Playside’s next big release will be out this week with MOUSE P.I For Hire coming out 17th April.

https://store.steampowered.com/app/2416450/MOUSE_PI_For_Hire/

All indications are that this release will be reasonably well received with over 1.5m wishlists and some positive previews to date.

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03076840-3A690994&v=undefined

https://www.ign.com/articles/mouse-pi-for-hire-the-final-preview

The issue for Playside is that currently everything is riding on this one release. 

H1 Revenue came in at $20.4M - $5.6 Original IP and $14.8m External Projects (The old Work For Hire). The management team has been indicating that they will exceed the FY25 Revenue of $48.7m. So $28m in H2. Assuming external projects still come in at $14m that leaves $14m in revenue from OIP. This has been declining over the last 3 halves 9.9m -> 6.8m -> 5.6m so will take 4m from legacy income. So can they hit $10m in the first month of sales?

Gamalytics is forecasting ~420k sales in the first month (Which is similar to what Age of Darkness has sold in the last 15 months). At $44AUD per copy this is a healthy $18.5m. So it looks possible for FY26 to exceed FY25 in revenue.

https://gamalytic.com/game/2416450

The big assumption is that Playside is maintaining its External Projects work, but with a big chunk of work coming from the Meta team who are shutting down their Horizons project, things might not be so rosy for the H2 numbers. There hasn’t been any announcements on this to date but it is something to watch.

https://www.cnbc.com/2026/03/18/meta-horizon-worlds-metaverse-vr.html

The other thing to watch is where to go from here for future revenue growth. Playside will need to maintain a consistent release calendar with quality titles.

The current known releases are as follows:

GoT - War for Westeros - Release Target  CY2026

Dumb Ways to Party - Release Target CY2026

Dew - Release Target CY2028

GoT - Second Title - TBD

MOUSE Sequel - TBD

I am expecting Playside to get a little bit of a bump in share price from post launch excitement, but will need to have more confidence in the release pipeline before I have long term conviction in Playside. I will need to review my price target after the company releases guidance.

Monday 5th May 2025: Resignation-of-Co-Founder.PDF

RESIGNATION OF CO-FOUNDER

PlaySide Studios Limited (ASX: PLY) today announced the resignation of Co-Founder Gerry Sakkas as Creative Director. Mr Sakkas has also resigned from the PlaySide Board.

Given the work completed in advance of his decision to step down as CEO in March 2025 and the successful completion of the Company’s restructure, the Company will not seek a replacement for his role.

Mr Sakkas remains a committed shareholder of PlaySide, and has offered to escrow approximately 90% of his existing shareholding in the Company for a period of twelve months. He is permitted to sell up to six million PLY shares prior to this time.

The Board wishes to thank Gerry for his contribution to establishing PlaySide as a leading Australian video game developer and publisher.

Source: Resignation-of-Co-Founder.PDF [8:27am]

Also: Final-Director's-Interest-Notice.PDF [9:49am]

And: Notice-of-Initial-Substantial-Holder.PDF [3:43pm; Restrictions on the disposal of shares under the voluntary escrow arrangements that were entered into with Gerry Sakkas].

New all-time low of 10.5 cps hit during the day before PLY closed at a new all-time low closing share price of 13.5 cps.

Was once a darling here, like EVS, LBL, 8CO, AVA, ALC, 3DP... All have terrible 5 year charts.

Don't believe the hype, especially when it's coming from the company's own management; instead examine their track record of capital allocation decisions and whether or not they have delivered on what they said they would do and achieve. And don't keep giving them more time. When a thesis is busted, it's busted.

Disc: Not held.

Has trended down since the 20th on higher volumes…coincidence? I doubt it!

Further down grades - eek!

https://data-api.marketindex.com.au/api/v1/announcements/XASX:PLY:3A660434/pdf/inline/unaudited-1hfy25-result-trading-update?_gl=1*g3lknc*_ga*NDk2NjE0ODY3LjE3MzgwMTYzNjY.*_ga_R504V9JPBH*MTczODEwNjI2NC4yLjEuMTczODEwNjI3OC40Ni4wLjA.

note: own shares