PlaySide returns to profit as MOUSE drives record Original IP revenue
In its FY26 results presentation delivered on 20 August 2026, PlaySide Studios detailed a full-year turnaround, recording revenue of $54.9m and beating its $50–53m guidance range.
The company delivered EBITDA of $15.5m, a swing from a $7.5m loss in the prior corresponding period (pcp), and NPAT of $5.4m, reversing a $12.1m loss. Management identified MOUSE: P.I. for Hire as the primary driver, describing it as the most commercially successful Original IP title in the company’s history.
The presentation framed a two-sided story: strong owned-content performance offset partly by the loss of the Meta Horizon Worlds contract, with new contracts already signed to help rebuild the pipeline.
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FY26 financial results
Total revenue of $54.9m rose 13% on the pcp of $48.7m. The mix shifted markedly toward owned content. Original IP revenue reached $34.7m, up 108%, while External Projects revenue fell 37% to $20.2m.
MOUSE contributed approximately A$24m, and around 30% of Original IP revenue was derived from back catalogue. The decline in External Projects reflected the conclusion of the 2K Civilization project in September 2025, partly offset by several smaller wins and scope expansions in the first half.
EBITDA of $15.5m included a $7.8m benefit from the Digital Games Tax Offset and absorbed $1.2m in one-off restructure costs recognised in June 2026. Operating cash flow turned positive at $10.7m, from a $7.3m outflow, and the cash balance rose to $15.4m at 30 June 2026, from $13.5m a year earlier.
| AUD$M | FY25 | 1H26 | 2H26 | FY26 |
|---|---|---|---|---|
| Revenue | 48.7 | 20.4 | 34.5 | 54.9 |
| Original IP | 16.7 | 5.6 | 29.1 | 34.7 |
| External Projects | 32.0 | 14.8 | 5.4 | 20.2 |
| EBITDA | (7.5) | 9.5 | 6.0 | 15.5 |
| EBIT | (14.0) | 7.8 | 0.1 | 7.9 |
| NPAT | (12.1) | 7.9 | (2.5) | 5.4 |
| Cash at Bank | 13.5 | 14.0 | 15.4 | 15.4 |
| Headcount | 264 | 261 | 221 | 221 |
For investors, the numbers point to Original IP scaling to offset a cyclical trough in External Projects, a structural shift toward higher-margin owned content.
Multi-year revenue trajectory
Management framed FY26 as a resumption of growth on a leaner cost base, citing a 40% revenue CAGR across FY19 to FY26. Milestone years included:
- FY19: $5m
- FY24: $65m
- FY25: $49m
- FY26: $55m
While FY26 marked a record for Original IP revenue specifically, total revenue in FY24 ($65m) remained higher than the current year.
MOUSE: P.I. for Hire, the franchise driving the turnaround
MOUSE: P.I. for Hire launched simultaneously on six PC and Console platforms on 16 April 2026 (US time), with a physical edition available in global retailers from 10 July 2026. Management presented it as the most successful game launch in the company’s history.
The MOUSE opening weekend set the commercial tone early, with 360,000 units sold and US$10.4 million in gross sales across Steam, PlayStation 5, Xbox Series X|S, and Nintendo Switch 2 in the first two days alone.
Key performance statistics as at 18 August 2026 included:
- US$30m+ gross sales since launch
- 1.1m+ unit sales to date
- 94% ‘Very Positive’ Steam review score
- 3.3m outstanding wishlists
- 48/52 PC/Console unit mix
Downloadable content (DLC) is in development, with additional content and a sequel planned. The company noted it has secured exclusive rights to the MOUSE sequel.
Critic Review, PC Gamer
“… MOUSE: P.I. For Hire is the best shooter I’ve played in ages.”
The title demonstrates PlaySide’s ability to build and monetise a globally successful Original IP franchise, the core of the long-term investment thesis.
Why owned IP matters for a games studio
PlaySide’s pivot toward Original IP is the strategic shift investors should monitor.
The Horizon Worlds loss and rebuilding the pipeline
Management described the loss of Meta Horizon Worlds work as significant. In response, a June 2026 restructure made 40 roles redundant, delivering annualised cost savings of $4.8m against total restructure costs of $1.2m. Current headcount stands at 214, and two Melbourne offices are consolidating into a single new Docklands office from September 2026.
The company balanced this against a recovery in work-for-hire activity, noting several smaller contracts signed since June across different Meta projects, alongside recent awards from Epic Games and Zero Latency.
Cumulatively, annualised savings of approximately $7m followed the April 2025 restructure, with a further ~$5m in annualised savings expected during FY27. Investment in the business development team was maintained, including experienced hires (UAE x2, Europe x1) to rebuild the pipeline.
The presentation noted that while the loss of Horizon Worlds work was significant, the company continues to sign new External Projects work.
The cost base has been reset while the pipeline rebuild is underway, positioned by management as the top near-term priority.
Pipeline and FY27 catalysts
The presentation outlined a forward-looking roadmap centred on three FY27 catalysts:
-
Game of Thrones: War for Westeros, a real-time strategy PC title expected to launch early CY2027 (2HFY27). A teaser trailer released on 14 August drew 15m+ views across all channels, with 300k+ wishlists to date and a gameplay trailer due the following week.
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Dumb Ways to Build, a new co-operative multiplayer PC/Console title announced at the presentation and launching 10 September (US time), targeting the viral “friendslop” genre.
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Rebuilding the External Projects pipeline via the expanded BD team.
The company also pointed to broader Dumb Ways IP monetisation, including a Fortnite collaboration with Epic Games (17m+ UGC views), a new UEFN deal signed in August 2026, and Spin Master’s Wheel of Pain card game launched under licence.
Further ahead, Dew, a publishing agreement signed with MVRX Games, remains on track for a CY2028 PC/Console launch.
Investors exploring the longer-dated pipeline beyond FY27 can find our detailed coverage of the Dew publishing deal, which outlines the MVRX Games partnership structure, the capital commitment involved, and what the publishing model means for PlaySide as a third revenue stream.
| Title | 2026 | 2027 | 2028 | Stage |
|---|---|---|---|---|
| MOUSE: P.I. for Hire | Live | New DLC | Sequel dev | Launched |
| Dumb Ways to Build | Launch | New content | New content | Launching 10 Sep |
| Game of Thrones: War for Westeros | Launch | New DLC | Marketing underway | |
| Dew | Launch | In development |
A multi-title release cadence through FY28 gives investors visible forward catalysts beyond MOUSE.
Investment thesis in brief
The FY26 presentation left investors with several clear takeaways:
- Returned to profitability and positive operating cash flow after a loss-making FY25.
- Proven ability to launch and monetise Original IP at global scale via MOUSE.
- A reset, leaner cost base with a further ~$5m in FY27 annualised savings expected.
- A strong near-term catalyst pipeline anchored by Game of Thrones: War for Westeros and Dumb Ways to Build.
The cash position of $15.4m supports the pipeline, supplemented by $13.9m (net of costs) raised across FY26 through a placement, Share Purchase Plan and debt facility.
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