Mobile revenue roundup - Week 34, 2025
Trophy’s growth holds steady, Neowiz rebounds, Gravity cools ahead of September launches
Data-driven insights on the mobile app economy, ahead of earnings: AppInvestor tracks mobile app through real-time store data, identifies trends with AI models, and analyzes financials.
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Reminder: The “Est. Rev Delta“ % is an increase/decrease from last week’s estimated mobile revenue versus the average of the past 7 weeks of mobile revenue.
Executive Summary
Trophy Games continues to stand out — revenue remains at least double its early-year baseline, confirming staying power in its “Manager” niche, though valuation is now stretched.
Neowiz shows a rebound, helped by Browndust2 live-ops and poker titles, but the move looks more like stabilization than a new growth leg.
Gravity (GRVY) cooled after a hot streak, exactly as expected ahead of September launches.
Winners
Snail, Inc. (SNAL)
Snail posted a sharp revenue jump this week, largely off the back of Nine Yin and Taichi Panda. While the uptick looks impressive in percentage terms, the absolute dollars remain trivial compared to its ~$70M TTM revenue base and $30M market cap. Historically, Snail’s mobile revenue has been highly erratic, and this week’s spike looks more like noise than a trend. With negative profitability and no clear new catalyst, it’s hard to see this as meaningful for investors.
iCandy Interactive (ICI.AX)
iCandy’s ~90% boost in estimated revenue was mainly from Power Rangers: Legacy Wars, a title that’s been around for years. The increase barely shifts the company’s financial picture, adding less than $1M annualized against its $16M market cap. The chart suggests normal variability rather than a structural uptrend. Combined with stretched multiples (PE above 60×), the move doesn’t look like a catalyst — more a temporary blip.
Trophy Games (TGAMES.CO)
Trophy remains the most interesting small-cap story this week. Revenue has stabilized at more than 2× its previous estimates, an unusual feat for a niche publisher. The release of Farm Manager added to its established portfolio (Airline Manager, Truck Manager) and pushed weekly mobile revenue near $170K, equivalent to an $8–9M annual run-rate. For a company that only generated ~$10M in revenue in 2024, that’s transformative.
The stock has already doubled since April, leaving valuation rich — ~40× trailing PE. Still, given the sticky nature of its games and lack of direct competition in the “Manager” genre, it isn’t hard to imagine sustaining this level. Near-term upside may be capped without further breakout titles, but long-term the case for continued expansion looks stronger than ever.
Neowiz (095660.KQ)
Neowiz saw mobile revenue jump ~67% week-over-week, driven by both Browndust2 and its poker app lineup. Importantly, this reverses a clear downtrend since June’s launch spike of Browndust2. The data shows that live-ops events are working to bring the game back up the revenue ladder — a positive sign.
That said, it’s not a structural catalyst. Neowiz’s revenues remain choppy, and without another significant launch, investors shouldn’t assume sustained acceleration. Given its relatively high EV/EBITDA, the company doesn’t screen cheap, so the rebound feels more like stabilization than a new growth story.
Laggers
Gravity (GRVY)
Gravity’s revenue decline this week was expected. After months of topping our dashboard thanks to successive launches, a cooldown was inevitable. The base had simply become too high. The company is still above its 52-week revenue baseline, and September brings new catalysts — Ragnarok M: Classic launches globally on Sept. 3, which should reinject momentum.
This is not a concern for investors. Q2 results confirmed the company’s revenue engine is working, though margins dipped as global marketing spend was front-loaded. The real question is execution in September and Q4.
Ongoing Picks
Feiyu (1022.HK) remains on watch, but we’ve already closed our position following a tripling of the stock in recent weeks (see article here: link).
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