Filing Flows › Snail (SNAL) › Q3 2025
Snail (SNAL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 12, 2025
Snail (SNAL) reported revenue of $13.8M for the third quarter 2025 (Q3 2025), -39% from a year earlier and -38% from the quarter before. Operating margin was -71.3%, net loss $7.9M (56.9% of revenue).
Snail, Q3 2025: revenue $13.8M (-39% year over year), operating margin -71.3%, net loss $7.9M, operating cash flow $6.6M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $13.8M | -38% | -39% |
| Operating profit | −$9.9M | — | — |
| Net earnings | −$7.9M | — | — |
| Operating cash flow | $6.6M | — | — |
What changed
Revenue was $13.8M in Q3 2025, down 39% year over year and down 38% from the previous quarter. PC was the largest line at 49% of revenue. PC lost $3.9M year over year (down 36%), 45% of the total change.
Gross margin was 0.1%, down 38.5 points from a year earlier. Operating costs exceeded revenue by $9.9M, an operating margin of -71.3%. Operating expenses grew 19% against a revenue fall of 39%. The fastest-growing cost line was Other operating costs (+458%). The quarter ended with a net loss of $7.9M, narrower than the previous quarter's $16.6M loss.
Operating cash flow was $6.6M. Non-cash charges added back $179K of depreciation and amortization and $45K of share-based compensation. Working capital and other items added $14.2M.
Questions
What was Snail's revenue in the third quarter 2025?
Snail (SNAL) reported revenue of $13.8M for the third quarter 2025 (Q3 2025), -39% from a year earlier and -38% from the quarter before.
Was Snail profitable in the third quarter 2025?
Operating loss was $9.9M (-71.3% of revenue) and net loss $7.9M.
Source: Snail 10-Q on SEC EDGAR.