Huuuge, Inc. announces FY&Q4 2025 financial results
Record-high profitability, stabilized core franchise net revenue and accelerated Direct-to-Consumer growth.
Global free-to-play game developer and publisher Huuuge, Inc. announced its financial results for the fourth quarter and full year 2025. The Company achieved record-high adjusted EBITDA margins and a doubling of its Direct-to-Consumer (DTC) revenue. Furthermore, it reached a significant strategic milestone by successfully stabilizing net revenue for its core franchises, narrowing previous contractions to flat dynamics.
Huuuge continues to advance its strategic priorities: strengthening the longevity of its core franchises, expanding Direct-to-Consumer channel, and preparing market entry into the iGaming segment.
2025 Financial Highlights:
- Revenue: USD 235.6m (-6.1% YoY)
- Gross Profit: USD 179.9m (-1.1% YoY)
- Adjusted EBITDA: USD 96.0m (+10.3% YoY)
- Adjusted EBITDA Margin: 40.8% (+6.1pp YoY)
- Net Operating Cash Flow: USD 78.4m
Q4 2025 Financial Highlights:
- Revenue: USD 58.6m (-5.1% YoY, +5.0% QoQ)
- Gross Profit: USD 46.3m (+2.0% YoY, +9.0% QoQ)
- Adjusted EBITDA: USD 25.2m (+1.5% YoY, +16.7% QoQ)
- Adjusted EBITDA Margin: 43.0% (+2.8pp YoY, +4.3pp QoQ)
- Net Operating Cash Flow: USD 15.2m
Strong Financial Performance
Net revenue (revenue net of distribution platform fees) for the full year 2025 remained nearly flat year-over-year. Huuuge’s focus on profitability and cash generation delivered record results for the full year, with the company reporting an Adjusted EBITDA of USD 96.0 million, up 10.3% year-over-year. This was supported by a record-high Adjusted EBITDA margin of 40.8%. Net operating cash flow for the year reached USD 78.4 million, underscoring sustained financial efficiency with an 82% conversion rate from Adjusted EBITDA.
Direct-to-Consumer channel success
The Direct-to-Consumer (DTC) segment reached another record high in 2025, with annual revenue doubling year-over-year to USD 61.8 million. This performance was primarily driven by the rollout of Huuuge Pay. The channel achieved record contributions every month, growing from 34% of total revenue in October 2025 to 37% in Q4, and more recently, reaching approximately 41% in February 2026.