PlaySide Studios Returns to Profit as MOUSE P.I. For Hire Drives Record Original IP Revenue

PlaySide Studios (ASX: PLY) returned to profit in FY26 as the launch of MOUSE: P.I. For Hire more than doubled original intellectual property (IP) revenue and helped lift group revenue above guidance.

Revenue rose 13% to A$54.9 million from A$48.7m, exceeding guidance of A$50m to A$53m, while EBITDA improved to A$15.5m from a A$7.5m loss.

Net profit after tax reached A$5.4m compared with a A$12.1m loss a year earlier, while positive operating cash flow of A$10.7m reversed a A$7.3m outflow in the previous year.

The result was driven by MOUSE P.I. and a lower cost base, partly offset by a 37% fall in External Projects revenue to A$20.2m as major contract work rolled off.

Reshaped Revenue Mix

Original IP revenue climbed 108% to a record A$34.7m, with MOUSE P.I. contributing about A$24m after selling 960,000 units during FY26 and generating US$28m in gross sales during the period.

Since launch, MOUSE P.I. has surpassed 1.1 million unit sales and US$30m in gross sales, with downloadable content in development and PlaySide securing exclusive rights to a sequel.

Back catalogue titles contributed 30% of original IP revenue, providing a broader base alongside MOUSE P.I. as PlaySide continues to build its publishing portfolio.

“MOUSE: P.I. For Hire has been the standout of our year—there was clear demand for the title well before launch, and the team converted it with a polished, exceptionally well-reviewed game that has translated directly into strong sales and a franchise wecan build on,” chief executive officer Benn Skender said.

That is a hard thing to get right in this industry, and it validates both the publishing model we have been building and the studios we choose to back.”

Costs Fall as Pipeline Resets

PlaySide reduced annualised overheads by about A$12m across restructuring measures, including around A$7m of savings from the April 2025 restructure and a further A$4.8m expected from the June 2026 changes.

The June restructure followed the loss of Horizon Worlds work and involved 40 redundancies at a cost of A$1.2m.

Current headcount has fallen to 214, while two Melbourne offices will consolidate into a single Docklands site from September.

External Projects revenue declined to A$20.2m from A$32.0m after the 2K Civilization project concluded in September 2025, although new work has since been awarded across Meta projects as well as by Epic Games and Zero Latency.

PlaySide has expanded its business development presence in the United Arab Emirates and Europe as it works to rebuild the External Projects pipeline.

New Titles Drive Growth

Game of Thrones: War for Westeros is scheduled to launch on personal computer in early calendar year 2027, with its marketing campaign already generating more than 15 million views for an August teaser and more than 300,000 wishlists.

Dumb Ways to Build will launch on personal computer and console on 10 September, extending the Dumb Ways to Die franchise after recent collaborations with Epic Games and the signing of new game-content work in August.

The publishing pipeline also includes Dew from MVRX Games, which is targeting a 2028 launch after completing a vertical-slice milestone and progressing through user interface and user experience testing.

PlaySide finished FY26 with A$15.4m cash at bank after positive operating cash flow, higher capitalised development spending and funding from an equity raising, share purchase plan and an A$6m debt facility secured against its A$7.8m Digital Games Tax Offset claim for the 2025 financial year.