Research on tinyBuild Inc. (TBLD:LON) from Progressive Equity Research
Probably Stolen has hit >150k concurrent users (CCUs) since its release last week, 3x tinyBuild’s prior record; >500k copies have already been sold. Kingmakers is also making tangible progress towards launch and is set to be a major driver of FY27E. We upgrade FY26E revenue by 35% and our analysis of SteamDB data suggests yet more upside is building to our new estimates. At 10.7x FY26E EV/EBITDA, now could be the time to revisit tinyBuild, before this game success becomes fully evident in estimates and rating.
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