MYPSWMEDIUM SIGNALFINANCIAL10-K

PLAYSTUDIOS showed significant revenue decline of 18.8% while reducing operating losses and dramatically cutting share buybacks by 88.8%.

The company appears to be entering a period of financial discipline, cutting costs and capital allocation while facing revenue headwinds. The reduction in operating losses despite lower revenue suggests management is successfully managing expenses, though the substantial decrease in share buybacks indicates less confidence in the stock's valuation or a shift toward cash preservation.

Comparing 2026-03-16 vs 2025-03-14View on EDGAR →
FINANCIAL ANALYSIS

The financial picture shows a company in transition, with revenue declining 18.8% to $235.1M while operating losses improved 27.2% through reduced R&D spending and other cost controls. Cash generation weakened significantly with operating cash flow dropping 42.4% to $26.3M, leading management to slash share buybacks from $31.2M to just $3.5M and cut capital expenditures by 75.7%. The balance sheet contracted overall with total assets declining 10% and liabilities falling 19.8%, while accounts receivable increased 21.8%, suggesting either collection challenges or changes in customer mix—overall signaling a defensive posture amid revenue pressures.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
-88.8%
$31.2M→$3.5M

Buyback activity reduced 88.8% — capital being redeployed elsewhere or cash conservation underway.

Capital Expenditure
Cash Flow
-75.7%
$4.0M→$968K

Capex reduced 75.7% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Operating Cash Flow
Cash Flow
-42.4%
$45.7M→$26.3M

Operating cash flow fell 42.4% — earnings quality concerns; investigate working capital changes and non-cash items.

Operating Income
P&L
+27.2%
-$32.9M→-$23.9M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Accounts Receivable
Balance Sheet
+21.8%
$20.5M→$25.0M

Receivables grew 21.8% — monitor days sales outstanding for collection efficiency.

Total Liabilities
Balance Sheet
-19.8%
$78.2M→$62.8M

Liabilities reduced 19.8% — deleveraging improves balance sheet strength and financial flexibility.

Revenue
P&L
-18.8%
$289.4M→$235.1M

Revenue softened 18.8% — monitor whether this is cyclical or structural.

R&D Expense
P&L
-13.8%
$67.7M→$58.4M

R&D spending cut 13.8% — could signal cost discipline or concerning reduction in innovation investment.

Current Liabilities
Balance Sheet
-12.6%
$49.4M→$43.2M

Current liabilities reduced — improved short-term financial position and working capital health.

Total Assets
Balance Sheet
-10%
$323.0M→$290.6M

Total assets contracted 10% — asset sales, write-downs, or balance sheet optimization underway.

LANGUAGE CHANGES
NEW — 2026-03-16
PRIOR — 2025-03-14
ADDED
As of February 28, 2026, there were 111,790,336 shares of Class A common stock, $0.0001 par value per share, and 16,457,769 shares of Class B common stock, $0.0001 par value per share, outstanding.
FORM 10-K INDEX Page Cautionary Note Regarding Forward-Looking Statements 4 Part I 7 Item 1.
Management's Discussion and Analysis of Financial Condition and Results of Operations 68 Item 7A.
Form 10-K Summary 132 Signatures 133 In this Annual Report on Form 10-K, the terms we, us, our, the Company and PLAYSTUDIOS mean PLAYSTUDIOS, Inc.
All statements contained in this Annual Report on Form 10-K, other than statements of historical fact, including statements regarding our strategy, business model, competitive position, future operations, future financial performance, liquidity, profitability, cost structure, market opportunities, regulatory environment, and management s plans and objectives, are forward-looking statements.
In some cases, forward-looking statements can be identified by terminology such as may, should, could, would, expect, plan, anticipate, intend, believe, estimate, continue, goal, project, or similar expressions, or the negative of such terms.
These forward-looking statements are subject to known and unknown risks, uncertainties, and assumptions, including those described under the heading Item 1A.
The risks described in this Annual Report on Form 10-K are not exhaustive.
New risks may emerge from time to time, and it is not possible to predict all risks or assess the impact of all risks on our business.
Forward-looking statements are not guarantees of future performance, and you should not place undue reliance on them.
REMOVED
As of February 28, 2025, there were 117,007,707 shares of Class A common stock, $0.0001 par value per share, and 16,457,769 shares of Class B common stock, $0.0001 par value per share, outstanding.
FORM 10-K INDEX Page Cautionary Note Regarding Forward-Looking Statements 3 Part I 5 Item 1.
Management's Discussion and Analysis of Financial Condition and Results of Operations 55 Item 7A.
D isclosure R egarding F oreign J urisd ictions T hat P revent I nspections 112 Part III 113 Item 10.
Form 10-K Summary 116 Signatures 117 In this Annual Report on Form 10-K, the terms we, us, our, the Company and PLAYSTUDIOS mean PLAYSTUDIOS, Inc.
We have based these forward-looking statements on our current expectations and projections about future events.
All statements, other than statements of present or historical fact included in this Annual Report on Form 10-K, about our future financial performance, strategy, expansion plans, future operations, future operating results, estimated revenues, losses, projected costs, prospects, plans, and objectives of management are forward-looking statements.
Any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.
In some cases, you can identify forward-looking statements by terminology such as may, should, could, would, expect, plan, anticipate, intend, believe, estimate, continue, goal, project, or the negative of such terms or other similar expressions.
our ability to maintain relationships with our platforms, such as the Apple App Store, Google Play Store, Amazon Appstore, and Facebook; our ability to maintain, protect, and enhance our intellectual property rights; our ability to successfully defend litigation brought against us; and our ability to identify and successfully consummate strategic transactions that contribute to our growth objectives.
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