TruFin, the UK-listed fintech and games publisher, said its 2025 gross revenue rose 20% to £65.9 million, while adjusted EBITDA increased 66% year-on-year to £12.6 million.
The company's gaming division, Playstack, was the principal contributor to the top-line improvement. Playstack recorded £55.3 million of revenue in 2025, up 24% from the previous year. The company attributed the expansion to strong catalogue performance coupled with new game launches, specifically naming Abiotic Factor and Balatro as part of its recent releases.
TruFin's fintech operations produced mixed results. Oxygen, the firm's payments and merchant services business, grew revenue by 18%. Management pointed to broader Early Payment programme rollouts, high client retention and rising activity in Software as a Service and partnership services as the primary drivers behind Oxygen's increase.
By contrast, Satago experienced a substantial headwind after losing a major banking contract. That loss led to a 50% decline in revenue for the unit. In response, the company implemented cost reductions and redirected Satago's focus more toward technology and servicing revenue. Satago expects subscription revenue growth to accelerate in 2026 as new partners are brought on board.
At the group level, TruFin reported fee income of £10.10 million and a pretax loss of £4.10 million for the full year. The company also executed £8 million of share buybacks during 2025 and announced an additional £6 million buyback programme to be undertaken in 2026.
Looking into early 2026, TruFin said that group revenue for the first two months is tracking in line with Board expectations at not less than £9.3 million. On the gaming pipeline, Playstack plans to publish eight titles in 2026, with specific mentions of Mortal Shell II and Raccoin among the scheduled releases.
The results present a mixed financial picture: robust contribution from the games publishing arm and improvement in adjusted EBITDA, balanced against a pretax loss and the notable revenue decline at Satago. Management has signalled cost discipline and a shift in focus for underperforming units while returning cash to shareholders through buybacks.
Outlook and near-term priorities
TruFin’s near-term agenda appears to centre on executing Playstack’s release schedule, stabilising and growing Oxygen’s Early Payment and SaaS offerings, and accelerating Satago’s subscription revenue growth as new partners are onboarded. The announced 2026 buyback provides continued capital return alongside these operational priorities.