Ten Square Games has shared its Q4 and full-year 2025 results. The company continued to generate solid cash from its established titles, while also slowly shifting focus toward newer projects that could shape its future growth in overall what seemed to be a balanced one.
For the full year, the company recorded PLN 352.3 million ($95.1 million) in bookings and PLN 98.2 million ($26.5 million) in adjusted EBITDA, alongside a net profit of PLN 77.0 million ($20.8 million), an increase compared to 2024. The company ended the year with PLN 120.3 million ($32.5 million) in cash, despite paying a record PLN 100 million ($27.0 million) dividend in June.
Fishing Clash and Hunting Clash remained the largest contributors to revenue, although year-on-year (YoY) performance was down for both. Fishing Clash generated PLN 197.5 million ($53.3 million) in bookings, down 18.6%, while Hunting Clash delivered PLN 63.7 million ($17.2 million), a decrease of 29.3%.
By Q4, performance showed signs of stabilizing, with Fishing Clash reaching PLN 49.0 million ($13.2 million) and Hunting Clash growing 5% quarter-on-quarter to PLN 15.3 million ($4.1 million).
However, in July 2025, Trophy Hunter changed tides, quickly becoming the fastest-scaling project in the company’s history, and has since grown into the third-largest game in the portfolio by bookings.
Calling Trophy Hunter’s launch the “most important event of the year”, Andrzej Ilczuk, CEO of Ten Square Games, shared: “The title not only quickly confirmed its potential but also allowed us to develop a more replicable model for game development, based on rapid concept validation and scaling investments based on data. This approach enables us to develop new projects more efficiently and build a portfolio of new titles, while our largest games remain a stable financial foundation for the Group.”
Wings of Heroes also delivered strong growth, generating PLN 31.8 million ($8.6 million) in bookings, up 66% YoY. The game posted its best quarterly result in Q4 at PLN 9.8 million ($2.6 million), supported by increased investment in user acquisition as it moves into a broader scaling phase.
Looking ahead, Ten Square Games is continuing to expand its pipeline with Medal Hunter, scheduled for a soft launch in Q2 2026. The title builds on the mechanics used in Trophy Hunter while introducing a battle-focused setting aimed at reaching a wider audience.
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