tinyBuild’s AGM trading update is positive. Revenue is ‘slightly ahead of expectations’, the cash burn is down (again) and the cash trough (summer 2025) should improve post the launch of ‘high-potential new games’. The pipeline is ‘strong’ and, despite the economic backdrop and Ukraine conflict, tinyBuild anticipates results in line with expectations. For us, tinyBuild’s continued recovery is predicated on working the valuable back-catalogue and game releases that are already proving hugely popular. Kingmakers, SAND and Streets of Rogue 2 are #13, #41 and #61, respectively, on Steam, and have the potential to be new global franchises. From Steam we note new clarity on release timing (H2-weighted), which is illustrative of the new ‘sleeves rolled-up’ dynamism. We make no changes to our estimates for now, but the risk is evidently on the upside. Greater certainty from these new titles and monetising the back-catalogue mean investor attention can now comfortably pivot to tinyBuild’s strong valuation support (EV/Sales 0.8x vs sector 3.1x). This gives plenty of re-rating potential.