Filing Flows › Snail (SNAL) › Q4 2025
Snail (SNAL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 19, 2026
Snail (SNAL) reported revenue of $25.1M for the fourth quarter 2025 (Q4 2025), -4% from a year earlier and +82% from the quarter before. Operating margin was -6.0%, net loss $862K (3.4% of revenue).
Snail, Q4 2025: revenue $25.1M (-4% year over year), operating margin -6.0%, net loss $862K, operating cash flow −$5.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $25.1M | +82% | -4% |
| Operating profit | −$1.5M | — | -150% |
| Net earnings | −$862K | — | -177% |
| Operating cash flow | −$5.3M | -181% | — |
What changed
Revenue was $25.1M in Q4 2025, down 4% year over year and up 82% from the previous quarter. Platform One was the largest line at 57% of revenue.
Gross margin was 38.3%, down 5.0 points from Q4 2024. Operating costs exceeded revenue by $1.5M, an operating margin of -6.0%. Operating expenses grew 33% against a revenue fall of 4%. The fastest-growing cost line was Other operating costs (+1111%). The quarter ended with a net loss of $862K, narrower than the previous quarter's $7.9M loss. Non-operating items added $488K, -48% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$5.3M. Non-cash charges added back $44K of depreciation and $46K of share-based compensation. Working capital and other items used $4.5M. Capital expenditures of $7K exceeded it, leaving free cash flow of −$5.3M.
Questions
What was Snail's revenue in the fourth quarter 2025?
Snail (SNAL) reported revenue of $25.1M for the fourth quarter 2025 (Q4 2025), -4% from a year earlier and +82% from the quarter before.
Was Snail profitable in the fourth quarter 2025?
Operating loss was $1.5M (-6.0% of revenue) and net loss $862K.
Source: Snail 10-K on SEC EDGAR.