PLAYSTUDIOS, Inc. (MYPS): Business Model Canvas [Dec-2025 Updated]

You're digging into the mechanics of PLAYSTUDIOS, Inc. (MYPS), and what you'll find is a genuinely unique approach that bridges free-to-play gaming with actual, real-world rewards from major hospitality partners. As an analyst who's seen countless models, this one stands out because it directly ties player engagement to a tangible loyalty platform, supporting a full-year 2025 revenue guidance between $250 million and $270 million. To keep the margins healthy, they are laser-focused on cost discipline, targeting $25M to $30M in annual savings through their reinvention program, even as their Direct-to-Consumer sales hit $7.7 million in Q3 2025; let's map out the nine essential building blocks of this operation so you can see precisely how they generate and capture that value.

PLAYSTUDIOS, Inc. (MYPS) - Canvas Business Model: Key Partnerships

You're looking at how PLAYSTUDIOS, Inc. connects its game ecosystem to the outside world through strategic alliances. These partnerships are critical because they bridge the gap between in-game activity and real-world value, which is the core of the playAWARDS loyalty platform.

Global hospitality and entertainment brands (MGM, IHG, Resorts World) form the backbone of the real-world reward structure. These alliances allow PLAYSTUDIOS, Inc. players to convert in-game loyalty points into tangible experiences. As of the third quarter of 2025, the playAWARDS platform offered rewards from a collection spanning 17 countries and four continents. Key partners mentioned in recent reports include:

• MGM Resorts International
• Resorts World
• IHG Hotels & Resorts
• Norwegian Cruise Line
• Wolfgang Puck
• Bowlero
• Gray Line Tours
• Hippodrome Casino

The value exchanged through these partnerships is significant; for instance, in the first quarter of 2025, players purchased 280,652 rewards with a total retail value of $17 million. The retail value of rewards purchased in the fourth quarter of 2024 was $17.2 million based on 300,000 rewards redeemed. The focus on high-quality partners is clear, as the company streamlined the program to focus on more aspirational rewards, which still resulted in a sequential increase of 16% in the retail value of rewards purchased in the third quarter of 2025.

The Mobile platform distributors (Apple App Store, Google Play Store) are the essential gatekeepers for user acquisition and distribution. While specific revenue share percentages with Apple and Google aren't public, the performance of the overall ecosystem is tied to these channels. In the third quarter of 2025, PLAYSTUDIOS, Inc. reported an Average Daily Active User (DAU) count of 2.2 million and an Average Monthly Active User (MAU) count of 9.5 million. The Average Revenue Per Daily Active User (ARPDAU) for Q3 2025 stood at $0.28. The company is also seeing success in shifting revenue streams, with Direct-to-Consumer revenue reaching $7.7 million in Q3 2025, which accounted for 16.7% of total in-app purchase revenue, up from 9.1% in Q3 2024.

For Game intellectual property (IP) licensors (e.g., Tetris, Konami), these agreements bring established, recognizable content to the portfolio. PLAYSTUDIOS, Inc. publishes titles like the iconic Tetris® mobile app and casino-style games such as myKONAMI Slots. The company is actively working to realize the potential of its IP assets, noting encouraging early performance for the new casual title, Tetris Block Party, in open beta.

Regarding Cloud computing providers (Amazon Web Services for infrastructure), while a specific provider like Amazon Web Services (AWS) isn't explicitly named in the latest public filings as the sole provider, the operational scale implies a major cloud infrastructure partner. The company's Q3 2025 revenue was $57.6 million, and its cash and cash equivalents as of September 30, 2025, were $106.3 million, indicating the financial capacity to support large-scale, reliable infrastructure. The focus on enhancing the underlying technology of ad monetization suggests a sophisticated, scalable backend is in use.

Finally, Advertising networks for in-game monetization represent a crucial revenue stream, especially as the core social casino business navigates market headwinds. The company noted that during the third quarter of 2025, the team focused on enhancing the underlying technology of their ad monetization, aiming to improve efficiency and yield. The overall ARPDAU for Q3 2025 was $0.28, which is a composite figure derived from both in-app purchases and advertising revenue. The full-year 2024 ARPDAU was $0.26.

Here's a quick look at how these partnerships map to the operational scale as of Q3 2025:

The direct-to-consumer channel, which relies on direct player relationships outside the traditional app store/ad network funnel, is growing fast, hitting $7.7 million in Q3 2025. That's a substantial 48% quarter-over-quarter increase.

Finance: draft 13-week cash view by Friday.

PLAYSTUDIOS, Inc. (MYPS) - Canvas Business Model: Key Activities

You're looking at the core actions PLAYSTUDIOS, Inc. is taking to run and reshape the business as of late 2025. Honestly, the numbers show a company navigating significant top-line pressure while pushing hard on new growth vectors and cost discipline.

Developing and operating free-to-play social casino and casual games.

The foundation remains the operation of the game portfolio, though key metrics show softness in the core. For the third quarter ended September 30, 2025, the Average Daily Active Users (DAU) stood at 2.2 million, with Average Monthly Active Users (MAU) at 9.5 million. The Average Revenue Per Daily Active User (ARPDAU) for that quarter was $0.28. Total net revenue for Q3 2025 was $57.6 million, which breaks down into Virtual Currency Revenue of approximately $46.381 million and Advertising Revenue of about $11.257 million. Still, year-to-date revenue through Q3 2025 reached $179.7 million.

Here's a quick look at the Q3 2025 revenue breakdown from the playGAMES segment:

Managing the playAWARDS loyalty platform and reward catalog.

The playAWARDS platform is a core differentiator, connecting in-game play to real-world value. During the third quarter of 2025, players purchased 202,666 rewards. The total retail value associated with those player-purchased rewards was $15 million. To be fair, this was up sequentially from Q2 2025, when players purchased nearly 200,000 rewards with a retail value of $13 million.

Key activities here involve platform investment and high-profile engagement events:

• Continued investment in the playAWARDS loyalty platform.
• Successfully completed the second annual myVIP World Tournament of Slots.
• The tournament culminated in a live event in the Bahamas where 500 top players competed for $1 million.

Scaling the new sweepstakes product, Win Zone, across eligible states.

This is a major strategic focus, aiming to reenergize the social casino portfolio. The Win Zone (beta) was launched into several available markets nationwide. As of the Q3 2025 earnings call, The Win Zone was live in open beta across 15 states. Management is on pace for a broader rollout in all qualified jurisdictions before year-end. The company is seeing steady improvements in retention, engagement, and monetization for Win Zone, resulting in their highest returns on ad spend. While the broader sweepstakes market TAM has shrunk by roughly 25% due to regulatory contraction, the remaining open states represent an addressable market estimated between $3.5 billion to $4 billion.

This initiative is strongly tied to the Direct-to-Consumer (DTC) channel:

• Q3 2025 DTC revenue hit $7.7 million, a 48% increase year-over-year.
• DTC revenue represented 16.6% to 16.7% of total in-app purchase revenue in Q3 2025.
• Year-to-date DTC revenue for the first half of 2025 totaled $11.7 million, up 109.8% year-over-year.

Executing the cost Reinvention program for margin improvement.

The Reinvention program, which included a roughly 30% reduction in workforce, was largely behind them entering 2025, with the goal of creating a more cost-efficient model. Early benefits were seen in Q1 2025, where the Consolidated AEBITDA margin reached 19.9%, up 150 basis points quarter-over-quarter. However, by Q3 2025, the margin compressed to 12.6%, with Consolidated AEBITDA at $7.2 million, down 50.5% year-over-year. The program aimed for annualized cost savings between $25 million and $30 million. These savings partially offset the revenue contraction and increased investment in new growth projects as of Q3 2025.

User acquisition and performance marketing across mobile channels.

User acquisition (UA) spending is being managed with an eye toward margin contribution, especially given DAU softness. In Q3 2025, User Acquisition spend was $9,389 thousand. In Q2 2025, management had deliberately scaled back marketing spend to prioritize margin contribution from the core portfolio. The company noted that AI is helping them move faster and operate more efficiently across UA modeling and player targeting.

Here are the Q3 2025 User Acquisition and related costs:

Finance: draft 13-week cash view by Friday.

PLAYSTUDIOS, Inc. (MYPS) - Canvas Business Model: Key Resources

You're looking at the core assets PLAYSTUDIOS, Inc. (MYPS) relies on to generate revenue and pursue growth, even while navigating category headwinds. These are the tangible and intangible items that underpin their entire operation as of late 2025.

The proprietary playAWARDS loyalty platform technology is central, linking the playGAMES segment to the loyalty rewards ecosystem. This platform is a significant differentiator. During the third quarter of 2025, players purchased 202,666 rewards through this system, representing a substantial retail value of $15 million. This platform underpins the entire value exchange for their loyal player base.

Next up is the Game IP portfolio. This is a collection of established titles and new growth bets. The established social casino and card/puzzle games include myVEGAS Slots, myVEGAS Blackjack, my KONAMI Slots, POP! Slots, myVEGAS Bingo, and MGM Slots Live. Critically, the company is heavily invested in realizing the potential of its TETRIS assets, with Tetris Block Party entering a focused go-to-market test ahead of a broader rollout planned for the first quarter of 2026. Also key is the The Win Zone sweepstakes initiative, which was in open beta across 15 states as of Q3 2025.

On the balance sheet, liquidity remains a core resource. As of September 30, 2025, PLAYSTUDIOS, Inc. held $106.3 million in cash and cash equivalents. Furthermore, the company has access to an $81 million revolving credit facility, which remained fully undrawn at that time. This provides a solid financial cushion. Here's a quick look at some key operational metrics from that same period:

The experienced game development and live operations teams are essential for maintaining and evolving this portfolio. Management noted that across the game development pipeline, creative tooling, UA modeling, and player targeting, Artificial Intelligence is helping the teams move faster and operate more efficiently. This focus on efficiency is a direct result of the prior year's reinvention program, allowing for disciplined investment into high-conviction growth projects like Tetris Block Party.

Finally, the capability for data analytics for player segmentation and monetization drives the performance of the direct-to-consumer channel. This analytical strength is helping to accelerate DTC monetization, which reached $7.7 million in Q3 2025, marking a 48% year-over-year increase. This DTC revenue now accounts for 16.7% of total in-app purchase revenue, showing a successful shift in monetization mix.

PLAYSTUDIOS, Inc. (MYPS) - Canvas Business Model: Value Propositions

You're looking at the core reasons players choose PLAYSTUDIOS, Inc. (MYPS) over other mobile gaming options, which really boils down to the tangible value they get back for their time spent in the games. It's a unique blend of digital entertainment and real-world perks that few competitors can match.

Real-world rewards (hotel stays, meals) for in-game play.

The playAWARDS loyalty platform is the central differentiator, turning in-game activity into tangible real-world value. This is the mechanism that builds deeper loyalty and longer-lasting relationships with players. The scale of this value proposition is significant, though the company is curating for higher quality rewards over sheer volume in some periods. For the third quarter of 2025 alone, players purchased 202,666 rewards with a stated retail value of $15 million. Looking at the program's history, PLAYSTUDIOS' myVIP program has successfully distributed over 17 million rewards valued at an impressive $864 million from more than 230 partner brands, reaching 11.7 million players worldwide. For context on the previous year, during 2024, players purchased 1.8 million rewards with a retail value of $114 million.

Diverse portfolio of free-to-play social casino and casual games.

PLAYSTUDIOS, Inc. offers a portfolio that spans both social casino and casual gaming, which helps broaden the audience base for the playAWARDS platform. Flagship social casino titles include POP! Slots, myVEGAS Slots, and myKONAMI Slots. The casual segment includes titles from the Brainium acquisition, such as the iconic Tetris® mobile app, Solitaire, Spider Solitaire, and Sudoku. While the casual segment experienced pressure on Daily Active Users (DAU) in the third quarter of 2025, the myKONAMI title specifically showed double-digit year-over-year increases in ARPDAU for that quarter. The Average Revenue Per Daily Active User (ARPDAU) across the portfolio for Q3 2025 was $0.28. The company is also advancing its diversification with the soft launch of the new casual title, Tetris Block Party, targeting a Q4 launch.

Direct-to-Consumer (DTC) channel for better purchase margins.

The DTC channel is a strategic focus area, allowing for better purchase margins by bypassing third-party app stores for certain transactions. This channel showed strong growth momentum through the first three quarters of 2025. In the third quarter of 2025, DTC revenue reached $7.7 million, marking a 48% quarter-over-quarter increase. This represented 16.7% of total in-app purchase revenue for the quarter, a substantial increase from 9.1% in Q3 of 2024. For the first half of 2025, DTC revenue totaled $11.7 million, which was up 109.8% year-over-year.

Here's a quick look at how the DTC channel is scaling relative to total in-app purchases:

Exclusive myVIP World Tournament of Slots events for top players.

The myVIP World Tournament of Slots (WTOS) serves as a high-profile, exclusive event that connects digital play with destination entertainment, reinforcing the loyalty proposition. PLAYSTUDIOS, Inc. successfully completed its second annual WTOS in October 2025. This event brought together 500 of the world's top social casino and real world slot players at Atlantis Paradise Island, Bahamas, from October 22-26, 2025. The competition featured a $1 million grand prize. The inaugural tournament was hosted in 2024.

New sweepstakes mechanic to re-engage social casino players.

To address market shifts and re-energize the social casino portfolio, the company is aggressively developing and testing a sweepstakes promotional mechanic. This is a critical initiative for future engagement. As of the second quarter of 2025, the sweepstakes initiative had an open beta live in seven states. Management noted improving retention, conversion, and monetizer yields from this beta, with a measured plan to scale across eligible U.S. states later in 2025.

The key operational metrics supporting these value propositions in Q3 2025 were:

• Average DAU: 2.2 million.
• Average MAU: 9.5 million.
• Total Revenue: $57.6 million.
• Cash on hand: $106.3 million as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

PLAYSTUDIOS, Inc. (MYPS) - Canvas Business Model: Customer Relationships

PLAYSTUDIOS, Inc. structures its customer relationships around a tiered loyalty ecosystem, blending automated service with exclusive, high-touch experiences for its most valuable players.

Automated in-game customer support and FAQ systems.

The foundation of daily player interaction relies on scalable, automated support within the games. This self-service layer handles the bulk of routine inquiries, allowing the company to manage its large player base efficiently. While specific metrics on ticket resolution time or deflection rate aren't public, this system supports the 2.2 million Average Daily Active Users (DAU) reported for the Casino segment in the third quarter of 2025.

High-touch, personalized service for myVIP high-value players.

PLAYSTUDIOS, Inc. dedicates significant resources to its top-tier players through the myVIP structure. This high-touch service is exemplified by exclusive events. For instance, the second annual myVIP World Tournament of Slots (WTOS) took place from October 22-26, 2025, at Atlantis Paradise Island, Bahamas, featuring a $1 million cash prize. This level of personalized engagement is critical for retaining the players who generate the highest lifetime value.

Community building through social features and live tournaments.

Community is fostered through in-game social features and marquee events. The myVIP World Tournament of Slots serves as the pinnacle of this strategy, bringing together top players for real-world competition and brand immersion. Earlier in 2024, the inaugural tournament hosted over 500 players, elevating the appeal of the brands. This focus on shared, exclusive experiences drives deeper emotional connection beyond simple gameplay.

Direct communication via the growing DTC channel.

The Direct-to-Consumer (DTC) channel represents a significant, growing relationship touchpoint, allowing PLAYSTUDIOS, Inc. to bypass platform fees and communicate directly about purchases. This channel has shown substantial sequential growth throughout 2025, indicating increasing player adoption of direct purchasing options. The company is actively working to improve conversion and margins here, expecting further benefits from platform policy changes.

Here's how the DTC revenue has scaled through the first three quarters of 2025:

For the first half of the year, total DTC revenue reached $11.7 million, marking a year-over-year increase of 109.8%.

Loyalty program tiers to drive long-term player retention.

The playAWARDS loyalty platform is the core differentiator, enabling players to earn real-world rewards. The perceived value of these points drives long-term retention, though reward redemption volume can fluctuate based on management's curation strategy. The program has historically given out over 17 million awards valued at $864 million from more than 230 partner brands to 11.7 million players worldwide. In the third quarter of 2025, players redeemed 202,666 rewards with a total retail value of $15 million. This contrasts with the 300,000 rewards purchased in Q4 2024, valued at $17.2 million, showing a strategic focus on higher-quality, perhaps fewer, redemptions in Q3 2025.

The structure encourages continuous play across the portfolio of games, which includes titles like MyVegas Slots, PopSlots, and Tetris. The overall player base for the Casino segment stood at 9.5 million Monthly Active Users (MAU) as of September 30, 2025.

Finance: finalize the Q4 2025 cash flow projection by next Tuesday.

PLAYSTUDIOS, Inc. (MYPS) - Canvas Business Model: Channels

You're looking at how PLAYSTUDIOS, Inc. (MYPS) gets its games and rewards into players' hands as of late 2025. The channels are a mix of traditional mobile distribution and a growing focus on direct customer relationships to improve margins.

The core distribution for the playGAMES portfolio, which includes the social casino titles and the newly launched casual games, still relies heavily on the major mobile ecosystems. Social media platforms, like Facebook, also serve as a key access point for game discovery and user acquisition, though specific user metrics tied only to social channels aren't broken out separately from the overall platform performance.

• Apple App Store and Google Play Store for game distribution.
• Social media platforms for game access and initial player engagement.

For Q3 2025, the overall player base metrics, which reflect the reach through these primary app stores and social channels, showed some contraction compared to prior periods. Average Daily Active Users (DAU) settled at 2.2 million, and Average Monthly Active Users (MAU) stood at 9.5 million. This contrasts with the Q1 2025 figures of 2.6 million DAU and 11.4 million MAU.

The Direct-to-Consumer (DTC) website is a critical channel for bypassing platform fees, which directly impacts gross margins on virtual currency sales. This channel saw significant acceleration in 2025, showing a clear strategic shift in how PLAYSTUDIOS, Inc. monetizes its most engaged players.

The DTC revenue of $7.7 million in Q3 2025 represented a substantial increase from the 9.1% share it held in Q3 2024. This focus on direct sales is intended to improve margins, especially as the company navigates softer core portfolio monetization.

The dedicated web/app for the new Win Zone sweepstakes offering represents a newer, highly focused channel, particularly important for growth in 2026. This initiative is designed to capture a segment of the market shifting from pure social casino play. The Win Zone launched in beta across several markets in Q3 2025.

• The Win Zone is currently live in at least 15 states as of late 2025.
• The company is targeting a full U.S. rollout across all available jurisdictions by year-end 2025.
• The addressable market for the remaining open states is projected by management to be valued between $3.5 billion and $4 billion (net revenue basis).

The playAWARDS platform connects in-game activity to partner-owned physical locations for reward redemption, which is the unique value exchange channel for PLAYSTUDIOS, Inc. This drives loyalty and is a key differentiator. For Q3 2025, players exchanged loyalty points for 202,666 rewards, which carried a total retail value of $15 million.

To give you a sense of the program's historical scale, as of December 31, 2024, players had redeemed over 16 million rewards with a cumulative retail value exceeding $824 million. Partners facilitating these redemptions include entities like MGM Resorts International and Norwegian Cruise Line.

PLAYSTUDIOS, Inc. (MYPS) - Canvas Business Model: Customer Segments

You're looking at the core groups PLAYSTUDIOS, Inc. (MYPS) serves as of late 2025, based on their Q3 2025 operational snapshot. Honestly, the segments are clearly defined by their engagement with the playAWARDS loyalty platform and the type of game they prefer.

High-monetizing social casino players seeking real-world perks.

This group is central to the playAWARDS ecosystem, driving the value exchange between in-game spending and real-world benefits. While the core social casino business faced headwinds, the high-value players are still present. In the third quarter of 2025, players purchased 202,666 rewards through playAWARDS, which carried a total retail value of $15 million. The direct-to-consumer (DTC) revenue, which is closely tied to these loyalty transactions, reached $7.7 million in Q3 2025, marking a 48% year-over-year increase and representing 16.6% of total virtual currency revenue. This shows a clear shift in focus toward monetizing this segment through DTC channels, even as overall Daily Active Users (DAU) for the Casino segment remained stable sequentially.

Casual mobile gamers (fans of Tetris, Solitaire, Sudoku).

This segment is housed primarily under the playGAMES segment, including titles from the Brainium and Tetris Prime studios. This group experienced significant pressure in 2025. The casual business accounted for most of the sequential audience decline reported in Q3 2025. The company is actively working to stabilize this base, noting that the Average DAU across all playGAMES titles was 2.2 million in Q3 2025, with Average MAU at 9.5 million. The Average Revenue Per Daily Active User (ARPDAU) for the entire platform was $0.28 in that same quarter. New titles like Tetris Block Party are aimed at diversifying this segment for 2026.

The key operational metrics for the platform in Q3 2025 were:

Players in regulated jurisdictions eligible for the sweepstakes product.

This is a developing segment driven by the rollout of the sweepstakes initiative, The Win Zone. As of Q3 2025, the open beta for this sweepstakes product was active across 15 states in the US. The strategy here is to bring this feature live in all available jurisdictions by the end of 2025 to enable scaled user acquisition efforts, targeting players who prefer sweepstakes mechanics over traditional social casino play.

Global travelers and entertainment seekers utilizing rewards.

This group is defined by their redemption behavior on the playAWARDS platform. The platform itself is a key differentiator, connecting in-game engagement with real-world entertainment. The playAWARDS loyalty platform enables earning rewards from a portfolio of global brands across 17 countries and four continents. This appeals directly to players who value travel, dining, and entertainment redemptions. The company streamlined the program over the past year to focus on higher-quality partners and more aspirational rewards, alongside expanding digital benefits like vanity items.

You can see the breakdown of the game portfolio that feeds these segments:

• Social casino titles like myVEGAS Slots and POP! Slots.
• Card and puzzle games like Solitaire and Sudoku.
• Newer casual titles like Tetris.

Finance: draft 13-week cash view by Friday.

PLAYSTUDIOS, Inc. (MYPS) - Canvas Business Model: Cost Structure

You're looking at the expenses PLAYSTUDIOS, Inc. faces to keep its games running and its loyalty program ticking over. It's a mix of tech talent, marketing to bring in new players, and the cost of those real-world rewards.

The company executed a significant Cost Reinvention plan, which involved a roughly 30% reduction in workforce and suspending sub-scale game development. This effort was targeted to deliver normalized annual cost savings of approximately $25 million to $30 million.

Personnel costs for game development and live operations are a major component, though specific dollar figures for the latest period aren't explicitly broken out separate from general operating expenses, other than the workforce reduction indicating a direct impact here.

User acquisition and marketing spend for new players has been managed carefully. In the second quarter of 2025, management deliberately scaled back marketing spend to focus on margin contribution from the casual portfolio. For the third quarter of 2025, the reported line item for User acquisition was $9,389 (units not specified, but likely in thousands). The intention is to deploy more meaningful capital into scaling user acquisition once new initiatives like the sweepstakes show clear cohort metrics.

The loyalty rewards cost, which is the liability for partner-provided rewards, is tracked by the retail value of rewards purchased by players. This activity level shows the scale of the underlying cost commitment to partners. For instance, in the third quarter of 2025, players purchased rewards with a retail value of $15 million.

Platform fees paid to Apple and Google are a key variable cost tied to in-app purchases (IAP). While the prompt mentions a 30% rate on non-DTC sales, the growth of the Direct-to-Consumer (DTC) channel, which bypasses these fees, shows the company's effort to manage this cost. DTC revenue reached $7.7 million in the third quarter of 2025, making up 16.7% of total IAP revenue.

Here's a look at how some of these cost-related activities scaled across recent periods:

The company's focus on operational efficiency is clear, with the reinvention program aiming to save between $25 million and $30 million annually. AI is also being used across the game development pipeline, creative tooling, and UA modeling to help the company operate more efficiently.

• Cost Reinvention Program Savings Target: $25M to $30M annually.
• Workforce Reduction from Reinvention: Roughly 30%.
• Q3 2025 Rewards Retail Value: $15 million.
• Q3 2025 Direct-to-Consumer Revenue: $7.7 million.
• Q3 2025 User Acquisition Spend Line Item: $9,389 (units not specified).

PLAYSTUDIOS, Inc. (MYPS) - Canvas Business Model: Revenue Streams

PLAYSTUDIOS, Inc. (MYPS) generates revenue through several distinct channels, primarily centered around its free-to-play mobile and social games and the playAWARDS loyalty platform.

The core monetization engine remains the In-App Purchases (IAP) of virtual currency in games. For context, in the first quarter of 2025, the direct-to-consumer channel within IAP generated approximately $5 million, which was 9.8% of the total IAP revenue for that quarter. Revenue from Advertising revenue from in-game placements also contributes, though year-over-year declines in Q3 2025 were partially attributed to lower advertising revenue.

A significant growth area is the Direct-to-Consumer (DTC) sales channel. This segment reached $7.7 million in the third quarter of 2025, marking a 48% increase year-over-year. This DTC revenue represented 16.7% of total in-app purchase revenue in Q3 2025.

The company is actively scaling new revenue initiatives, specifically the Revenue from new sweepstakes offering (scaling in H2 2025). The WinZone sweepstakes platform was in open beta across 15 states, with management targeting a live launch in all available jurisdictions by the end of 2025, positioning it for scaled user acquisition deployment and contribution in 2026.

The overall financial outlook for the year is anchored by the initial Full-year 2025 revenue guidance which is between $250 million and $270 million. However, following Q3 2025 results, management indicated that full-year results for net revenue are now expected to fall below the low end of that previously provided guidance range.

Here is a snapshot of key revenue-related figures as of late 2025:

The revenue streams can be broken down by focus area:

• In-App Purchases (IAP) of virtual currency in games.
• Advertising revenue from in-game placements.
• Direct-to-Consumer (DTC) sales, reaching $7.7 million in Q3 2025.
• Revenue from new sweepstakes offering (scaling in H2 2025).
• Full-year 2025 revenue guidance is between $250 million and $270 million.

The company is also focused on leveraging its playAWARDS platform to drive engagement, which underpins the IAP revenue. In Q3 2025, players purchased 202,666 rewards with a retail value of $15 million through this platform.