Playside Studios Ltd

Cyan C3G Fund continues to hold Playside Studios (PLY) after a standout performance in the December quarter, where the gaming developer reported $23m in revenues and $11m in positive operating cash flow. Following this strong result, the company upgraded its FY24 revenue guidance to $60-65m, with some believing this could still be conservative. In addition, Playside’s acquisition of the license for the upcoming *MOUSE* game, a retro title based on the now off-patent Mickey Mouse brand, has generated excitement in the gaming community and further boosted the stock. Given the company’s strong financial results and the potential for continued growth, Cyan C3G Fund remains confident in its position in Playside Studios.

Cyan C3G Fund continues to hold Playside Studios (PLY), which was the best performer in the month with a 23% increase in its share price. The gaming developer delivered an impressive interim result, with revenue growing 119% to $36.2m, EBITDA of $12.2m, and net operating cash flow of $12.8m. All areas of the business are performing well, demonstrating the company's strong operational execution. With a multi-layered growth plan in place, Playside is well-positioned to capitalize on opportunities in the gaming sector over the next 24 months. The company is also enjoying strong investor support, further reinforcing Cyan C3G Fund’s positive outlook for Playside’s future.

Cyan C3G Fund continues to hold Playside Studios Ltd (PLY), a gaming developer that has been in the fund since its IPO in late 2020. The fund has grown its position over time as Playside has proven its strength in an industry known for high turnover. Playside has become a major global player, with notable clients such as Meta, Activision, and Blizzard. The company has demonstrated solid revenue and a clear path to profitability, and its ownership structure, with three executives each holding about 20% stakes, gives them substantial “skin in the game.” Despite some volatility in the stock price, including a significant surge during the Non-Fungible Token (NFT) boom, the company has maintained strong fundamentals and impressive growth. Cyan C3G Fund sees Playside as a strong long-term investment in the gaming sector, with its established track record and major client base supporting the position.

Cyan C3G Fund continues to hold its position in Playside Studios Ltd (PLY), despite a recent 19% decline in the share price, which the Fund believes does not reflect the company's strong FY24 results. Playside delivered a 70% increase in revenue to $65m, with EBITDA of $18m and a net cash position of $37m. The Fund notes that the price drop may be linked to broader weakness in the US tech sector, as Playside serves major US clients like Netflix, Meta, and Activision Blizzard. Despite this, Cyan C3G Fund remains confident in the company’s solid performance and growth potential, maintaining its position as the market dynamics continue to evolve.

Cyan C3G Fund continues to hold its position in Playside Studios Ltd. (PLY) despite a significant drawdown following the company's revised FY25 revenue forecast, which was reduced from ~$65m to ~$52m. This adjustment stemmed from a pullback in "Work for Hire" revenue, a segment previously seen as stable due to high-profile clients like Activision Blizzard, 2K Games, Meta, and Netflix. The market responded negatively, which Cyan C3G Fund acknowledges as understandable given the disconnect between perception and reality. Having initially invested pre-IPO at $0.16 in late 2020, the Fund has gradually reduced its position during periods of stock strength. While the company faces challenges, including missteps in execution, the Fund views the current stock price as potentially attractive, especially considering the 5x revenue growth since the IPO. However, it may take time for the market to regain confidence in Playside's management and future prospects.