tinyBuild’s FY24 results are in line with expectations, being slightly lower at revenue but a beat on EBITDA and cash. The outlook commentary is positive with guidance being that FY25 is in line with expectations. tinyBuild, like the entire video games industry, is showing signs of revival following two challenging years. Recovery is now predicated on game releases and in tinyBuild’s case these are already proving hugely popular with Kingmakers and Sand (#15 and #40 on Steam respectively) having the potential to be new global franchises. tinyBuild is delivering on its investor promises to retain emphasis on IP, expand reach and monetise its back-catalogue. The continued drum beat of new titles and monetising the back-catalogue means investor attention can comfortably pivot to tinyBuild’s strong valuation support (EV/Sales 0.7x vs sector 3.1x). These, alongside a material addressable market, give potential for a rating.