• Organic revenue growth of 8.9%, with Art Outsourcing revenue up 25.4%.
• Follow-up projects represented 37.4% of revenue (1H2025: 38.8%).
• Strong progress towards diversification of revenue streams, with Japan revenue more than doubling to US$3.6 million in 1H2026.
• The decrease in gross margin reflected accelerated investment in Ampera and AI-enabled game development as well as Mineloader’s seasonally softer first quarter (which was acquired in 2Q2025).
• Healthy balance sheet with cash, cash equivalents and bond investments of US$24.6 million as at 30 June 2026, as well as low gearing. 
• Executive Director and Chief Executive Officer (Founder) of Winking Studios, Johnny Jan, commented:

“The first half demonstrates the strength of our core business and the scale of the opportunity we are building towards. Revenue grew by 21%, led by strong demand for art outsourcing, while repeat business and our bookings provide good visibility over underlying activity.

At the same time, we chose to accelerate investment in two areas where we see significant long-term potential: building a stronger North American presence through the acquisition of and further investment into Ampera and developing AI-enabled game development capabilities. We are encouraged by the larger opportunities entering the Ampera pipeline and the early commercial traction we are seeing from AI-enabled game development.

Our AI initiative is principally focused on enhancing game-development workflows. Game art production continues to depend on human creativity, artistic judgement and rigorous quality control.

Our focus is on building Winking Studios into a broader, end-to-end game development partner that combines high-quality creative production, game development capability and global delivery. We believe the investments we are making now will strengthen our competitive position and support sustainable long-term growth.”

See link for full release here: https://investor.winkingworks.com/view&id=128