Welcome to our dedicated page for Snail SEC filings (Ticker: SNAL), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
This page provides access to Snail, Inc. (Nasdaq: SNAL) SEC filings, offering detailed regulatory information about the company’s operations as an independent developer and publisher of interactive digital entertainment. Through these filings, investors can review disclosures on capital structure, risk factors, governance, financing arrangements and other material events affecting the company.
Snail’s filings include registration statements such as its Form S-1, which describes its status as a Delaware corporation, its Class A common stock listed on the Nasdaq Capital Market under the symbol SNAL, and resale registration related to unsecured convertible promissory notes issued in private placements. Form 8-K current reports detail material events, including entry into a securities purchase agreement for a convertible note, an at-the-market offering agreement for Class A common stock, changes in executive roles, director compensation grants and the announcement of a strategic digital asset and stablecoin initiative.
Periodic reports referenced in the company’s disclosures, such as Forms 10-K and 10-Q, provide financial statements and management discussion and analysis, and may include non-GAAP measures like Bookings and EBITDA that Snail uses to evaluate operating performance. Notifications of late filing on Form 12b-25 explain timing considerations and accounting matters, such as assessments under ASC 606 and changes in tax-related estimates.
On Stock Titan, Snail’s SEC filings are supplemented with AI-powered summaries that highlight key points from lengthy documents, helping users quickly identify information on topics such as financing terms, deferred revenue, digital asset risk factors, board and executive changes and shareholder approvals. Real-time updates from the SEC’s EDGAR system ensure that new 8-Ks, registration statements and other filings appear promptly, while specialized views make it easier to locate items related to equity offerings, governance and other areas of interest.
Snail, Inc. is registering 5,414,991 shares of Class A common stock for resale by two investors that hold recent convertible promissory notes. The notes have $3,300,000 in aggregate principal with a 10% original issue discount and a one-time 5% interest charge, and mature 12 months after issuance. Most of the debt converts at $5.00 per share, while a portion converts at the lower of $5.00 or 92% of the recent volume-weighted average trading price, so the ultimate share count could change.
The company will not receive any proceeds from investors’ resale of these shares. As of December 11, 2025, 8,998,728 Class A shares were outstanding; issuing stock on note conversion, under a $5,000,000 equity line, or through a separate at-the-market program that currently allows $4,500,000 of shares to be sold could significantly dilute existing holders, and the filing highlights the risk that large resales may pressure the trading price.
Snail remains heavily dependent on its ARK game franchise, which generated about 88–90% of revenue in recent periods. Net revenue fell to $13.8 million for the quarter ended September 30, 2025 from $22.5 million a year earlier, and results swung to a net loss of $7.9 million versus net income of $0.2 million.
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. filed a current report to note that it has released its financial results for the second fiscal quarter ended June 30, 2025. On August 19, 2025, the company issued a press release describing these quarterly results, which is included as Exhibit 99.1 to the report.
The company clarifies that the information in this report and in the attached press release is being furnished rather than filed under securities laws, which affects how it may be used in future legal or regulatory contexts.
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. notified regulators that it will file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 after the deadline, using the standard five-day extension. The company says it needs more time to complete its review of certain accounting matters.
Snail is evaluating revenue recognition under ASC 606, focusing on promised goods or services and performance obligations in customer contracts, and is updating management estimates for the user life of its digital games. These assessments require additional analysis and support.
The company currently expects significant changes in results versus the same quarter in 2024. It recorded a valuation allowance against its deferred tax assets as of March 31, 2025, leading to a non-cash income tax expense and a substantial increase in tax expense compared with last year. Higher research, development, advertising and marketing spending has also turned income from operations in the prior-year quarter into a loss from operations for the current quarter. These expectations are preliminary and may change when the unaudited financial statements are finalized.
FAQ
What is the current stock price of Snail (SNAL)?
What is the market cap of Snail (SNAL)?
