Is Ten Square Games profitable in 2025?

Yes. Ten Square Games reported FY2025 net profit of roughly PLN 77-83.6 million even as group revenue fell 6.35% y/y to PLN 361.9 million and bookings dropped 11.5% to PLN 352.3 million, per its March 2026 results release.

Who owns Ten Square Games?

Founders Maciej Popowicz and Arkadiusz Pernal, who also co-founded Polish social network nk.pl, held roughly 30% of shares as of late 2025 after a 2024 buyback of about 13% of outstanding stock, per Yahoo Finance holder data.

Is Fishing Clash declining for Ten Square Games?

Yes. Fishing Clash and sister title Hunting Clash drove an 11.5% y/y drop in group bookings to PLN 352.3 million in FY2025, even though Fishing Clash still has 30 million players and 100M+ Google Play installs as of mid-2026.

Could AI replace Ten Square Games?

Not directly, but AI raises pressure. Tencent unveiled AI 3D-asset generation, auto-rigging and NPC tools at GDC in March 2026 running at 110M+ users, a scale Ten Square Games cannot match, even though giants have not yet entered its fishing/hunting niche.

Is Ten Square Games a safe company to join in 2026?

Financially it is stable, profitable, and dividend-paying (PLN 10/share recommended for 2025), but headcount fell to 189 employees by end of 2025 per stockanalysis.com, down from 217-222 in 2025 Yahoo Finance data, signaling ongoing cost tightening.

Who is Ten Square Games' biggest competitor?

No single rival dominates its fishing/hunting simulation niche; a 2025 investment analysis names Tencent, Supercell, and Sony as the giants dominating the broader mobile game market Ten Square Games competes in, though none has entered its specific niche as of mid-2026.

Gaming companies · Poland

Ten Square Games

tensquaregames.com ↗

Polish mobile game publisher behind Fishing Clash and Hunting Clash.

Losing its protection

Assessed 23 July 2026 · Evidence as of 23 July 2026

The structural protection is eroding.

On the recordSince 23 July 2026 · Checkable from August 2026 · Every call on the record Checkpoint: Q2 2026 earnings and Medal Hunter global launch results

The call

Profitable and dividend-paying today, but its flagship games are fading and its future rests on whether Trophy Hunter and Medal Hunter can grow fast enough to replace them.

Ten Square Games makes fishing and hunting games for phones that people play for free and pay for extras. It is not hard for a big company like Tencent or Sony to copy this idea, especially now that artificial intelligence can make game content faster and cheaper than before. The company makes money today and pays shareholders, but the question that matters most is whether its new games (Trophy Hunter and Medal Hunter) can bring in enough players to replace the ones leaving its older games like Fishing Clash.

Why

AI pressure: Tencent-style AI production pipelines (3D asset generation, auto-rigging, NPC AI). AI cuts the cost of building niche sim games, so giants who ignored fishing and hunting sims can now afford to enter cheaply. Could AI do the core job? Only partly.

Bigger players: Tencent, Supercell, or Sony. No major publisher has shipped a competing fishing or hunting title yet, but none is structurally blocked from doing so. Could a giant copy it? Yes, easily.

What protects it. A decade of player data, a 30 million player base for Fishing Clash, and a direct store bypassing app store fees.

What would change this call

Q2 2026 bookings report (~August 2026) shows total group bookings still falling y/y. Would show new titles are not offsetting flagship decline, weakening the growth case.
Medal Hunter global launch (mid-2026) fails to match Trophy Hunter's early scaling pace. Would show the studio cannot reliably repeat a hit, undercutting the turnaround thesis.
Tencent, Supercell, or another major publisher ships a fishing or hunting simulation title within a year. Would show the niche is no longer being ignored by well-funded rivals.

Key numbers

FY2025 revenue PLN 361.9M, down 6.4% y/y (2025-12-31)
FY2025 bookings PLN 352.3M, down 11.5% y/y (2025-12-31)
Market cap fell to ~$150M by mid-2026 from ~$1B in 2020 (2026-06-15)

Named risks

Flagship titles Fishing Clash and Hunting Clash driving 11.5% bookings decline in FY2025. Severity: high
AI-driven production pipelines at giants like Tencent lowering cost floor to enter niche genres. Severity: medium
New titles Trophy Hunter and Medal Hunter unproven at scale to offset legacy decline. Severity: high
Market cap down roughly 85% from June 2020 peak (~$1B) to mid-2026 (~$150M). Severity: medium
Conflicting headcount figures (189 to 330) suggest reporting or organizational instability. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Tencent	contesting	Piloting AI production pipelines at 110M+ user scale as of March 2026, not yet in fishing/hunting niche
Supercell	contesting	Named alongside Tencent and Sony as dominant mobile game incumbent in a 2025-06-16 investment analysis
PlayWay S.A. / CI Games	contesting	Listed as related Polish gaming tickers to TSG on Yahoo Finance data feeds, 2025
unnamed fishing sim competitor	gaining on	TSG claimed Fishing Clash earns five times more monthly than its closest competitor, 2022 blog post

Questions people ask

Is Ten Square Games profitable in 2025?: Yes. Ten Square Games reported FY2025 net profit of roughly PLN 77-83.6 million even as group revenue fell 6.35% y/y to PLN 361.9 million and bookings dropped 11.5% to PLN 352.3 million, per its March 2026 results release.
Who owns Ten Square Games?: Founders Maciej Popowicz and Arkadiusz Pernal, who also co-founded Polish social network nk.pl, held roughly 30% of shares as of late 2025 after a 2024 buyback of about 13% of outstanding stock, per Yahoo Finance holder data.
Is Fishing Clash declining for Ten Square Games?: Yes. Fishing Clash and sister title Hunting Clash drove an 11.5% y/y drop in group bookings to PLN 352.3 million in FY2025, even though Fishing Clash still has 30 million players and 100M+ Google Play installs as of mid-2026.
Could AI replace Ten Square Games?: Not directly, but AI raises pressure. Tencent unveiled AI 3D-asset generation, auto-rigging and NPC tools at GDC in March 2026 running at 110M+ users, a scale Ten Square Games cannot match, even though giants have not yet entered its fishing/hunting niche.
Is Ten Square Games a safe company to join in 2026?: Financially it is stable, profitable, and dividend-paying (PLN 10/share recommended for 2025), but headcount fell to 189 employees by end of 2025 per stockanalysis.com, down from 217-222 in 2025 Yahoo Finance data, signaling ongoing cost tightening.
Who is Ten Square Games' biggest competitor?: No single rival dominates its fishing/hunting simulation niche; a 2025 investment analysis names Tencent, Supercell, and Sony as the giants dominating the broader mobile game market Ten Square Games competes in, though none has entered its specific niche as of mid-2026.

Timeline

2026-05-04Medal Hunter begins phased global launch; company cites team of about 330 specialists
2026-03-30FY2025 net profit reported at PLN 83,635,797 standalone (current report 6/2026)
2026-03-23Q4/FY2025 results: Trophy Hunter becomes third-largest title by bookings
2026-03-20Major League Fishing sponsorship partnership renewed
2025-07-03Trophy Hunter launches globally, first new title in about 3 years
2025-06-30Record PLN 100 million dividend paid, total distributions since IPO near PLN 485M
2024-12-31Company completes buyback of about 13% of outstanding shares
2023-04-01Andrzej Ilczuk becomes CEO, replacing Maciej Zużałek
2018-01Ten Square Games IPOs on Warsaw Stock Exchange at ~PLN 335 million cap
2011-10-21Ten Square Games founded by Maciej Popowicz and Arkadiusz Pernal

Revision history

23 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

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