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Snail, Inc.’s financial story isn’t told in factory inventories—it’s embedded in virtual currency, downloadable content and the premium mods program that powers blockbuster titles like ARK. If you’re searching for “Snail, Inc. insider trading Form 4 transactions” or need the latest “Snail, Inc. quarterly earnings report 10-Q filing,” you’re in the right place.
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Snail, Inc. (SNAL) reported Q3 2025 results with a sharp year-over-year decline in revenue and profitability. Revenue was $13,819,527 versus $22,530,372 a year ago, and the company recorded a net loss of $7,865,694 compared with net income of $233,161 in Q3 2024. Gross profit was $14,406 as cost of revenues nearly matched sales.
For the nine months ended September 30, 2025, revenue was $56,116,149 versus $58,252,751 last year, with a net loss of $26,375,362 versus net income of $707,318. Operating expenses rose, including general and administrative of $4,844,261 and research and development of $3,731,441 in Q3. The quarter also included an impairment of film assets of $336,134.
The balance sheet shifted to a stockholders’ equity (deficit) of $(21,075,846) from $4,169,162 at December 31, 2024, as total liabilities reached $72,138,991 against total assets of $51,063,145. Cash and cash equivalents increased to $12,284,675. Operating cash flow for the first nine months was $4,150,392, supported by higher current deferred revenue of $30,211,054 tied to yet-to-be-delivered content.
As of November 10, 2025, outstanding shares were 8,998,728 Class A and 28,748,580 Class B.
Snail, Inc. entered into a securities purchase agreement for an unsecured convertible promissory note. The Investor agreed to buy a note with $2,200,000 principal for a $2,000,000 purchase price reflecting a 10% original issue discount. The note carries a one-time 5% interest charge and a 12‑month maturity, and is senior unsecured to other unsecured debt.
The note is convertible at $5.00 per share, with $577,500 of the amount convertible at the lesser of $5.00 or 92% of the lowest VWAP over the five trading days before conversion, subject to ownership limits and customary adjustments. The company must reserve the greater of 3,275,046 shares or a formula-based amount for conversions. A registration rights agreement requires filing a resale registration within 90 days and effectiveness within 120 days, with an extension for any SEC shutdown. Majority stockholders previously approved issuance exceeding Nasdaq Listing Rule 5635(d).
Snail, Inc. (SNAL) disclosed executive compensation updates. On October 10, 2025, its subsidiary Snail Games USA, Inc. amended agreements for three executives to raise annual base salaries, effective October 6, 2025.
New base salaries: Hai Shi (Founder, CEO, Chief Strategy Officer and Chairman) $440,000; Heidy Chow (CFO) $418,000; Peter Kang (SVP, Director of Business Development and Operations) $330,000. The amendments are filed as Exhibits 10.1, 10.2 and 10.3.
Snail, Inc. disclosed that its board approved the appointment of Hai Shi (Mr. Shi) as the sole Chief Executive Officer of Snail Games and its affiliates, including the Company, effective October 1, 2025. The filing shows Mr. Shi signed the 8-K as Founder, Chief Executive Officer, Chief Strategy Officer and Chairman of the Board of Directors, indicating he will serve in multiple senior roles. The disclosure is brief and limited to the leadership change; no financial results, compensation details, or other material transactions are provided in the text.
Snail, Inc. (SNAL) reported strained interim results with growing operating costs, sizeable deferred revenue and liquidity pressures. Current assets were $38.8 million versus current liabilities of $55.2 million, producing a working capital deficit. The company recorded a net loss of $16.6 million for the period and an accumulated deficit of $30.6 million. Research and development expense rose to $6.9 million (six months) and general and administrative expense increased to $8.4 million (six months). Deferred revenue ended at $32.5 million, including multi-year non-refundable payments expected to be recognized over 12–60 months. The company disclosed debt covenant breaches for multiple loans and received lender waivers, and classified long-term debt as current given probable future covenant failures. Snail completed a business combination to acquire the remaining interest in Matrioshka Games on May 2, 2025.
Snail, Inc. (Nasdaq: SNAL) filed a Form 8-K covering two governance-related matters:
1. Director equity compensation. On 20 June 2025 the Board granted time-based restricted stock units (RSUs) to the company’s three independent, non-employee directors under the 2022 Omnibus Incentive Plan at a fair-market value of $1.35 per share. Neil Foster and Sandra Pundmann each received 133,332 RSUs, while Ryan Jamieson received 71,110 RSUs. For each director, RSUs covering fiscal-year 2023 and 2024 service vest immediately; RSUs tied to service beginning on the date of the 2025 annual meeting vest quarterly over one year. The awards align with the company’s existing non-employee director compensation policy, which targets annual equity grants valued at US $60,000.
2. 2025 Annual Meeting voting results (19 June 2025). A quorum representing 93.3 % of outstanding voting power was present. Shareholders:
- Elected all eight director nominees (votes FOR ≈ 287.6 million; WITHHELD ≤ 69.5 thousand; negligible broker non-votes).
- Ratified BDO USA, P.C. as independent registered public accounting firm for FY 2025 (FOR = 293,456,497; AGAINST = 9,575; ABSTAIN = 1,160).
No other proposals were presented, and no resignations or leadership changes were disclosed. The filing contains no financial performance data or strategic transactions.
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