees and debt discounts	13,109	62,855	—	—	—
Accretion convertible notes	—	222,628	306,664	—	—
Loss on change in fair value of convertible notes	504,658	—	—	—	—
(Gain) loss on change in fair value of warrant liabilities	−719,925	1	32,883	—	—
Impairment of film assets	868,722	—	—	—	—
Impairment of intangible assets	667,460	—	—	—	—
Gain on remeasurement of previously held equity interest	−7,857	—	—	—	—
Stock-based compensation expense (income)	371,496	−890,208	848,035	223,250	—
Deferred taxes, net	11	−569,601	—	—	—
Accounts receivable	−3	15	−19	5	693,981
Accounts receivable related party	4	4	4	−3	1
Prepaid expenses related party	−2	2	−8	−2	980,000
Prepaid expenses and other current assets	−386,461	−1	501,104	−2	−4
Prepaid taxes	3	2	—	—	—
Other noncurrent assets	−1	−2	—	−26,052	2
Accounts payable	1	−7	3	5	−2
Accounts payable related parties	3	−8	3	−4	−92,948
Accrued expenses and other liabilities	110,762	46,542	626,764	−1	−4
Loan and interest receivable related party	−2,000	−2,005	—	—	—
Lease liabilities	−215,715	−266,800	−205,520	−145,949	−182,895
Deferred revenue	7	−9	25	−11	−14
Net cash used in operating activities	−1	−2	465,868	−3	16
Acquisition of software	−290,000	—	—	—	—
Acquisition of software licenses	−4	—	—	—	—
Investments in software	−854,269	—	—	—	—
Net cash paid for acquisition of Matrioshka	−9,719	—	—	—	—
Acquisition of fixed assets	−15,798	—	—	−5,256	—
Net cash used in investing activities	−5	—	—	1	−36
Repayments on promissory note	—	−89,374	−79,897	—	—
Repayments on notes payable	−624,131	−2	−7	−4	—
Repayments on convertible notes	−2	−1	—	—	—
Repayments on revolving loan	—	−3	−3	—	—
Borrowings on revolving loan	2	—	—	—	—
Borrowings on term loan	4	—	—	—	—
Cash proceeds from exercise of warrants	159,000	220,000	—	—	—
Proceeds on issuance of convertible notes	6	—	847,500	—	—
Payments of loan origination fees	−25,750	—	—	—	—
Payments of offering costs in accounts payable	—	−262,914	−342,318	—	—
Net cash provided by (used in) financing activities	9	−6	−3	5	3
Effect of foreign currency translation on cash and cash equivalents	−30,634	−24,630	51,670	−12,730	21,182
Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents	2	−8	−3	3	−17
Interest	617,246	467,188	934,523	788,063	405,251
Income taxes	−3	−1	248,388	—	—
Change in fair value of notes recorded in accumulated other comprehensive income	21,297	—	—	—	—
Debt converted to equity	−331,500	−60,000	—	—	—
Right-of-use assets obtained in exchange for a lease liability	−5	−85,588	—	—	—
Liabilities converted to equity upon exercise of warrants	323,113	176,750	—	—	—
Acquisition of software in accounts payable related parties	—	290,000	—	—	—
Acquisition of software and software licenses in accounts payable and accrued expenses	130,000	420,000	—	—	—
Net assets acquired in a business combination	5,461	—	—	—	—
Acquisition of software licenses in accounts payable related parties	2	—	—	—	—
Acquisition of software license paid in prior years	3	—	—	—	—

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