Ten Square Games Increases Revenue by 14.6% in Q2 2026 Driven by Medal Hunter

Ten Square Games Group reported a 14.6% year-on-year increase in its revenue in the second quarter of 2026, driven by the strong performance of its core portfolio and the expansion of new releases like the shooter Medal Hunter. The quarterly revenue reached 93.3 million PLN, while the total for the first half amounted to 191.7 million PLN, which is an 11.5% increase compared to the same period in 2025, according to the update published on August 24, 2026.

Growth Strategy and Portfolio Diversification

CEO Andrzej Ilczuk noted that the company’s growth strategy is beginning to manifest tangibly across several key products. “The second quarter shows that our growth strategy is starting to translate into visible advances across the portfolio. We are building a more diversified model, not only focused on one title, with a solid core, expanding titles, and new product lines that open more opportunities,” stated Ilczuk. Key titles, including Fishing Clash, Hunting Clash, Trophy Hunter, and Wings of Heroes, contributed to the good performance with noticeable improvements in July regarding revenue.

Individual Title Performance and Evolution of Medal Hunter

Fishing Clash demonstrated improvements in KPIs that support an increase in marketing investment, showing continued growth in revenue in July. In Hunting Clash, Ten Square Games made technical improvements and reported month-on-month revenue growth during July. Trophy Hunter focused its development on monetization systems and achieved revenue of 5.1 million PLN in July, the second highest monthly figure in the game’s history. Wings of Heroes made progress in progression, economy, campaigns, new modes, and monetization, with a controlled test to expand the universe beyond its classic World War II setting; the impact of this adjustment is expected in the coming months.

On July 30, 2026, Medal Hunter was globally launched as the group's second shooter after Trophy Hunter. Ten Square Games stated that this new title was developed in less than 12 months and entered the scaling and validation phase, with future support contingent on indicators such as cohort behavior, retention, monetization, and marketing return.

Second Quarter Financial Results and Cash Management

Quarter-on-quarter revenue decreased, mainly attributed to lower marketing investment, but adjusted EBITDA grew by 13.5% quarter-on-quarter to 21.4 million PLN. Net profit increased to 14.6 million PLN. CFO Magdalena Jurewicz emphasized:

“The second quarter shows that we can balance growth investment with financial discipline... Every marketing decision must have a clear justification, defined return route, and potential to create value for the group.” —Magdalena Jurewicz, CFO

Operating cash flow was 20.1 million PLN. At the end of the quarter, cash and equivalents stood at 73.1 million PLN, after the payment of 63.7 million PLN in dividends and 18.0 million PLN as an earn-out related to Rortos.

Rise of D2C Sales and Alternative Payment Methods

The direct-to-consumer (D2C) sales channel gained relevance in the business mix. In June 2026, D2C represented 24% of the group’s revenue, including 33% in Fishing Clash, 26% in Hunting Clash, 11% in Trophy Hunter, and 21% in Wings of Heroes. The company highlighted that the launch of Medal Hunter included alternative payment methods from day one, aiming to incorporate D2C earlier in the lifecycle of new titles.

Additionally, Fishing Trip continues in market testing, increasing its tests in new countries. Should the data yield positive results, it may advance towards a soft launch.

What This Strategy Means for Partners and the Industry

Ten Square Games' focus on diversifying its portfolio and adopting development “in product lines” aims at more repeatable release cycles and reduced dependence on a single title for future growth. The early integration of D2C and data-driven marketing discipline could modify typical monetization and retention schemes in the mobile and social casino segment. The group maintains robust revenue and a strong liquidity position, having managed dividends and earn-out agreements without compromising its operating cash flow.

Ten Square Games continues to experiment with new products and methodologies, positioning alternative payment tools and validating retention before making significant marketing investments, while exploring new models to scale beyond traditional hunting and fishing genres.