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Globe and Mail
24 minutes ago
- Globe and Mail
Why Rigetti Computing Stock Is Sinking Today
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National Post
24 minutes ago
- National Post
CitiusTech Acquires Health Data Movers, Enhances Healthcare Provider Offerings With Epic Implementation Capabilities
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Article content The combination of CitiusTech's AI, data, and automation solutions and Health Data Movers' deep integration expertise, creates a unique ability to embed intelligence and automation directly into core operational platforms such as EMR, ITSM and ERP. By bringing advanced digital capabilities directly into the daily workflows that health systems trust, this approach minimizes change management risks, and delivers scalable, end-to-end solutions that enable Providers to achieve greater efficiency, quality, and impact in patient care. Article content 'This is a pivotal moment and huge opportunity for CitiusTech and Health Data Movers, as we meet the demands of a rapidly transforming healthcare landscape. By combining forces, we are redefining the path to seamless integration, and infusing AI and intelligent automation into clinical operations. 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Globe and Mail
an hour ago
- Globe and Mail
Snail, Inc. Reports Second Quarter 2025 Financial Results
CULVER CITY, Calif., Aug. 19, 2025 (GLOBE NEWSWIRE) -- Snail, Inc. (Nasdaq: SNAL) ('Snail Games' or the 'Company'), a leading global independent developer and publisher of interactive digital entertainment, today announced financial results for its second quarter ended June 30, 2025. Second Quarter 2025 and Recent Operational Highlights ARK Franchise Updates: ARK: Survival Evolved ('ASE'): Units sold were approximately 1,196,583 for the second quarter 2025 During the second quarter 2025, average daily active users ('DAU') was 156,947 and peak DAU was 258,708 Launched pre-order for ARK: Lost Colony Celebrated 10-year anniversary of ASE ARK: Survival Ascended ('ASA'): Units sold were approximately 807,065 for the second quarter 2025 8 million ASA downloads via the PlayStation Plus subscription program during May 2025 During the second quarter 2025, average DAU was 84,585 and peak DAU was 163,455 Launched seasonal Eggcellent Adventure and Anniversary event Launched first major ARK: Astraeos update Launched ARK: Ragnarok Ascended ARK: Ultimate Mobile Edition ('ARK Mobile'): Surpassed 6.9 million downloads as of June 30, 2025 In the three months ended June 30, 2025, average DAUs totaled 104,135 Launched Extinction map and Genesis Part 1 Game Portfolio Updates: Celebrated Bellwright's one-year Early Access anniversary and introduced significant new content and player-requested features Announced the acquisition of publishing rights for Whispers of West Grove and Rebel Engine Launched The Cecil: The Journey Begins, Chasmal Fear, Castle of Secrets, Robots of Midnight, and Zombie Rollerz: The Last Ship Company subsidiary Interactive Films LLC ('Interactive Films') announced the development of The Fame Game: Welcome to Hollywood Business Updates: Announced its intention to explore pursuing a strategic digital asset initiative that includes the development and introduction of its own proprietary stablecoin Retained external consultant Dr. George Cao, the founder and CEO of AscendEX, a full-stack cryptocurrency financial platform Retained seasoned legal advisors including a nationally recognized law firm ranked by Chambers FinTech Legal USA as a leading firm serving cryptocurrency and blockchain clients Established Snail Coins LLC, a new wholly owned subsidiary that will serve as the dedicated entity responsible for the issuance, management, and operations of its proprietary USD-backed stablecoin project and other broader digital asset management initiatives Announced an At The Market Offering Agreement to initiate capital formation for the reserve asset backing its stablecoin project Launched annual Steam Publisher Sale Event, driving sales momentum during the month of June Interactive Films signed a Memorandum of Understanding ('MoU') with Mega Matrix Inc. ('MPU') for the joint development, production, and global distribution of short dramas Management Commentary Company co-Chief Executive Officer Hai Shi commented: 'The second quarter marked a pivotal and transformative period for Snail, highlighted by our official announcement to develop and launch our own proprietary stablecoin. This strategic initiative represents a significant evolution in our business model, aligning with both our long-term vision and broader momentum in digital financial innovation. Our decision to enter the stablecoin space was both timely and intentional, catalyzed by the recent passage of the GENIUS Act. This legislation has begun to establish a formal regulatory foundation for stablecoins, offering a clearer framework that supports innovation while fostering trust and transparency, creating an ideal environment to develop a fully compliant digital asset. Beyond its role in the broader financial ecosystem, we envision our stablecoin unlocking a wide range of external use cases - delivering secure, compliant, and scalable solutions that address key gaps in today's digital asset payment landscape. Importantly, we see strong potential to integrate stablecoin functionality within our core gaming business, offering long-term opportunities to enhance game economies and facilitate seamless transactions. 'To that end, we've taken deliberate steps to set this initiative up for success, beginning with the retainment of strategic consultant partners and legal advisors. We are actively building the technological infrastructure and compliance architecture required to support a robust, scalable, and secure stablecoin ecosystem. We also recently entered into an at-the-market offering agreement, marking the beginning of our capital formation strategy to build the reserve backing needed for our stablecoin initiative. We remain committed to providing consistent market updates to foster transparent communications with our shareholders as we work toward the successful long-term launch of our stablecoin.' Company co-Chief Executive Officer Tony Tian commented: 'Beyond our stablecoin initiative, our core gaming business continues to demonstrate strong momentum, with notable performance in the month of June driven by our annual Steam Publisher Sale event. This event drove significant engagement across our game portfolio, especially within the ARK franchise, which remains a key pillar of our content ecosystem. June also marked the 10-year anniversary of the ARK franchise, an achievement that could not be accomplished without the support of the ARK community. Tied to the anniversary, there were many new content drops and updates to celebrate this milestone, further driving engagement. We remain committed to delivering consistent value through regular content updates and expansions for ARK, while also strategically pursuing opportunities to develop, acquire, and launch titles within our indie portfolio. Looking ahead to the remainder of the year, our teams are focused on preparing for the launch of ARK: Lost Colony, while simultaneously advancing a slate of indie titles currently in the pipeline. These efforts underscore our dedication to growing across all facets of our business and continuing to serve our global player base with compelling and original content.' Second Quarter 2025 Financial Highlights Net revenues for the three months ended June 30, 2025, increased to $22.2 million compared to $21.6 million in the same period last year. The increase was primarily due to an increase in total ARK sales of $3.3 million, $3.0 million recognized for the inclusion of ARK: Survival Ascended in a platform subscription program in 2025, an increase in sales of the ARK Mobile of $0.6 million that was driven by the release of ARK: Ultimate Mobile Edition, and an increase in revenues related to other games of $0.3 million due to the release of various games, partially offset by the increase in deferred revenues of $3.7 million and a decrease in revenues related to Bellwright of $3.0 million in the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Net loss for the three months ended June 30, 2025, was $(16.6) million compared to net income of $2.3 million in the same period last year, primarily due to increases in the cost of revenues and operating expenses – a result of the Company's increased headcount, research and development, and marketing expenses and the recognition of a valuation allowance against the Company's deferred tax assets of $12.9 million during the quarter ended June 30, 2025. Bookings for the three months ended June 30, 2025, increased 18.5% to $27.1 million compared to $22.9 million in the same period last year. The increase was primarily driven by various sales promotions in 2025 that did not occur in 2024, specifically around ARK: Survival Evolved and the release of ARK: Lost Colony to presale in 2025. Earnings before interest, taxes, depreciation and amortization ('EBITDA') for the three months ended June 30, 2025, was $(2.4) million compared to $3.1 million in the same period last year. The decrease was primarily due to an increase in net loss of $18.9 million, partially offset by an increase in interest income and interest income – related parties of $0.1 million, and an increase in the income tax provision of $13.3 million. As of June 30, 2025, unrestricted cash was $7.9 million compared to $7.3 million as of December 31, 2024. Six Months 2025 Financial Highlights Net revenues for the six months ended June 30, 2025, increased 18.4% to $42.3 million compared to $35.7 million in the same period last year. The increase was primarily due to an increase in total ARK sales of $6.1 million, $3.0 million in revenues for the inclusion of ARK: Survival Ascended in a platform subscription program and an increase in sales of the ARK Mobile of $1.9 million that was driven by the release of ARK: Ultimate Mobile Edition, partially offset by the decrease in revenue specific to Bellwright of $2.2 million, a non-reoccurring Angela Games settlement of $1.2 million occurring in 2024, the related decrease in Angela Games revenues of $0.7 million, and the increase in deferred revenue of $0.3 million during the six months ended June 30, 2025 compared to June 30, 2024. Net loss for the six months ended June 30, 2025, was $(18.5) million compared to $0.5 million in the same period last year, primarily due to increases in the cost of revenues and operating expenses – a result of the Company's increased headcount, research and development, and marketing expenses, and an increase in income tax provision of $12.3 million, a result of the valuation allowance recognized against the Company's deferred tax assets during the six months ended June 30, 2025. Bookings for the six months ended June 30, 2025, increased 16.3% to $49.4 million compared to $42.4 million in the same period last year. The increase was primarily driven by the releases of ARK: Survival Ascended DLC Astraeos in the first quarter of 2025, sales promotions that were the first of their kind on ARK: Survival Evolved in 2025, and the release of ARK: Lost Colony to presale in 2025. EBITDA for the six months ended June 30, 2025, was $(5.8) million compared to $1.2 million in the same period last year. The decrease was primarily due to an increase in net loss of $19.0 million, a decrease in interest expense of $0.3 million, partially offset by an increase in the provision for income taxes of $12.3 million. Use of Non-GAAP Financial Measures In addition to the financial results determined in accordance with U.S. generally accepted accounting principles, or GAAP, Snail believes Bookings and EBITDA, as non-GAAP measures, are useful in evaluating its operating performance. Bookings and EBITDA are non-GAAP financial measures that are presented as supplemental disclosures and should not be construed as alternatives to net income (loss) or revenue as indicators of operating performance, nor as alternatives to cash flow provided by operating activities as measures of liquidity, both as determined in accordance with GAAP. Snail supplementally presents Bookings and EBITDA because they are key operating measures used by management to assess financial performance. Bookings adjusts for the impact of deferrals and, Snail believes, provides a useful indicator of sales in a given period. EBITDA adjusts for items that Snail believes do not reflect the ongoing operating performance of its business, such as certain non-cash items, unusual or infrequent items or items that change from period to period without any material relevance to its operating performance. Management believes Bookings and EBITDA are useful to investors and analysts in highlighting trends in Snail's operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which Snail operates and capital investments. Bookings is defined as the net amount of products and services sold digitally or physically in the period. Bookings is equal to revenues, excluding the impact from deferrals. Below is a reconciliation of total net revenue to Bookings, the closest GAAP financial measure. Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (in millions) Total net revenue $ 22.2 $ 21.6 $ 42.3 $ 35.7 Change in deferred net revenue 4.9 1.3 7.1 6.7 Bookings $ 27.1 $ 22.9 $ 49.4 $ 42.4 We define EBITDA as net loss before (i) interest expense, (ii) interest income, (iii) benefit from income taxes and (iv) depreciation expense. The following table provides a reconciliation from net loss to EBITDA: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (in millions) (in millions) Net loss $ (16.6) $ 2.3 $ (18.5) $ 0.5 Interest income and interest income – related parties - (0.1) (0.1) (0.2) Interest expense and interest expense – related parties 0.2 0.2 0.3 0.6 Income tax provision 13.9 0.6 12.4 0.1 Depreciation and amortization expense 0.1 0.1 0.1 0.2 EBITDA $ (2.4) $ 3.1 $ (5.8) $ 1.2 Webcast Details The Company will host a webcast at 4:30 PM ET today to discuss the second quarter 2025 financial results. Participants may access the live webcast and replay via the link here or on the Company's investor relations website at Forward-Looking Statements This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as 'anticipate,' 'believe,' 'could,' 'expect,' 'should,' 'plan,' 'intend,' 'may,' 'predict,' 'continue,' 'estimate' and 'potential,' or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding Snail's intent, belief or current expectations. These forward-looking statements include information about possible or assumed future results of Snail's business, financial condition, results of operations, liquidity, plans and objectives. The statements Snail makes regarding the following matters are forward-looking by their nature: growth prospects and strategies; launching new games and additional functionality to games that are commercially successful; expectations regarding significant drivers of future growth; its ability to retain and increase its player base and develop new video games and enhance existing games; competition from companies in a number of industries, including other casual game developers and publishers and both large and small, public and private Internet companies; its ability to attract and retain a qualified management team and other team members while controlling its labor costs; its relationships with third-party platforms such as Xbox Live and Game Pass, PlayStation Network, Steam, Epic Games Store, My Nintendo Store, the Apple App Store, the Google Play Store and the Amazon Appstore; the size of addressable markets, market share and market trends; its ability to successfully enter new markets and manage international expansion; protecting and developing its brand and intellectual property portfolio; costs associated with defending intellectual property infringement and other claims; future business development, results of operations and financial condition; the ongoing conflicts involving Russia and Ukraine, and Israel and Hamas, on its business and the global economy generally; actions in various countries, particularly in China and the United States, have created uncertainty with respect to tariff impacts on the costs of our merchandise and costs of development; rulings by courts or other governmental authorities; the Company's current program to repurchase shares of its Class A common stock, including expectations regarding the timing and manner of repurchases made under this share repurchase program; its plans to pursue and successfully integrate strategic acquisitions; and assumptions underlying any of the foregoing. Further information on risks, uncertainties and other factors that could affect Snail's financial results are included in its filings with the Securities and Exchange Commission (the 'SEC') from time to time, including its annual reports on Form 10-K and quarterly reports on Form 10-Q filed, or to be filed, with the SEC. You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those expressed or implied in the forward-looking statements as a result of such risks and uncertainties. All forward-looking statements in this press release are based on management's beliefs and assumptions and on information currently available to Snail, and Snail does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. About Snail, Inc. Snail, Inc. (Nasdaq: SNAL) is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs, and mobile devices. For more information, please visit: Investor Contact: Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 (Unaudited) June 30, 2025 December 31, 2024 ASSETS Current Assets: Cash and cash equivalents $ 7,905,426 $ 7,303,944 Accounts receivable, net of allowance for credit losses of $523,500 as of June 30, 2025 and December 31, 2024 17,675,727 9,814,822 Accounts receivable – related party — 2,336,274 Loan and interest receivable – related party 106,751 105,759 Prepaid expenses – related party 5,658,551 2,521,291 Prepaid expenses and other current assets 1,308,225 1,846,024 Prepaid taxes 6,156,775 7,318,424 Total current assets 38,811,455 31,246,538 Restricted cash and cash equivalents 935,000 935,000 Accounts receivable – related party, net of current portion — 1,500,592 Prepaid expenses – related party, net of current portion 7,970,000 9,378,594 Property and equipment, net 4,242,686 4,378,352 Intangible assets, net 3,514,699 973,914 Deferred income taxes 2,486 10,817,112 Other noncurrent assets, net 1,804,181 1,683,932 Operating lease right-of-use assets, net 676,918 1,279,330 Total assets $ 57,957,425 $ 62,193,364 LIABILITIES, NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 4,480,133 $ 4,656,367 Accounts payable – related parties 16,134,033 15,383,171 Accrued expenses and other liabilities 5,168,792 4,499,280 Interest payable – related parties 527,770 527,770 Revolving loan 3,000,000 3,000,000 Convertible notes at fair value 2,415,050 — Current portion of long-term promissory note 6,179,531 2,722,548 Current portion of deferred revenue 16,601,595 3,947,559 Current portion of operating lease liabilities 653,936 1,444,385 Total current liabilities 55,160,840 36,181,080 Accrued expenses 265,251 265,251 Deferred revenue, net of current portion 15,940,898 21,519,888 Operating lease liabilities, net of current portion 82,100 57,983 Total liabilities 71,449,089 58,024,202 Commitments and contingencies Stockholders' Equity: Class A common stock, $0.0001 par value, 500,000,000 shares authorized; 10,019,797 shares issued and 8,669,522 shares outstanding as of June 30, 2025, and 9,626,070 shares issued and 8,275,795 shares outstanding as of December 31, 2024 1,001 962 Class B common stock, $0.0001 par value, 100,000,000 shares authorized; 28,748,580 shares issued and outstanding as of June 30, 2025 and December 31, 2024 2,875 2,875 Additional paid-in capital 26,501,044 25,738,082 Accumulated other comprehensive loss (193,615) (279,457) Accumulated deficit (30,625,816) (12,117,385) Treasury stock at cost (1,350,275 shares as of June 30, 2025 and December 31, 2024) (3,671,806) (3,671,806) Total Snail, Inc. equity (deficit) (7,986,317) 9,673,271 Noncontrolling interests (5,505,347) (5,504,109) Total stockholders' equity (deficit) (13,491,664) 4,169,162 Total liabilities, noncontrolling interests and stockholders' equity $ 57,957,425 $ 62,193,364 Snail, Inc. and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Revenues, net $ 22,185,750 $ 21,606,650 $ 42,296,622 $ 35,722,379 Cost of revenues 15,231,005 13,504,174 29,494,350 25,545,872 Gross profit 6,954,745 8,102,476 12,802,272 10,176,507 Operating expenses: General and administrative 3,475,089 2,795,884 8,439,440 5,077,924 Research and development 3,293,409 1,860,881 6,903,154 3,637,403 Advertising and marketing 1,520,201 694,195 2,826,567 835,225 Depreciation and amortization 67,761 80,554 135,665 162,892 Impairment of film assets 415,719 — 415,719 — Total operating expenses 8,772,179 5,431,514 18,720,545 9,713,444 Income (loss) from operations (1,817,434) 2,670,962 (5,918,273) 463,063 Other income (expense): Interest income 31,972 64,790 61,878 164,552 Interest income - related parties 499 498 992 997 Interest expense (169,286) (142,301) (250,115) (538,265) Other (loss) income (707,968) 244,527 61,794 471,593 Foreign currency transaction gain (loss) (31,891) 5,652 (68,179) 23,780 Total other income (expense), net (876,674) 173,166 (193,630) 122,657 Income (loss) before provision for income taxes (2,694,108) 2,844,128 (6,111,903) 585,720 Provision for income taxes 13,868,598 589,512 12,397,768 111,562 Net income (loss) (16,562,706) 2,254,616 (18,509,671) 474,158 Net loss attributable to non-controlling interests (282) (1,535) (1,238) (2,664) Net income (loss) attributable to Snail, Inc. (16,562,424) 2,256,151 (18,508,433) 476,822 Comprehensive income (loss) statement: Net income (loss) (16,562,706) 2,254,616 (18,509,671) 474,158 Other comprehensive income (loss) related to foreign currency translation adjustments, net of tax 30,587 (9,293) 63,820 (28,590) Other comprehensive income (loss) related to credit adjustments, net of tax — — 22,023 — Total comprehensive income (loss) $ (16,532,119) $ 2,245,323 $ (18,423,828) $ 445,568 Net income (loss) attributable to Class A common stockholders: Basic $ (3,775,300) $ 489,379 $ (4,210,496) $ 103,656 Diluted $ (3,775,300) $ 463,249 $ (4,216,414) $ 79,116 Net income (loss) attributable to Class B common stockholders: Basic $ (12,787,124) $ 1,766,772 $ (14,297,937) $ 373,166 Diluted $ (12,787,124) $ 1,673,031 $ (14,318,033) $ 284,821 Income (loss) per share attributable to Class A and B common stockholders: Basic $ (0.44) $ 0.06 $ (0.50) $ 0.01 Diluted $ (0.44) $ 0.06 $ (0.50) $ 0.01 Weighted-average shares used to compute income (loss) per share attributable to Class A common stockholders: Basic 8,487,796 8,013,634 8,465,962 7,985,631 Diluted 8,487,796 8,196,329 8,467,535 8,225,025 Weighted-average shares used to compute income (loss) per share attributable to Class B common stockholders: Basic 28,748,580 28,748,580 28,748,580 28,748,580 Diluted 28,748,580 28,748,580 28,748,580 28,748,580 Snail, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 (Unaudited) 2025 2024 Cash flows from operating activities: Net income (loss) $ (18,509,671) $ 474,158 Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: Amortization - intangible assets, net 79,424 401 Amortization – film assets 645,069 — Amortization - loan origination fees and debt discounts (19,504) 57,632 Accretion – convertible notes — 222,628 Loss on change in fair value of convertible notes 82,180 — Gain on change in fair value of warrant liabilities (91,383) — Depreciation - property and equipment 135,667 162,892 Impairment of film assets 415,719 — Gain on remeasurement of previously held equity interest (7,857) — Stock-based compensation expense (income) 280,888 (911,893) Deferred taxes, net 10,808,885 60,233 Changes in assets and liabilities, net of business acquisitions: Accounts receivable (7,825,905) 16,922,490 Accounts receivable - related party 3,836,866 309,694 Prepaid expenses - related party (1,728,666) (1,532,672) Prepaid expenses and other current assets 537,799 (650,682) Prepaid taxes 1,161,649 (110,414) Other noncurrent assets (1,064,165) — Accounts payable (110,912) (6,818,781) Accounts payable - related parties 1,040,862 (6,352,078) Accrued expenses and other liabilities 1,009,796 (720,197) Loan and interest receivable - related party (992) (997) Lease liabilities (163,920) (129,642) Deferred revenue 7,075,046 6,000,976 Net cash (used in) provided by operating activities (2,413,125) 6,983,748 Cash flows from investing activities: Acquisition of software (290,000) — Acquisition of software licenses (2,008,690) — Investments in software (718,236) — Net cash paid for acquisition of Matrioshka (9,719) — Net cash used in investing activities (3,026,645) — Cash flows from financing activities: Repayments on promissory note — (40,883) Repayments on notes payable — (2,333,333) Repayments on convertible notes (638,753) (1,020,000) Repayments on revolving loan (43,018) (3,000,000) Borrowings on term loan 3,500,000 — Cash proceeds from exercise of warrants 159,000 — Proceeds from issuance of convertible notes 3,000,000 — Payments of capitalized offering costs - (262,914) Net cash provided by (used in) financing activities 5,977,229 (6,657,130) Effect of foreign currency translation on cash and cash equivalents 64,023 (28,344) Net increase in cash and cash equivalents, and restricted cash and cash equivalents 601,482 298,274 Cash and cash equivalents, and restricted cash and cash equivalents - beginning of the period 8,238,944 16,314,319 Cash and cash equivalents, and restricted cash and cash equivalents – end of the period $ 8,840,426 $ 16,612,593 Supplemental disclosures of cash flow information Cash paid during the period for: Interest $ 230,318 $ 305,825 Income taxes $ 612,007 $ 161,671 Noncash transactions during the period for: Debt converted to equity $ - $ (60,000) Right-of-use assets obtained in exchange for lease liability $ (55,267) $ — Liabilities converted to equity upon exercise of warrants $ 323,113 $ — Acquisition of film licenses in accounts payable $ 86,069 $ — Acquisition of software and software licenses in accounts payable and accrued expenses $ 313,282 $ — Change in fair value of notes recorded in accumulated other comprehensive income $ 22,023 $ — Net assets acquired in a business combination $ 5,461 $ —
