Research on tinyBuild Inc. (TBLD:LON) from Progressive Equity Research
tinyBuild’s FY trading update breathes new life into the share. The company has beaten revenue, EBITDA and cash expectations. In addition, the 2026 pipeline, described as ‘strong’, looks set to usher in a new dawn for the company. It is too convenient to conclude that the positive FY outturn is simply the latest chapter as the wider video games industry ‘slowly climbs out from a deep trough’. Recovery is not guaranteed: Ubisoft’s ongoing downsizing saga illustrates that recovery is a function of a sure-footed management team and an evolved playbook, not simply waiting for the tide. The recovery at tinyBuild has growth momentum. tinyBuild has strong valuation support (EV/Sales a pedestrian 1.1x vs sector 3.5x). For investors, tinyBuild offers the prospect of re-rating and earnings upside through 2026, and beyond.