Short answer
PLAYSTUDIOS, Inc. (MYPS) filed its fiscal 2025 10-K annual report with the SEC on Mar 16, 2026. It reported revenue of $235M (−18.8% year over year) and net income of −$29M.
- Top risk flagged: Regulatory risk: evolving regulatory scrutiny on in-game purchases and virtual currency affecting monetization models
FY2025 key financial metrics · XBRL
- Revenue
- $235M
- −18.8% YoY
- Net income
- −$29M
- +0.2% YoY
- Operating margin
- -10.2%
- +1.2 pp YoY
- EPS (diluted)
- −$0.23
- −4.5% YoY
- ROE
- -12.6%
- −0.8 pp YoY
- Operating cash flow
- $26M
- −42.4% YoY
Source: XBRL data from the PLAYSTUDIOS, Inc. (MYPS) FY2025 10-K on SEC EDGAR. USD.
PLAYSTUDIOS, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: free-to-play casual and social casino mobile games monetized via in-game virtual currency sales and ad monetization
- New emphasis on exclusive global mobile rights for Tetris® franchise (secured Nov 2021), launching Tetris Block Party Dec 2025 and The Win Zone Jan 2026
- Strategic shift toward integrating playAWARDS loyalty platform linking gameplay to real-world rewards from 167 partners in 106 countries, enhancing player engagement and retention
- Player base of 9.9 million average monthly active users in 2025 with over 100 million total game downloads and 19 million rewards redeemed valued at $965 million
- Recent acquisitions (Brainium Studios 2022, Pixode Games 2024) expand portfolio and diversify monetization with ad-based revenue streams and new game genres
Management Discussion & Analysis
- Revenue $235.1M in 2025 vs $289.4M in 2024, down 18.8% or $54.3M YoY
- Operating loss $23.9M in 2025 vs $32.9M in 2024; net loss margin worsened to (12.2)% from (9.9)%
- Best performing segment: playGAMES revenue $234.1M down 19.1%, AEBITDA $58.6M down 31.1%; worst: playAWARDS revenue $1.0M up 1525.8%, AEBITDA loss reduced to $(8.7)M from $(13.7)M
- Cash flow details not provided; restructuring expenses dropped $22.2M to $3.5M; no explicit info on buybacks/dividends/capex
- Management notes risks from platform fee changes, user acquisition costs, and game economy management; no explicit forward guidance disclosed
Risk Factors
- Regulatory risk: evolving regulatory scrutiny on in-game purchases and virtual currency affecting monetization models
- Macroeconomic threat: reduced travel or event attendance due to economic downturns impacting playAWARDS real-world reward redemption with MGM
- Operational vulnerability: reliance on MGM for majority of rewards and licensed IP, with performance-based renewal risk
- Market disruption: competition from sweepstakes-based casino games causing declining traditional social casino revenue
- Financial risk: revenue concentration from small group of high-spending players, posing volatility risk to operating results
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