Winking Studios, a leading global AAA game art outsourcing studio, has announced a significant 27.3% rise in revenue for the first half of 2025, reaching $19.4 million. This growth is largely attributed to the company’s strategic mergers and acquisitions (M&A), including its largest acquisition to date of Shanghai Mineloader Digital Technology Co., Ltd. in April 2025. The acquisition has expanded Winking Studios’ capabilities in AAA console game art production and strengthened its presence in Western markets.
The company’s financial health remains strong, with cash and cash equivalents totalling $27.1 million and no debt as of 30 June 2025. This financial stability supports Winking Studios’ ongoing M&A strategy, which includes plans for further expansion in Western markets and establishing a UK office for long-term growth.
Johnny Jan, Executive Director and CEO of Winking Studios, stated, “We are pleased to report healthy revenue growth in the first half of 2025, reflecting robust demand and the successful execution of our core M&A strategy.”
Looking ahead, Winking Studios aims to scale up in Southeast Asia and launch Vertic Studios, a new high-end art production brand, in the second half of 2025. The company has also reported a growing project pipeline with leading game developers, with indicative artist bookings of at least $49.4 million over the next 24 months.
With a focus on operational excellence and a strong balance sheet, Winking Studios is well-positioned for continued growth in FY2025, aiming to create long-term value for its stakeholders.
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