Ten Square Games reported an 11.5% year-on-year increase in Q2 2026 bookings, driven by a 24% contribution from direct-to-consumer revenue as the company’s portfolio matured. Operating cash flow reached PLN 20 million in the first half of 2026, while cash and equivalents totaled PLN 73.1 million at June 30.
Adjusted EBITDA improved sequentially, supported by a PLN 65 million dividend payment and a 4.69% yield. Marketing expenses nearly doubled year-on-year on a comparable basis, though adjusted EBITDA still rose due to reduced Q2 outlays relative to Q1. Development investments totaled about 1.5% of balance sheet assets, with Trophy Hunter accounting for PLN 3 million and Medal Hunter PLN 1.7 million.
The company’s D2C strategy gained traction, with Fishing Clash generating 33% of its title revenue from direct channels and Trophy Hunter recording PLN 5.1 million in July bookings. CEO Andrzej Ilczuk noted the game’s maturation, citing July performance matching its first-month figures, while CFO Magdalena Jurewicz highlighted Medal Hunter’s early success, which exceeded Trophy Hunter’s first 14-day downloads and expanded into South Korea.
Ten Square Games’ shares rose 3.18% premarket to $43.986, near its 52-week high of $45.85, with a market capitalization of $1.28 billion. The company maintained its three-pillar strategy: stabilizing core titles, accelerating growth franchises, and expanding new products via a low-cost development model.
