tinyBuild delivers impressive H1/25 results headlining with Adj EBITDA US$4.2m - it was -US$2.3m a year ago. tinyBuild has a brim-full pipeline (four games parked up in the Steam Top 100), evidence of sales momentum and a disciplined cost base. H1 sales were entirely back catalogue. That H1 paucity of new releases is already addressed, with the successful debut of ‘The King is Watching’, notching up 200k+ units sold in the first two weeks, and from the back catalogue ‘DUCKSIDE’ for console and ‘Drill Core’ version 1.0. The cost and timing of the new releases prompts us to hold off the inevitable forecast upgrades for a few weeks while we track spend and revenue from the slate. tinyBuild’s continued recovery is predicated on the valuable back-catalogue and those game releases - already proving hugely popular; Kingmakers, SAND, Streets of Rogue 2 and Ferocious are #9, #37, #67 and #95 respectively, on Steam Wishlist. All have the potential to be new global franchises. The recovery has momentum, tinyBuild has strong valuation support (EV/Sales 0.7x vs sector 4.6x). For investors there is re-rating and earnings upside.