Video game maker Tinybuild has revealed better than expected sales, despite its new games Versus Evil and Broken Roads continuing to put on “disappointing” performances.
The Seattle-based company, which owns a portfolio of more than 40 PC game titles, said its revenue was “slightly ahead of expectations” for the first five months of 2024, with most of its new releases billed for the second half of the year.
In the coming months, Tinybuild will launch games including Level Zero: Extraction, DUCKSIDE and Drill Core at Steam Next Fest
In a trading statement published today, the AIM-listed company said: “The industry backdrop remains difficult with few signs of modest improvement. Versus Evil continues to underperform, after the disappointing launch of Broken Roads in April 2024.
“Despite this challenging backdrop, tinyBuild is carefully managing its catalogue while investing in high-potential new IP and tinyBuild’s revenues have started to trade slightly ahead of expectations for the first five months of the year.”
Tinybuild, however, remains optimistic, stating that the data shows “Level Zero: Extraction and DUCKSIDE demos are respectively in the top 3 and top 10 most played games at the ongoing Steam Next Fest”.
The company added: “As at 31 May 2024, the Company had cash levels of mid-to-high single digit demonstrating a reduced cash burn as a result of cost control measures put in place at the end of 2023.
“In addition to the cash at the end of May 2024, the Company also disposed of IP associated with Surgeon SIM to Atari for an undisclosed sum in June 2024.
“As previously announced, cash and cash equivalents is anticipated to reduce towards the half year as the Company invests in upcoming game releases. The Group continues to have no borrowings.”