WinkingStudios WKS
SGD 0.215
+0.00% +0.00 Updated 3 Nov 2026, 17:16 SGT
Financials
ANNUAL REPORT 2025
Explore the statements
13 tablesConsolidated Statement of Comprehensive Income (Group)
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income statement | |||
| Revenue from contracts with customersUSD'000 | 45,500 | 31,899 | PDF p. 140 |
| Cost of salesUSD'000 | (31,951) | (22,435) | PDF p. 140 |
| Gross profitUSD'000 | 13,549 | 9,464 | PDF p. 140 |
| Other income | |||
| – Interest incomeUSD'000 | 571 | 465 | PDF p. 140 |
| – OthersUSD'000 | 497 | 861 | PDF p. 140 |
| Other (losses)/gains – net | |||
| – (Impairment loss)/reversal of impairment loss on financial assetsUSD'000 | (75) | 23 | PDF p. 140 |
| – OthersUSD'000 | (690) | 886 | PDF p. 140 |
| Expenses | |||
| – Distribution and marketingUSD'000 | (2,530) | (2,160) | PDF p. 140 |
| – Administrative expensesUSD'000 | (10,591) | (9,105) | PDF p. 140 |
| – Finance expensesUSD'000 | (153) | (80) | PDF p. 140 |
| Income statement | |||
| Profit before income taxUSD'000 | 578 | 354 | PDF p. 140 |
| Income tax (expense)/creditUSD'000 | (252) | 171 | PDF p. 140 |
| Profit for the yearUSD'000 | 326 | 525 | PDF p. 140 |
| Other comprehensive income/(loss): Items that may be reclassified subsequently to profit or loss | |||
| Currency translation gains/(losses) arising from consolidationUSD'000 | 1,849 | (1,324) | PDF p. 140 |
| Other comprehensive income/(loss) | |||
| Other comprehensive income/(loss), net of taxUSD'000 | 1,849 | (1,324) | PDF p. 140 |
| Total comprehensive income/(loss)USD'000 | 2,175 | (799) | PDF p. 140 |
| Profit attributable to | |||
| – Equity holders of the CompanyUSD'000 | 326 | 525 | PDF p. 140 |
| Total comprehensive income/(loss) attributable to | |||
| – Equity holders of the CompanyUSD'000 | 2,175 | (799) | PDF p. 140 |
| Earnings per share (Expressed in dollar per share) | |||
| – Basic and diluted earnings per sharedollar per share | 0.0007 | 0.0015 | PDF p. 140 |
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Definitions & sources
Original report: PDF p. 140 ↗
The accompanying notes form an integral part of these financial statements.
Earnings per share for profit attributable to equity holders of the Company (Expressed in dollar per share)
Balance Sheets (Group and Company) as at 31 December 2025
28 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Current assets | |||||
| Cash and bank balancesUSD'000 | 27,389 | 39,832 | 6,837 | 29,074 | PDF p. 141 |
| Trade and other receivablesUSD'000 | 9,254 | 6,362 | 82 | 60 | PDF p. 141 |
| Contract assetsUSD'000 | 6,178 | 3,595 | – | – | PDF p. 141 |
| SubtotalUSD'000 | 42,909 | 49,789 | 6,919 | 29,134 | PDF p. 141 |
| Non-current assets | |||||
| Property, plant and equipmentUSD'000 | 2,098 | 1,935 | – | – | PDF p. 141 |
| Right-of-use assetsUSD'000 | 2,828 | 3,004 | – | – | PDF p. 141 |
| Intangible assetsUSD'000 | 17,245 | 1,932 | 391 | 439 | PDF p. 141 |
| Investment in subsidiariesUSD'000 | – | – | 37,037 | 34,612 | PDF p. 141 |
| Other non-current assetsUSD'000 | 460 | 302 | – | – | PDF p. 141 |
| Deferred income tax assetsUSD'000 | 1,909 | 1,840 | – | – | PDF p. 141 |
| Financial assets, at amortised costUSD'000 | 1,451 | 1,461 | 1,451 | 1,461 | PDF p. 141 |
| SubtotalUSD'000 | 25,991 | 10,474 | 38,879 | 36,512 | PDF p. 141 |
| Assets | |||||
| Total assetsUSD'000 | 68,900 | 60,263 | 45,798 | 65,646 | PDF p. 141 |
| Current liabilities | |||||
| Trade and other payablesUSD'000 | 7,882 | 5,940 | 309 | 20,462 | PDF p. 141 |
| Contract liabilitiesUSD'000 | 327 | 138 | – | – | PDF p. 141 |
| Current income tax liabilitiesUSD'000 | 140 | 17 | – | – | PDF p. 141 |
| Lease liabilitiesUSD'000 | 1,745 | 1,175 | – | – | PDF p. 141 |
| SubtotalUSD'000 | 10,094 | 7,270 | 309 | 20,462 | PDF p. 141 |
| Non-current liabilities | |||||
| Lease liabilitiesUSD'000 | 1,098 | 1,886 | – | – | PDF p. 141 |
| Other payablesUSD'000 | 1,712 | – | – | – | PDF p. 141 |
| Deferred income tax liabilitiesUSD'000 | 2,985 | 1,111 | – | – | PDF p. 141 |
| SubtotalUSD'000 | 5,795 | 2,997 | – | – | PDF p. 141 |
| Liabilities | |||||
| Total liabilitiesUSD'000 | 15,889 | 10,267 | 309 | 20,462 | PDF p. 141 |
| NET ASSETSUSD'000 | 53,011 | 49,996 | 45,489 | 45,184 | PDF p. 141 |
| Equity | |||||
| Share capitalUSD'000 | 13,414 | 13,365 | 13,414 | 13,365 | PDF p. 141 |
| Other reservesUSD'000 | 31,669 | 28,943 | 35,349 | 34,476 | PDF p. 141 |
| Retained profits/(accumulated losses)USD'000 | 7,928 | 7,688 | (3,274) | (2,657) | PDF p. 141 |
| Total equityUSD'000 | 53,011 | 49,996 | 45,489 | 45,184 | PDF p. 141 |
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Definitions & sources
Original report: PDF p. 141 ↗
The accompanying notes form an integral part of these financial statements.
Current income tax recoverable: Company 2025 cell is blank in the source; Company 2024 is '–'.
Retained profits/(accumulated losses) label wraps across two lines; the row quote is the second line carrying the values.
Equity section heading: Capital and reserves attributable to equity holders of the Company.
Consolidated Statement of Comprehensive Income (Group)
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, USD'000 | 2024Group, USD'000 | Source |
|---|---|---|---|
| Income | |||
| Revenue from contracts with customersUSD'000 | 45,500 | 31,899 | PDF p. 140 |
| Cost of salesUSD'000 | (31,951) | (22,435) | PDF p. 140 |
| Gross profitUSD'000 | 13,549 | 9,464 | PDF p. 140 |
| Other income | |||
| – Interest incomeUSD'000 | 571 | 465 | PDF p. 140 |
| – Others (Other income)USD'000 | 497 | 861 | PDF p. 140 |
| Other (losses)/gains – net | |||
| – (Impairment loss)/reversal of impairment loss on financial assetsUSD'000 | (75) | 23 | PDF p. 140 |
| – Others (Other (losses)/gains)USD'000 | (690) | 886 | PDF p. 140 |
| Expenses | |||
| – Distribution and marketingUSD'000 | (2,530) | (2,160) | PDF p. 140 |
| – Administrative expensesUSD'000 | (10,591) | (9,105) | PDF p. 140 |
| – Finance expensesUSD'000 | (153) | (80) | PDF p. 140 |
| Income | |||
| Profit before income taxUSD'000 | 578 | 354 | PDF p. 140 |
| Income tax (expense)/creditUSD'000 | (252) | 171 | PDF p. 140 |
| Profit for the yearUSD'000 | 326 | 525 | PDF p. 140 |
| Items that may be reclassified subsequently to profit or loss | |||
| Currency translation gains/(losses) arising from consolidationUSD'000 | 1,849 | (1,324) | PDF p. 140 |
| Other comprehensive income/(loss) | |||
| Other comprehensive income/(loss), net of taxUSD'000 | 1,849 | (1,324) | PDF p. 140 |
| Total comprehensive income | |||
| Total comprehensive income/(loss)USD'000 | 2,175 | (799) | PDF p. 140 |
| Profit attributable to | |||
| – Equity holders of the Company (Profit attributable to)USD'000 | 326 | 525 | PDF p. 140 |
| Total comprehensive income/(loss) attributable to | |||
| – Equity holders of the Company (Total comprehensive income/(loss) attributable to)USD'000 | 2,175 | (799) | PDF p. 140 |
| Earnings per share | |||
| – Basic and diluted earnings per sharedollar per share | 0.0007 | 0.0015 | PDF p. 140 |
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Definitions & sources
Original report: PDF p. 140 ↗
Only a Group (consolidated) statement is presented; no separate Company statement of comprehensive income. Profit and total comprehensive income are wholly attributable to equity holders of the Company. EPS expressed in dollar per share.
Consolidated Statement of Changes in Equity – 2025 (Group)
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, Share capital, USD'000 | 2025Group, Capital reserve, USD'000 | 2025Group, Other reserve, USD'000 | 2025Group, Currency translation reserve, USD'000 | 2025Group, Other reserves Total, USD'000 | 2025Group, Retained profits, USD'000 | 2025Group, Total equity, USD'000 | Source |
|---|---|---|---|---|---|---|---|---|
| 2025 | ||||||||
| Beginning of financial yearUSD'000 | 13,365 | 33,468 | (2,063) | (2,462) | 28,943 | 7,688 | 49,996 | PDF p. 142 |
| Profit for the yearUSD'000 | – | – | – | – | – | 326 | 326 | PDF p. 142 |
| Other comprehensive income for the yearUSD'000 | – | – | – | 1,849 | 1,849 | – | 1,849 | PDF p. 142 |
| Total comprehensive income for the yearUSD'000 | – | – | – | 1,849 | 2,175 | 326 | 2,175 | PDF p. 142 |
| Issuance of new sharesUSD'000 | 49 | 256 | (305) | – | (49) | – | – | PDF p. 142 |
| Cash dividends paidUSD'000 | – | – | – | – | – | (82) | (82) | PDF p. 142 |
| Retained profits transferred to capital reserveUSD'000 | – | – | 4 | – | 4 | (4) | – | PDF p. 142 |
| Share-based compensation schemeUSD'000 | – | – | 922 | – | 922 | – | 922 | PDF p. 142 |
| Transactions with owners, recognised directly in equityUSD'000 | 49 | 256 | 621 | – | 877 | (86) | 840 | PDF p. 142 |
| End of financial yearUSD'000 | 13,414 | 33,724 | (1,442) | (613) | 31,669 | 7,928 | 53,011 | PDF p. 142 |
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Definitions & sources
Original report: PDF p. 142 ↗
Attributable to owners of the Company. Column order: Share capital, Capital reserve, Other reserve, Currency translation reserve, Other reserves Total, Retained profits, Total equity. No non-controlling interests shown. Total comprehensive income row prints 2,175 under Other reserves Total as printed. No separate Company statement of changes in equity is presented as a primary statement (only reserve movements in notes).
Consolidated Statement of Changes in Equity – 2024 (Group)
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group, Share capital, USD'000 | 2024Group, Capital reserve, USD'000 | 2024Group, Other reserve, USD'000 | 2024Group, Currency translation reserve, USD'000 | 2024Group, Other reserves Total, USD'000 | 2024Group, Retained profits, USD'000 | 2024Group, Total equity, USD'000 | Source |
|---|---|---|---|---|---|---|---|---|
| 2024 | ||||||||
| Beginning of financial yearUSD'000 | 8,615 | 8,818 | (3,071) | (1,138) | 4,609 | 8,223 | 21,447 | PDF p. 142 |
| Profit for the yearUSD'000 | – | – | – | – | – | 525 | 525 | PDF p. 142 |
| Other comprehensive loss for the yearUSD'000 | – | – | – | (1,324) | (1,324) | – | (1,324) | PDF p. 142 |
| Total comprehensive income for the yearUSD'000 | – | – | – | (1,324) | (1,324) | 525 | (799) | PDF p. 142 |
| Issuance of new shares pursuant to dual listing on AIMUSD'000 | 1,565 | 8,441 | – | – | 8,441 | – | 10,006 | PDF p. 142 |
| Share issue expensesUSD'000 | – | (516) | – | – | (516) | – | (516) | PDF p. 142 |
| Issuance of new sharesUSD'000 | 3,185 | 16,725 | – | – | 16,725 | – | 19,910 | PDF p. 142 |
| Share-based compensation schemeUSD'000 | – | – | 1,008 | – | 1,008 | – | 1,008 | PDF p. 142 |
| Cash dividends paidUSD'000 | – | – | – | – | – | (1,060) | (1,060) | PDF p. 142 |
| Transactions with owners, recognised directly in equityUSD'000 | 4,750 | 24,650 | 1,008 | – | 25,658 | (1,060) | 29,348 | PDF p. 142 |
| End of financial yearUSD'000 | 13,365 | 33,468 | (2,063) | (2,462) | 28,943 | 7,688 | 49,996 | PDF p. 142 |
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Definitions & sources
Original report: PDF p. 142 ↗
Comparative year 2024, attributable to owners of the Company. Column order: Share capital, Capital reserve, Other reserve, Currency translation reserve, Other reserves Total, Retained profits, Total equity.
Consolidated Statement of Cash Flows (Group)
38 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, USD'000 | 2024Group, USD'000 | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit before income taxUSD'000 | 578 | 354 | PDF p. 143 |
| Cash flows from operating activities – Adjustments for | |||
| – Depreciation of property, plant and equipmentUSD'000 | 822 | 660 | PDF p. 143 |
| – Depreciation of right-of-use assetsUSD'000 | 1,664 | 1,212 | PDF p. 143 |
| – Amortisation of intangible assetsUSD'000 | 783 | 186 | PDF p. 143 |
| – Share-based compensation expenseUSD'000 | 922 | 1,008 | PDF p. 143 |
| – Impairment loss/(reversal of impairment loss) on financial assetsUSD'000 | 75 | (23) | PDF p. 143 |
| – Interest incomeUSD'000 | (571) | (465) | PDF p. 143 |
| – Finance expensesUSD'000 | 153 | 80 | PDF p. 143 |
| – Losses/(gains) on disposal of property, plant and equipmentUSD'000 | 203 | (6) | PDF p. 143 |
| – Income from disposal of intellectual property previously not capitalisedUSD'000 | – | (323) | PDF p. 143 |
| – Unrealised currency translation losses/(gains)USD'000 | 2,159 | (597) | PDF p. 143 |
| Cash flows from operating activities | |||
| Operating cash flow before working capital changes (subtotal, unlabelled)USD'000 | 6,788 | 2,086 | PDF p. 143 |
| Changes in working capital | |||
| – Contract assetsUSD'000 | (2,066) | (221) | PDF p. 143 |
| – Trade and other receivablesUSD'000 | (885) | (2,210) | PDF p. 143 |
| – Contract liabilitiesUSD'000 | 155 | 95 | PDF p. 143 |
| – Trade and other payablesUSD'000 | 962 | 453 | PDF p. 143 |
| Cash flows from operating activities | |||
| Cash generated from operationsUSD'000 | 4,954 | 203 | PDF p. 143 |
| Interest receivedUSD'000 | 571 | 465 | PDF p. 143 |
| Income tax paidUSD'000 | (155) | (32) | PDF p. 143 |
| Net cash generated from operating activitiesUSD'000 | 5,370 | 636 | PDF p. 143 |
| Cash flows from investing activities | |||
| Additions to property, plant and equipmentUSD'000 | (722) | (400) | PDF p. 143 |
| Proceeds from disposal of property, plant and equipmentUSD'000 | 2 | 33 | PDF p. 143 |
| Proceeds from disposal of intellectual property previously not capitalisedUSD'000 | – | 323 | PDF p. 143 |
| (Increase)/decrease in prepayments for equipmentUSD'000 | (11) | 3 | PDF p. 143 |
| Additions to intangible assetsUSD'000 | (57) | (142) | PDF p. 143 |
| Acquisition of a subsidiary and a business, net of cash acquiredUSD'000 | (13,759) | (2,032) | PDF p. 143 |
| Decrease/(increase) in refundable depositsUSD'000 | 5 | (55) | PDF p. 143 |
| Purchase of bondsUSD'000 | – | (1,479) | PDF p. 143 |
| Net cash used in investing activitiesUSD'000 | (14,542) | (3,749) | PDF p. 143 |
| Cash flows from financing activities | |||
| Proceeds from share issuance, net of share issue expensesUSD'000 | – | 29,400 | PDF p. 143 |
| Cash dividends paidUSD'000 | (82) | (1,060) | PDF p. 143 |
| Principal payments of lease liabilitiesUSD'000 | (1,701) | (1,230) | PDF p. 143 |
| Interest paidUSD'000 | (108) | (80) | PDF p. 143 |
| Net cash (used in)/generated from financing activitiesUSD'000 | (1,891) | 27,030 | PDF p. 143 |
| Cash and cash equivalents | |||
| Net changes in cash and cash equivalentsUSD'000 | (11,063) | 23,917 | PDF p. 143 |
| Beginning of financial yearUSD'000 | 39,832 | 16,423 | PDF p. 143 |
| Effects of currency translation on cash and cash equivalentsUSD'000 | (1,380) | (508) | PDF p. 143 |
| End of financial yearUSD'000 | 27,389 | 39,832 | PDF p. 143 |
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Definitions & sources
Original report: PDF p. 143 ↗
Only a consolidated (Group) cash flow statement is presented; no Company cash flow statement.
Alternative performance measures (CFO Review)
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group FY2025, US$ million | 2024Group FY2024, US$ million | 2025Change (%), FY2025 vs FY2024 | Source |
|---|---|---|---|---|
| APMs | ||||
| Adjusted EBITDAUS$ million | 5.4 | 4.8 | +13.2 | PDF p. 24 |
| EBITDAUS$ million | 3.4 | 2.0 | +69.2 | PDF p. 24 |
| Adjusted net profitUS$ million | 3.0 | 3.4 | (12.3) | PDF p. 24 |
| Net profitUS$ million | 0.3 | 0.5 | (37.9) | PDF p. 24 |
| Proposed dividend per share | ||||
| (SG$ cents per share)*SG$ cents per share | 0.024 | 0.024 | - | PDF p. 24 |
| (GBP pence per share)*GBP pence per share | 0.014 | 0.014 | - | PDF p. 24 |
| APMs | ||||
| Adjusted expensesUS$ million | 2.0 | 2.8 | (27.5) | PDF p. 24 |
| Share-based compensation expensesUS$ million | 0.9 | 1.0 | (8.5) | PDF p. 24 |
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Definitions & sources
Original report: PDF p. 24 ↗
n.m denotes not meaningful
*Subject to approval by shareholders at the upcoming AGM and the final dividend payout will be subjected to the prevailing exchange rate
Adjusted EBITDA FY2025 comprises EBITDA adjusted for share-based compensation, foreign exchange losses and costs of acquisition and integration (p.18/22).
Cash flow summary (CFO Review)
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group FY2025, US$ million | 2024Group FY2024, US$ million | 2025Change (%), FY2025 vs FY2024 | Source |
|---|---|---|---|---|
| Cash flow | ||||
| Net cash generated from operating activitiesUS$ million | 5.1 | 0.6 | +706.9 | PDF p. 25 |
| Net cash (used in) investing activitiesUS$ million | (14.5) | (3.7) | +287.9 | PDF p. 25 |
| Cash & cash equivalents at beginning of financial yearUS$ million | 39.8 | 16.4 | 142.5 | PDF p. 25 |
| Effects of exchange rate changes on cash & cash equivalentsUS$ million | (1.4) | (0.5) | +171.7 | PDF p. 25 |
| Cash & cash equivalents at end of financial yearUS$ million | 27.4 | 39.8 | (31.2) | PDF p. 25 |
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Definitions & sources
Original report: PDF p. 25 ↗
n.m as printed
Balance sheet summary (CFO Review)
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group as at 31 December 2025, US$ million | 2024Group as at 31 December 2024, US$ million | 2025Change (%), 2025 vs 2024 | Source |
|---|---|---|---|---|
| Balance sheet | ||||
| Current assetsUS$ million | 42.9 | 49.8 | (13.8) | PDF p. 25 |
| Non-current assetsUS$ million | 26.0 | 10.5 | +148.1 | PDF p. 25 |
| Total assetsUS$ million | 68.9 | 60.3 | +14.3 | PDF p. 25 |
| Current liabilitiesUS$ million | 10.1 | 7.3 | +38.8 | PDF p. 25 |
| Non-current liabilitiesUS$ million | 5.8 | 3.0 | +93.4 | PDF p. 25 |
| Total liabilitiesUS$ million | 15.9 | 10.3 | +54.8 | PDF p. 25 |
| Net assetsUS$ million | 53.0 | 50.0 | +6.0 | PDF p. 25 |
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Definitions & sources
Original report: PDF p. 25 ↗
Page 26 text: net asset value per ordinary share is US$12.00 cents (as at 31 December 2024: US$11.35 cents).
Segment revenue and geographic revenue
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group FY2025 | 2024Group FY2024 | 2025Change (%), FY2025 vs FY2024 | Source |
|---|---|---|---|---|
| Game Development segment | ||||
| RevenueUS$ million | 7.9 | 5.3 | +48.4 | PDF p. 22 |
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Definitions & sources
Original report: PDF p. 22 ↗
Segment rows have Change (%) column; geographic rows have only FY2025 and FY2024. * Hong Kong refers to Hong Kong Special Administrative Region. ** Taiwan refers to the Taiwan region.
Art Outsourcing revenue (page 21): US$ million 37.5 (FY2025), 26.4 (FY2024), +42.0 change.
Art Outsourcing segment revenue
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group FY2025 | 2024Group FY2024 | 2025Change (%), FY2025 vs FY2024 | Source |
|---|---|---|---|---|
| Art Outsourcing segment | ||||
| RevenueUS$ million | 37.5 | 26.4 | +42.0 | PDF p. 21 |
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Definitions & sources
Original report: PDF p. 21 ↗
Earnings per share (Note 11)
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Basic EPS | |||
| Net profit attributable to equity holders of the Company (USD’000)USD'000 | 326 | 525 | PDF p. 163 |
| Weighted average number of ordinary shares (’000)'000 shares | 440,645 | 338,997 | PDF p. 163 |
| Diluted EPS adjustments | |||
| - Performance shares'000 shares | 4,103 | 1,240 | PDF p. 163 |
| - Warrants'000 shares | – | 146 | PDF p. 163 |
| Diluted EPS | |||
| Diluted weighted average shares (total line, unlabelled)'000 shares | 444,748 | 340,383 | PDF p. 163 |
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Definitions & sources
Original report: PDF p. 163 ↗
Basic: net profit attributable divided by weighted average number of ordinary shares. 2024 weighted average adjusted for 108,000,000 shares placement in July 2024 (total 387,698,275) and 52,666,667 shares AIM placement Nov 2024 (total 440,364,942). 441,938,118 shares in issue on 28 October 2025. Outstanding warrants were anti-dilutive for the current financial year and excluded.
Dividends (Note 25)
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group dividends paid in 2025, USD'000 | 2024Group dividends paid in 2024, USD'000 | Source |
|---|---|---|---|
| Dividends | |||
| Total dividends paidUSD'000 | 82 | 1,060 | PDF p. 183 |
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Definitions & sources
Original report: PDF p. 183 ↗
Special dividend paid in respect of the previous financial year of SGD0.024 cents (2024: SGD0.5 cents) per ordinary share.
At the AGM on 30 April 2026, a special dividend of SGD0.024 cents per share amounting to a total of USD82,000 will be recommended; not reflected in these financial statements.
Where the money comes from
Segment information
By business
Segment information 2025 by business segment 12 lines
| Item / unit | 2025Art Outsourcing | 2025Game Development | 2025Global Publishing and Others | 2025Total | Source |
|---|---|---|---|---|---|
| Segment revenue | |||||
| Service revenueUSD'000 | 37,512 | 7,863 | – | 45,375 | PDF p. 191 |
| Licencing and product revenueUSD'000 | – | – | 125 | 125 | PDF p. 191 |
| Segment expenses | |||||
| Subcontract expenseUSD'000 | 3,481 | 213 | 13 | 3,707 | PDF p. 191 |
| Employee compensationUSD'000 | 27,150 | 5,599 | 42 | 32,791 | PDF p. 191 |
| Segment results | |||||
| Profit before income taxUSD'000 | 149 | 373 | 56 | 578 | PDF p. 191 |
| Significant non-cash items | |||||
| Amortisation of intangible assetsUSD'000 | 646 | 135 | 2 | 783 | PDF p. 191 |
| Segment assets | |||||
| Segment assetsUSD'000 | 55,229 | 11,576 | 186 | 66,991 | PDF p. 191 |
| Included in the segment assets | |||||
| Trade and other receivablesUSD'000 | 7,629 | 1,599 | 26 | 9,254 | PDF p. 191 |
| Additions to | |||||
| Property, plant and equipmentUSD'000 | 595 | 125 | 2 | 722 | PDF p. 191 |
| Right-of-use assetsUSD'000 | 640 | 133 | 2 | 775 | PDF p. 191 |
| Intangible assetsUSD'000 | 47 | 10 | – | 57 | PDF p. 191 |
| Segment liabilities | |||||
| Segment liabilitiesUSD'000 | 10,639 | 2,230 | 35 | 12,904 | PDF p. 191 |
Notes
Units USD'000. CODM assesses performance based on profit before income tax.
Segment information 2024 by business segment 12 lines
| Item / unit | 2024Art Outsourcing | 2024Game Development | 2024Global Publishing and Others | 2024Total | Source |
|---|---|---|---|---|---|
| Segment revenue | |||||
| Service revenueUSD'000 | 26,408 | 5,300 | – | 31,708 | PDF p. 192 |
| Licencing and product revenueUSD'000 | – | – | 191 | 191 | PDF p. 192 |
| Segment expenses | |||||
| Subcontract expenseUSD'000 | 3,555 | 153 | 58 | 3,766 | PDF p. 192 |
| Employee compensationUSD'000 | 17,713 | 2,710 | 548 | 20,971 | PDF p. 192 |
| Segment results | |||||
| Profit before income taxUSD'000 | (374) | 663 | 65 | 354 | PDF p. 192 |
| Significant non-cash items | |||||
| Amortisation of intangible assetsUSD'000 | 154 | 31 | 1 | 186 | PDF p. 192 |
| Segment assets | |||||
| Segment assetsUSD'000 | 48,366 | 9,707 | 350 | 58,423 | PDF p. 192 |
| Included in the segment assets | |||||
| Trade and other receivablesUSD'000 | 5,267 | 1,057 | 38 | 6,362 | PDF p. 192 |
| Additions to | |||||
| Property, plant and equipmentUSD'000 | 374 | 75 | 3 | 452 | PDF p. 192 |
| Right-of-use assetsUSD'000 | 1,473 | 296 | 10 | 1,779 | PDF p. 192 |
| Intangible assetsUSD'000 | 1,928 | 24 | 2 | 1,954 | PDF p. 192 |
| Segment liabilities | |||||
| Segment liabilitiesUSD'000 | 7,580 | 1,521 | 55 | 9,156 | PDF p. 192 |
Notes
Units USD'000. Negative shown in parentheses.
Reconciliation of segment assets to total assets 5 lines
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Segment assets | |||
| – Art OutsourcingUSD'000 | 55,229 | 48,366 | PDF p. 192 |
| – Game DevelopmentUSD'000 | 11,576 | 9,707 | PDF p. 192 |
| – Global Publising and OthersUSD'000 | 186 | 350 | PDF p. 192 |
| Unallocated | |||
| – Deferred income tax assetsUSD'000 | 1,909 | 1,840 | PDF p. 192 |
| Reconciliation | |||
| Total assetsUSD'000 | 68,900 | 60,263 | PDF p. 192 |
Notes
Units USD'000. Segment name spelled 'Publising' as printed.
Reconciliation of segment liabilities to total liabilities 5 lines
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Segment liabilities | |||
| – Art OutsourcingUSD'000 | 10,639 | 7,580 | PDF p. 193 |
| – Game DevelopmentUSD'000 | 2,230 | 1,521 | PDF p. 193 |
| – Global Publising and OthersUSD'000 | 35 | 55 | PDF p. 193 |
| Unallocated | |||
| – Deferred income tax liabilitiesUSD'000 | 2,985 | 1,111 | PDF p. 193 |
| Reconciliation | |||
| Total liabilitiesUSD'000 | 15,889 | 10,267 | PDF p. 193 |
Notes
Units USD'000. Unallocated: deferred income tax liabilities and derivative financial instruments excluded from segments.
Revenue from individual customers exceeding 10% of net sales revenue 2 lines
| Item / unit | 2025USD'000 | 2025% of revenue | 2024USD'000 | 2024% of revenue | Source |
|---|---|---|---|---|---|
| Major customers | |||||
| Customer ZUSD'000 and % | 6,767 | 15 | 4,137 | 13 | PDF p. 194 |
| Customer TUSD'000 and % | 6,389 | 14 | 5,293 | 17 | PDF p. 194 |
Notes
Customer names anonymised as printed.
By geography
Geographical information - revenue from external customers (by customer location) 7 lines
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Revenue | |||
| Mainland China and Hong KongUSD'000 | 16,742 | 11,078 | PDF p. 193 |
| TaiwanUSD'000 | 7,598 | 7,044 | PDF p. 193 |
| South KoreaUSD'000 | 6,043 | 6,176 | PDF p. 193 |
| United StatesUSD'000 | 7,298 | 3,487 | PDF p. 193 |
| JapanUSD'000 | 4,681 | 3,299 | PDF p. 193 |
| OtherUSD'000 | 3,138 | 815 | PDF p. 193 |
| TotalUSD'000 | 45,500 | 31,899 | PDF p. 193 |
Notes
Units USD'000 per column header.
Geographical information - non-current assets (by asset location) 4 lines
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Non-current assets | |||
| Mainland China and Hong KongUSD'000 | 18,806 | 4,351 | PDF p. 193 |
| TaiwanUSD'000 | 2,397 | 2,297 | PDF p. 193 |
| OtherUSD'000 | 2,879 | 1,986 | PDF p. 193 |
| Total (unlabelled)USD'000 | 24,082 | 8,634 | PDF p. 193 |
Notes
Units USD'000 per column header. Total row has no printed label.
Debt
Borrowings
Borrowing notes 1 tables
Lease liabilities carrying amounts (Note 15(a))
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Lease liabilities | |||||
| CurrentUSD'000 | 1,745 | 1,175 | – | – | PDF p. 167 |
| Non-currentUSD'000 | 1,098 | 1,886 | – | – | PDF p. 167 |
| Lease liabilities totalUSD'000 | 2,843 | 3,061 | – | – | PDF p. 167 |
Notes
Total row has no printed label; it is the subtotal beneath Current and Non-current lease liabilities.
Rental contracts are typically contracted for periods of 1 to 5 year(s).
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company’s dividend policy is to distribute approximately 5% to 15% of its annual distributable profits, although such payments remain at the discretion of the Board. | Company | PDF p. 15 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| (SG$ cents per share)* | 0.024 SG$ cents per share | Proposed dividend per share, FY2025 | PDF p. 24 |
| (SG$ cents per share)* | 0.024 SG$ cents per share | Proposed dividend per share, FY2024 comparative | PDF p. 24 |
| (GBP pence per share)* | 0.014 GBP pence per share | Proposed dividend per share, FY2025 (FY2024 also 0.014) | PDF p. 24 |
| Special dividend (Note 25) | At the Annual General Meeting on 30 April 2026, a special dividend of SGD0.024 cents per share amounting to a total of USD82,000 will be recommended. | Group, to be recommended at AGM 30 April 2026 | PDF p. 183 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Total dividends paid | 82 USD'000 | Group, 2025, special dividend paid in respect of previous financial year (SGD0.024 cents per share) | PDF p. 183 |
| Total dividends paid | 1,060 USD'000 | Group, 2024, special dividend paid in respect of previous financial year (SGD0.5 cents per share) | PDF p. 183 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | PricewaterhouseCoopers LLP | Group | PDF p. 139 |
| Engagement partner | CHEN Zhu | Group | PDF p. 139 |
| Our opinion | In our opinion, the accompanying consolidated financial statements of Winking Studios Limited and its subsidiaries (“the Group”) and the balance sheet of the Company present fairly, in all material respects | Group and Company | PDF p. 135 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Impairment of goodwill | The recoverable amount of goodwill is reviewed annually regardless of whether there is any indication of impairment. | Group | PDF p. 137 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow ANNUAL REPORT 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.