Revenue volatility remains high, with operating margins reaching a low of -68.8% in 2025Q3, indicating that current income levels struggle to cover fixed development costs.
| Sales/Revenue | 88.41M | 81.23M | 84.47M | 60.9M | 74.44M | 106.73M | 124.94M | 86.31M |
| Revenue Growth % | -2.27% | -3.84% | 38.69% | -18.19% | -30.25% | -14.57% | 44.77% | - |
| Cost of Goods Sold | 60.18M | 59.04M | 54.24M | 48.74M | 53.12M | 63.69M | 67.3M | 78.14M |
| COGS % of Revenue | - | 72.69% | 64.21% | 80.03% | 71.36% | 59.67% | 53.87% | 90.54% |
| Gross Profit | 28.23M | 22.18M | 30.23M | 12.16M | 21.32M | 43.05M | 57.64M | 8.17M |
| Gross Margin % | 31.93% | 27.31% | 35.79% | 19.97% | 28.64% | 40.33% | 46.13% | 9.46% |
| Gross Profit Growth % | - | -26.62% | 148.54% | -42.96% | -50.47% | -25.32% | 605.69% | - |
| Operating Expenses | 38.16M | 37.91M | 26.34M | 22.46M | 22.93M | 34.75M | 27.69M | 23.88M |
| OpEx % of Revenue | - | 46.67% | 31.19% | 36.87% | 30.81% | 32.56% | 22.16% | 27.67% |
| Selling, General & Admin | 5.54B | 23.3K | 14.39M | 17.4M | 19.43M | 16.67M | 24.02M | 20.96M |
| SG&A % of Revenue | - | 0.03% | 17.04% | 28.57% | 26.1% | 15.62% | 19.22% | 24.28% |
| Research & Development | 14.99M | 14.6K | 11.65M | 5.06M | 2.96M | 834.82K | 1.38M | 1.95M |
| R&D % of Revenue | - | 0.02% | 13.79% | 8.3% | 3.97% | 0.78% | 1.1% | 2.26% |
| Other Operating Expenses | -404.21K | 37.87M | 303.71K | 0 | 548.84K | 17.24M | 2.3M | 973.04K |
| Operating Income | -9.93M | -15.73M | 3.89M | -10.29M | -1.61M | 8.3M | 29.95M | -15.71M |
| Operating Margin % | -11.23% | -19.36% | 4.6% | -16.9% | -2.16% | 7.78% | 23.97% | -18.21% |
| Operating Income Growth % | - | -504.39% | 137.79% | -539.13% | -119.4% | -72.29% | 290.6% | - |
| EBITDA | -7.72M | -13.75M | 4.2M | -8.48M | 6.61M | 24.36M | 44.62M | 29.48M |
| EBITDA Margin % | -8.73% | -16.93% | 4.97% | -13.92% | 8.88% | 22.82% | 35.71% | 34.16% |
| EBITDA Growth % | -403.83% | -427.41% | 149.56% | -228.16% | -72.85% | -45.4% | 51.35% | - |
| D&A (Non-Cash Add-back) | 2.21M | 1.97M | 311.52K | 1.82M | 8.22M | 16.06M | 14.67M | 45.2M |
| EBIT | -10.44M | -15.73M | 3.18M | -9.96M | -526.73K | 10.12M | 37.13M | -16.19M |
| Net Interest Income | 576.65K | 689.92K | -460.35K | -1.4M | -141.97K | 1.26M | 439.64K | -978.7K |
| Interest Income | 1.36M | 1.35M | 262.68K | 131.85K | 783.54K | 1.68M | 1.01M | 548.75K |
| Interest Expense | 785.3K | 660.09K | 723.04K | 1.53M | 925.51K | 423.79K | 567.17K | 1.53M |
| Other Income/Expense | -957.14K | -821.71K | -1.43M | -1.2M | 158.17K | 1.39M | 6.61M | -2M |
| Pretax Income | -10.89M | -16.55M | 2.46M | -11.5M | -1.45M | 9.69M | 36.56M | -17.71M |
| Pretax Margin % | -12.32% | -20.37% | 2.91% | -18.87% | -1.95% | 9.08% | 29.26% | -20.53% |
| Income Tax | 12.27M | 10.69M | 632.12K | -2.4M | -2.45M | 1.78M | 6.81M | -2.5M |
| Effective Tax Rate % | -112.64% | -64.59% | 25.7% | 20.88% | 168.46% | 18.41% | 18.62% | 14.1% |
| Net Income | -23.15M | -27.24M | 1.83M | -9.09M | 947.81K | 8.47M | 30.69M | -13.94M |
| Net Margin % | -26.19% | -33.53% | 2.17% | -14.92% | 1.27% | 7.93% | 24.56% | -16.16% |
| Net Income Growth % | -1490.44% | -1586.68% | 120.16% | -1058.64% | -88.81% | -72.4% | 320.06% | - |
| Net Income (Continuing) | -23.16M | -27.24M | 1.83M | -9.09M | 994.18K | 7.91M | 29.75M | -15.22M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -5.51M | -5.51B | -5.5M | -5.5M | -5.49M | -5.54M | -5.02M | 0 |
| EPS (Diluted) | -0.24 | -0.74 | 0.05 | -0.25 | 0.03 | 0.23 | 0.83 | -0.38 |
| EPS Growth % | -1776.41% | -1585.94% | 119.92% | -1068.99% | -88.78% | -72.29% | 318.42% | - |
| EPS (Basic) | - | -0.73 | 0.05 | -0.25 | 0.03 | 0.23 | 0.83 | -0.38 |
| Diluted Shares Outstanding | 95.29M | 37.44M | 36.79M | 36.66M | 36.8M | 36.91M | 36.91M | 36.91M |
| Basic Shares Outstanding | 90.36M | 37.44M | 36.79M | 36.66M | 36.8M | 36.91M | 36.91M | 36.91M |
| Dividend Payout Ratio | - | - | - | - | 865.15% | - | - | - |
Liquidity and product concentration
As reported in quarterly financial filings, Snail, Inc. exhibits extreme revenue volatility, with growth rates swinging from a 150.9% surge in 2024Q3 to a 38.7% contraction by 2025Q3, highlighting a business model heavily dependent on the timing of sporadic content releases rather than recurring revenue streams.
The erratic top-line performance suggests that the company lacks a stable baseline of recurring income, leaving it highly susceptible to the success or failure of individual product cycles. Investors should monitor whether the recent revenue instability reflects a permanent shift in player engagement or merely a temporary lull between major franchise updates.
Based on the provided income statement data, the company's gross margin has fluctuated significantly, reaching a low of 0.1% in 2025Q3, which indicates that the cost of goods sold frequently consumes nearly all revenue generated from its primary gaming titles and digital assets.
This margin profile is notably weak for a software-centric entity and suggests that high platform fees or heavy amortization of capitalized development costs are severely limiting profitability. The inability to maintain consistent gross margins implies that the company lacks meaningful pricing power within its competitive niche.
According to recent financial disclosures, the company's operating income has frequently dipped into negative territory, with an operating margin of -68.8% in 2025Q3, demonstrating that current revenue levels are insufficient to cover the fixed costs associated with development and administrative overhead.
The lack of positive operating leverage suggests that the company is struggling to scale its operations efficiently as it attempts to maintain its core franchise. Without a significant reduction in the ratio of operating expenses to revenue, the company may continue to face challenges in achieving sustainable profitability.
As indicated by the company's financial statements, the combination of negative net margins and a cash balance of approximately $7.3M creates a precarious situation where the firm may lack the necessary capital to fund future development cycles without resorting to dilutive financing.
Short-sellers would likely focus on the disconnect between the company's brand-heavy narrative and its deteriorating cash position, which appears to be approaching a critical threshold. The reliance on a single IP for survival makes the company particularly vulnerable to any further delays in product launches or unexpected increases in acquisition costs.
Quick answers to the most common questions about buying SNAL stock.
For fiscal year 2025, Snail, Inc. Class A Common Stock (SNAL) reported total revenue of $81.2M. This represents a 5.9% decline compared to $86.3M in 2019.
Snail, Inc. Class A Common Stock (SNAL) reported a net loss of $27.2M for the fiscal year ending 2025.
Snail, Inc. Class A Common Stock (SNAL) reported an operating income of $-15.7M, resulting in an operating profit margin of -19.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Snail, Inc. Class A Common Stock (SNAL) generated $22.2M in gross profit for the year, representing a gross profit margin of 27.3%. This demonstrates the company's core pricing power and production efficiency.