Streamplay Studio gaming subsidiary Noodlecake delivers $2.7m revenue in strong first quarter

Streamplay Studio (ASX: SP8) has reported strong operational and financial performance by its newly acquired US indie gaming subsidiary Noodlecake, underpinned by revenue of $2.7 million for the three months to the end of March.

Noodlecake banked $1.38m in receipts for the period, generated from diversified revenue streams including milestone-based funding, exclusive platform arrangements, ongoing monetisation of back-catalogue titles and modest ad, pay-to-play and in-app purchase income from live titles.

The receipts reflect a mix of revenue earned in late 2024 and early 2025, while early indicators from Google Play and Apple’s App Store point to a “strong underlying trajectory” and reinforce confidence in Noodlecake’s existing portfolio ahead of major title launches.

New title pre-orders

Noodlecake’s latest mobile title Super Flappy Golf has achieved over 50,000 pre-orders on Google Play and the App Store, with strong early retention rates ahead of its global launch in the coming weeks.

The company recently soft-launched the game in Australia, New Zealand, Canada and the Philippines to focus on gathering gameplay data and player feedback rather than immediate monetisation.

The Noodlecake team is currently implementing additional retention and monetisation features ahead of the global launch within the coming weeks.

Super Flappy Golf represents a key part of the company’s strategy to expand revenue from its exclusively owned intellectual property.

Strong engagement rates

Early engagement with Super Flappy Golf has been encouraging, with Day 1 retention of approximately 45% exceeding typical 40% benchmarks for casual mobile games.

Day 7 retention rates of 15% lay within the expected industry range and align with previous Noodlecake golf titles, which have shown strong replayability and engagement rates.

The Flappy Golf series has achieved over 17.5 million organic downloads and generated more than $1.6m in revenue to date, demonstrating strong long-term engagement and a lucrative revenue generator for Streamplay.

Streamplay said the franchise’s strong brand recognition, storefront support and historical success would position it for scaled commercial performance post-launch.

Energising start

Noodlecake chief executive officer Ryan Holowaty said the company had experienced an “energising” start to the financial year.

“The momentum from Super Flappy Golf and the strength of our relationships have set the tone for what we believe will be a great year,” he said.

“Integrating with the Streamplay team has been seamless, and it is clear we share the same drive to build and grow.”

“I am excited about the new titles we are building and the opportunities ahead.”

Noodlecake acquisition

Streamplay completed the acquisition of Noodlecake in December as part of a strategic move to strengthen its regional and global gaming footprint.

The subsidiary has generated significant revenue over its 13-year history, with more than $15m in in-app purchases, $9m in direct game sales and $18m in advertising during that period, along with an annual revenue of $7.3m for the three years to December 2023.

Founded in 2011, Noodlecake owns over 60 in-house and published games with more than 270 million downloads to date.

The company has established partnerships with tier-one brands including Apple, Google, Xbox, PlayStation, Nintendo and Steam.