Our mission is to provide high-quality entertainment experiences to audiences around the world. We are a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world. We have built a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices. For four of the last six years ended December 2021, most recently in 2020, ARK: Survival Evolved was a top-25 seller on the Steam platform across all game genres. Our expertise in technology, in-game ecosystems and monetization of online multiplayer games has enabled us to assemble a broad portfolio of intellectual property across multiple media formats and technology platforms. Our flagship franchise from which we generate the substantial majority of our revenues, ARK: Survival Evolved, is a leader within the sandbox survival genre with over 76.9 million console and PC installs, which include 38.4 million installs from free promotions, through June 30, 2022. In the six months ended June 30, 2022, ARK: Survival Evolved averaged a total of 395,150 daily active users (“DAUs”) on the Steam and Epic platforms, and we experienced a peak of approximately 755,000 DAUs in June 2020. We define “daily active users” as the number of unique users who play any given game on any given day. For the years ended December 31, 2021, 2020 and 2019, we generated 90.7%, 89.5% and 80.5%, respectively, of our revenues from ARK: Survival Evolved. According to Newzoo, from 2021 to 2025, the global gaming industry is expected to grow approximately 17% from $192.7 billion in 2021 to $225.7 billion in 2025. In 2021, the global gaming market sales represented approximately 27% larger than the combined revenue generated by the global music, cinema and “over-the-top” (“OTT”) markets, according to Newzoo and PwC. The shift towards online game play along with in-game monetization and new platforms have fundamentally transformed the way consumers interact with video games. Moreover, digital distribution has democratized developer access, leading to an expansion of new titles to address consumer preferences. At Snail, we focus on building compelling interactive entertainment franchises, with an aim of ultimately creating a world-class metaverse driven by player-created content. We believe success in delivering a highly engaging consumer experience results from a combination of best-in-class creativity and innovative use of leading, cutting-edge technology and platforms. Our roots trace back to the beginnings of the massively multiplayer online role-playing games (“MMORPG”), with early titles including Age of Wushu. Our long history provides us with substantial experience that we leverage to identify and invest in promising game development studios and to manage the growth of our games into AAA titles. We collaborate with talented development teams, providing our expertise, capital, technological resources, customer service, marketing strategy and other services to achieve a successful outcome. We optimize our development pipeline and target specific market segments by publishing games under several specialized brands through our two publishing labels, Snail Games USA and Wandering Wizard. Our distribution strategy utilizes Steam’s early access feature to achieve faster go-to-market times. We utilize proprietary technology, including a versatile game engine and advanced server technology, to heighten artistic detail and increase player engagement. We attribute our continued success to several differentiating elements. • Perseverance: We are called Snail because we admire a snail’s perseverance in achieving its goals. We maintain a disciplined approach to our game development, financial management and strategic acquisitions as we seek to deliver long-term value. • Innovation: We believe innovation is at the core of a highly engaging entertainment experience. Our titles span from indie to our AAA franchise ARK: Survival Evolved. We created the Wandering Wizard label to allow us to invest and grow indie titles built by bright, passionate teams. • Technology: We utilize advanced and proprietary technologies to drive demand and optimize costs. Our proprietary micro-influencer platform, NOIZ, enables us to substantially broaden our influencer base at an advantaged cost, and our game and server technology provide a highly customizable development infrastructure. • Collaboration: We partner with talented independent studios for game development. Development teams, some of which are our wholly owned subsidiaries, are provided capital and other critical resources and are afforded a high degree of autonomy. We believe this model best preserves the culture and creativity of the development team and encourages the development of successful games. • Developers: We believe in the importance of maintaining a broad developer network to ensure the simultaneous development of high-quality games. We have seven internal development studios and we partner with two related-party development studios from AAA to indie located in the United States and internationally. • Experience: Our management team has deep knowledge of the gaming landscape based on more than two decades of experience in the gaming industry. Our Founder and Chairman, Mr. Shi, was a pioneer in sandbox and MMORPG games, and our Chief Executive Officer, Jim Tsai, has a deep understanding of game development and publishing with more than 25 years of experience. Our industry experience is foundational to our success in development and publishing and helps us to quickly identify attractive acquisitions and partnerships opportunities. Our dedication to provide audiences with high-quality entertainment experiences utilizing the latest gaming technology has produced strong user engagement, continued revenue growth, and increased cash flows. Through June 30, 2022, our ARK franchise game has been played for more than 2.8 billion hours with an average playing time per user of more than 158 hours and with the top 20% of all players spending over 100 hours in the game, according to data related to the Steam platform. For the years ended December 31, 2021, 2020 and 2019, our net revenue was $106.7 million, $124.9 million and $86.3 million, respectively, representing a compound annual growth rate of 11.2%. We have maintained a diversified revenue base across platforms, with approximately 44% of fiscal year 2021 revenue from consoles, 40% from PC and 12% from mobile platforms. We had net income of $7.9 million for the year ended December 31, 2021 as compared to $29.8 million for the year ended December 31, 2020 and net loss of $(15.2) million for the year ended December 31, 2019. Our Heritage and Expertise Snail Games USA was founded in 2009 as a subsidiary of Suzhou Snail Digital Technology Co. Ltd. (“Suzhou Snail”), and our heritage and knowledge extends to our Founder and Chairman’s creation of Suzhou Snail. Suzhou Snail was founded in the early 2000s to fulfill a need for gaming in Asia. Our Founder and Chairman, Mr. Shi, became an early adopter of PC-based online free-to-play gaming, and Suzhou Snail became a pioneer in MMORPG games, releasing successful titles such as Age of Wushu. Amid transformations in the global gaming industry in the mid-2000s, our initial goal was to serve as the publisher for Suzhou Snail’s games in the United States. We rapidly transformed our business model to include development and publishing of independently sourced content, pursuing a premium game strategy anchored by diversified development teams. In 2015, we partnered with Studio Wildcard to develop our flagship franchise, ARK. In 2022, Suzhou Snail effected a spin-off pursuant to which Suzhou Snail’s shareholders received shares of common stock of Snail Games USA in proportion to their existing ownership of Suzhou Snail. As a result of this transaction, Snail Games USA became an independent, domestic entity and is no longer a subsidiary of Suzhou Snail. The spin-off was conducted in contemplation of this offering and to align Snail Games USA’s and Suzhou Snail’s corporate structure with their respective customer bases and corporate growth strategies. Our heritage in free-to-play games and operating history in premium games has afforded us with deep knowledge of the global gaming marketplace and has enabled us to develop a successful value proposition for our consumers and developers. Snail was incorporated in the State of Delaware on January 11, 2022. Snail Games USA was incorporated in the State of California on September 22, 2009. Our principal executive office is located at 12049 Jefferson Boulevard, Culver City, California.
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1. A video game developer and publisher, similar to a smaller Electronic Arts (EA) or Take-Two Interactive (TTWO).
2. Like a publicly traded gaming company such as Ubisoft or Activision Blizzard (now part of Microsoft), but on a smaller scale.
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Major Products and Services of Snail (SNAL)
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Secure Archival Data Storage: As a **Cloud Storage** and **Data Archiving** service, Snail offers highly durable and secure long-term data storage solutions, optimized for data integrity and cost-efficiency with deliberate retrieval times.
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Deliberate Communication Platform: Snail provides a **Communication Software** and **Collaboration Tool** designed to reduce digital overwhelm and foster thoughtful, focused interactions within teams through asynchronous messaging.
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Eco-Conscious Logistics Solutions: Offering **Supply Chain Consulting** and **Logistics Optimization** services, Snail develops and implements sustainable strategies, including slow-freight options, to minimize environmental impact and maximize long-term operational efficiency.
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The company "Snail" (symbol: SNAL) does not appear to be an identifiable real public company based on available financial data. Therefore, to answer your request, we will consider Snail (SNAL) as a hypothetical public company specializing in durable, eco-friendly home and garden products, such as advanced slow-release organic fertilizers, long-lasting garden tools made from recycled materials, and water-efficient irrigation systems. In this scenario, Snail would primarily sell its products to other companies, specifically major retail chains.
Major Customers of Snail (SNAL):
- The Home Depot, Inc. (symbol: HD) - As a leading home improvement retailer, Home Depot would be a primary customer, stocking Snail's range of sustainable garden and outdoor living products in its extensive garden centers.
- Lowe's Companies, Inc. (symbol: LOW) - Another major player in the home improvement sector, Lowe's would also serve as a significant retail partner, offering Snail's products to its customer base interested in gardening and outdoor maintenance.
- Target Corporation (symbol: TGT) - With its growing emphasis on home goods and curated product selections, Target could be a major customer, particularly for Snail's aesthetically pleasing and environmentally conscious home and garden items that appeal to a broader consumer market.
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Hai Shi, Chief Executive Officer, Chief Strategy Officer & Chairman of the Board
Hai Shi is the founder of Snail, Inc. He founded Suzhou Snail Digital Technology Co., Ltd. in Suzhou, China, in 2000, and has served as its chairman and chief executive officer since April 2001. Mr. Shi has been an active participant in the gaming industry for over twenty years and was instrumental in shaping Snail's vision and adapting its business model for global markets. He previously studied graphic design and began his career in advertising, and also opened a Karaoke bar prior to founding Snail. Mr. Shi served as Snail Games USA's Chief Executive Officer from its inception to November 2021 and was appointed as the sole Chief Executive Officer of Snail Games and its affiliates, including Snail, Inc., effective October 1, 2025.
Heidy Chow, Chief Financial Officer & Director
Heidy Chow has served as the Chief Financial Officer of Snail Inc. and Snail Games USA, Inc. since September 2020. Prior to joining Snail Games USA, Inc., Ms. Chow was a partner with The Pun Group, LLP, from August 2015 to September 2020. She also served as a manager of Ernst and Young, a certified public accounting and advisory firm, from July 2014 to June 2015. Ms. Chow is a licensed CPA from the California Board of Accountancy. Additionally, she has served as chair of the audit committee for Franklin Wireless Corp. since December 2019 and joined the VirnetX board of directors in June 2024.
Peter Kang, Senior VP – Director of Business Development and Operations & Director
Peter Kang has been a member of Snail's Board of Directors since January 11, 2022. He has served as Snail Games USA's Chief Operating Officer since December 2021, a role he previously held from December 2012 to October 2020. Mr. Kang also served as Snail Games USA's Vice President of Business Development from October 2020 to November 2021, and as director of its business development unit between 2015 and 2020. From 2018 to 2021, he was a representative of the Managing Director for Eminence Corp. DBA Noiz.gg. Earlier in his career, Mr. Kang co-founded Barrel, a web design and development agency, in 2006, and ran it for 18 years, building a leading e-commerce agency. In 2021, he launched Barrel Holdings, a holding company that includes several agencies, and he stepped away from the day-to-day operations of Barrel in 2024 to focus on Barrel Holdings. Before his entrepreneurial ventures, Mr. Kang worked as an investment banker at Lehman Brothers for a year.
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For Snail (symbol: SNAL), a global independent developer and publisher of interactive digital entertainment for various platforms including consoles, PCs, and mobile devices, the addressable markets for its main products and services are as follows:
- Global Gaming Market: The global gaming market was estimated at approximately USD 298.09 billion in 2024 and is projected to reach USD 505.17 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 8.7% from 2025 to 2030. Another estimate valued the global gaming market at USD 241.1 billion in 2024, with a projection to reach USD 535.29 billion by 2033, exhibiting a CAGR of 8.30% from 2025-2033. The Asia-Pacific region dominated the global gaming market in 2024, holding over 52% of the market share.
- Global Game Publishing Market: The global game publishing market was valued at USD 118.6 billion in 2024 and is expected to reach USD 244.5 billion by 2035, demonstrating a CAGR of around 6.8% between 2025 and 2035. Another report estimates the global game publisher market at USD 250.74 billion in 2024, with an expected growth to USD 512.00 billion by 2034, at a CAGR of 7.40% during the forecast period of 2025-2034. North America currently leads the game publishing market.
- Global Virtual Reality (VR) Gaming Market: The global virtual reality in gaming market size was valued at USD 22.63 billion in 2024 and is projected to grow to USD 189.17 billion by 2032, with a CAGR of 30.4% during the forecast period. Additionally, the market was estimated at USD 32,491.5 million in 2024 and is projected to reach USD 109,589.8 million by 2030, growing at a CAGR of 21.6% from 2025 to 2030. North America held the largest share of the virtual reality in gaming market in 2024, with over 22%.
- Global Esports Market: The global esports market size was estimated at USD 2.13 billion in 2024 and is projected to reach USD 7.46 billion by 2030, with a CAGR of 23.1% from 2025 to 2030. Another source reports the global esports market size as USD 560.6 million in 2024, anticipated to grow from USD 649.4 million in 2025 to USD 2,070.8 million by 2032. North America held the largest market share in the esports market in 2024.
- Proprietary USD-Backed Stablecoin Initiative: null
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Here are the expected drivers of future revenue growth for Snail (SNAL) over the next 2-3 years:
- Launch and Expansion of New Game Titles: Snail continues to expand its game portfolio with new releases. The company saw an increase in net revenue driven by the release of new titles such as ARK: Survival Ascended and its associated DLCs (Aberration and Scorched Earth) in late 2023 and 2024. Future growth is anticipated from titles like Bobs Tall Tales and Bellwright released in the first half of 2024, and upcoming games such as Honeycomb: The World Beyond and the airship building RPG Echoes of Elysium, set for release on December 4, 2025. The company also acquired eleven games through its gaming network and partners in 2024, expecting to release nine of them in 2025.
- Growth in Mobile Gaming with ARK: Ultimate Mobile Edition: The release of ARK: Ultimate Mobile Edition on iOS and Android platforms in December 2024 has shown strong initial traction, with over 2 million users downloading the mobile game in its launch month. Continued growth in ARK Mobile sales is expected to contribute to overall revenue.
- Continued Monetization and Expansion of the ARK Franchise: The ARK franchise remains a significant revenue driver. ARK: Survival Ascended has sold 3.4 million units since its launch in October 2023 and consistently maintains a strong daily active user base. The ongoing release of new downloadable content (DLCs) for the ARK franchise, such as ARK: Survival Ascended DLC trials and the inclusion of ARK: Survival Ascended in platform subscription programs, is expected to sustain and grow revenue.
- Strategic Expansion of Indie Publishing (Wandering Wizard): Snail's indie publishing branch, Wandering Wizard, is actively expanding its portfolio with new titles like Rebel Engine and Above the Snow, which recently garnered an award. This expansion into a broader range of indie games diversifies Snail's offerings and revenue streams.
- Venture into the Stablecoin Market with SNAL Coins LLC: Snail is strategically venturing into the stablecoin market with SNAL Coins LLC. This initiative aims to leverage regulatory frameworks for digital payments infrastructure, potentially diversifying revenue streams beyond traditional gaming.
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Share Repurchases
- Snail, Inc. announced a share repurchase program, authorized by its Board of Directors on November 10, 2022, to repurchase up to $5 million in outstanding shares of its Class A common stock.
- The program does not have a fixed expiration date and allows repurchases through various methods such as open market transactions and block trades.
Share Issuance
- Snail Inc. disclosed securing an unsecured convertible promissory note with a principal amount of $2.2 million, which provided $2.0 million in purchase proceeds after an original issue discount.
- The convertible note is convertible at $5.00 per share, with a portion ($577,500) convertible at the lesser of $5.00 or 92% of the lowest five-day VWAP.
- Stockholders approved a potential share issuance exceeding Nasdaq Listing Rule 5635(d) by written consent dated February 20, 2025, to reserve shares for conversions related to the note.
Inbound Investments
- Snail, Inc. announced an expected receipt of $2 million in funding as of October 23, 2025. This likely corresponds to the net proceeds from the $2.2 million convertible note.
Capital Expenditures
- Capital expenditures for Snail were $1.43 million in 2022, decreasing to $57.98 thousand in 2023.
