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Red Flags Detected

  • Impairment (new) — Company recorded $1.5M in impairments ($868K film assets, $667K intangible assets) for underperforming SaltyTV short films and game titles in FY2025; no such charges in FY2024.
  • Material Weakness (improved) — Previously disclosed material weakness in warrant valuation has been remediated as of December 31, 2025, after implementing enhanced controls and engaging qualified valuation experts.
NASDAQ: SNAL Snail, Inc. 10-K

Snail swings to $27M loss as revenue dips, expenses surge, and stablecoin pivot announced

Filed March 19, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 26, 2025 · ~2 min read

Key Changes

  • high

    Net loss of $81.2 million in FY2025 vs. $1.8M income in FY2024, driven by 3.8% revenue decline, 40.6% G&A expense jump (headcount growth, stock comp reversal), and $10.7M tax provision from full valuation allowance on deferred tax assets.

    MD&A: Financial Results verify on EDGAR →
  • high

    ARK franchise concentration rose to 89.4% of revenue (from 85.1%), while Steam ranking claim weakened from top-25 to top-100, signaling narrower revenue base and softer competitive positioning despite 13.8M install growth.

    Business: ARK Performance verify on EDGAR →
  • high

    Company issued $6.6M in convertible notes (10% OID, 5% interest) and obtained $3.5M term loan in FY2025, with 5.4M shares registered for conversion; ATM program allows up to $4.5M additional equity sales.

    MD&A: Liquidity & Notes verify on EDGAR →

2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.

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View original filing on SEC.gov View full financials on EDGAR ↗

Source-verified from EDGAR · Narrative written by AI · Jun 4, 2026 · How we verify