As filed with the Securities and Exchange Commission on December 18, 2025 Registration No. 333-292129 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 SNAIL, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 7372 88-4146991 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification No.) Snail ...

CULVER CITY, Calif., Dec. 16, 2025 (GLOBE NEWSWIRE) -- Snail, Inc. (Nasdaq: SNAL) (“Snail Games” or the “Company”), a leading global independent developer and publisher of interactive digital entertainment, unveiled major advancements across its growing digital ecosystem during its 2025 Investor Day at the NASDAQ MarketSite in New York City. Company executives shared new developments in crypto and long-term content expansion for the company’s leading game franchise ARK. During the event, Snail introduced it ...

Core Insights - Snail, Inc. announced significant advancements in its digital ecosystem during its investor day event held in New York City, focusing on developments in the cryptocurrency sector and long-term content expansion plans for its flagship game series, "ARK" [1][2]. Cryptocurrency Developments - The company introduced its upcoming stablecoin project named $USDO, marking a milestone in integrating secure and practical digital payment strategies within its ecosystem [1]. - Matthew Harper, the product lead, symbolically minted the first official token during the event [1]. Game Content Expansion - A new DLC titled "ARK: Lost Colonies" was previewed and is set to launch on December 18 [2]. - The company presented a multi-year content roadmap for the "ARK" series, showcasing a resilient and clearly structured product line that extends support through 2027 [2][3]. Future Game Releases - The 2026 roadmap includes titles such as "Survival of the Fittest" (developed by Studio Sirens), "Bob's True Tales: Tides of Fortune," "ARK: World Creator," and "ARK: Dragontopia" [3]. - The 2027 roadmap features upcoming titles like "ARK: Atlantis," "Bob's True Tales: Galaxy Wars," and "ARK: Legacy of Santiago Part 1" [3].

Economic Data and Labor Market - The jobs data presents a mixed picture, with initial claims decreasing by 27,000 to 191,000, but layoffs are still up 24% year-over-year according to the Challenger report, indicating a lack of demand and supply equilibrium in the job market [3][4][5] - Retail data from Black Friday showed year-over-year growth of around 4-5%, suggesting that consumer spending remains active despite mixed economic signals [7][8] Federal Reserve and Monetary Policy - The upcoming Federal Reserve meeting is expected to focus more on the communication and implications of monetary policy rather than immediate actions, with potential dissenting votes anticipated [10][11] - There is ongoing speculation regarding the nomination of Kevin Hassid as the successor to Jerome Powell, which could influence future Fed decisions [12][14] Market Dynamics - The stock market and bond market appear to be in conflict, with the stock market anticipating a reacceleration of growth while the bond market suggests inflationary pressures [15][16] - Stability in bond yields is seen as crucial for maintaining equity market momentum, with the Russell index showing a 3.5% increase over the past month [18][19] Legislative and Regulatory Environment - The government funding deal only extends through January 30, 2026, raising concerns about potential shutdowns and the urgency for bipartisan agreements on healthcare subsidies [23][24] - The level of dysfunction in Congress is highlighted by high-profile resignations, indicating potential challenges in governance and legislative effectiveness moving forward [25]

Culver City, California--(Newsfile Corp. - November 26, 2025) - Snail, Inc. (NASDAQ: SNAL) ("Snail Games" or the "Company"), a leading global independent developer and publisher of interactive digital entertainment, will be presenting and holding one-on-one meetings at NobleCon21 at Florida Atlantic University, Executive Education Complex, in Boca Raton, FL. on Wednesday, December 3, 2025. Snail, Inc.'s management team is scheduled to present on December 3, 2025, at 2:00 p.m. Eastern time. A video webcast ...

Core Insights - Snail, Inc. will host an Investor Day on December 16, 2025, to provide a strategic overview of the company's direction for 2026 [1][2] - The event aims to give investors and analysts deeper insights into ongoing initiatives, product expansions, and the long-term vision of the company [2] Stablecoin Project - The company will discuss its previously announced digital asset infrastructure, which is expected to strengthen its long-term strategy [4] Upcoming ARK: Lost Colony DLC - Insights will be provided on the upcoming expansion designed to extend the product life cycle, deepen engagement, and support continued revenue opportunities [4]

Core Viewpoint - Snail, Inc. has launched a new gameplay trailer for its independent game "Rebellion Engine," showcasing its unique combat system and receiving positive feedback from players on the Steam platform [1] Group 1: Game Development and Strategy - "Rebellion Engine" is developed by the Argentine studio Seven Leaf Clover and exemplifies Wandering Wizard's strategy to create a diverse and high-quality portfolio of independent games [1] - The game combines the depth of hack-and-slash mechanics with the fast-paced nature of classic retro shooters, appealing to both core and emerging player demographics [1] - The game has gained popularity through participation in various events, including PAX West 2025, where players could experience it firsthand [1] Group 2: Community Engagement and Collaborations - The game has collaborated with virtual streamer Hakos Baelz, who has over 1.09 million YouTube subscribers, to create an original game soundtrack, bridging the independent game and rapidly growing virtual streamer music sectors [2] - Additionally, a partnership with Spanish game creator Joseju, who also has over a million YouTube subscribers, has further enhanced the game's visibility in the European market [2] - Since its launch, "Rebellion Engine" has shown strong creator-driven momentum, with over 7,500 related videos on TikTok and a total view count exceeding 1.5 million, highlighting the success of Wandering Wizard's strategy in integrating creative talent and cultural collaborations [2]

Core Insights - Snail, Inc. announced the release of a new gameplay trailer for its indie title Rebel Engine, which has received a "Positive" player rating on Steam, indicating strong audience reception [1] - Rebel Engine, developed by Argentina-based Seven Leaf Clover, combines hack-and-slash mechanics with fast-paced shooting, appealing to both core and emerging gaming audiences [2] - The game has gained visibility through partnerships with popular VTubers and gaming creators, resulting in significant creator-driven momentum post-launch, including over 7,500 TikTok videos with more than 1.5 million views [3] Company Overview - Snail, Inc. is a leading global independent developer and publisher of interactive digital entertainment, with a diverse portfolio of premium games across various platforms, including consoles, PCs, and mobile devices [4]

Core Insights - Snail, Inc. reported a quarterly loss of $0.21 per share, significantly worse than the Zacks Consensus Estimate of a loss of $0.05, marking an earnings surprise of -320.00% [1] - The company's revenues for the quarter ended September 2025 were $13.82 million, missing the Zacks Consensus Estimate by 37.18% and down from $22.53 million a year ago [2] - Snail, Inc. shares have declined approximately 48.3% year-to-date, contrasting with the S&P 500's gain of 16.4% [3] Financial Performance - Over the last four quarters, Snail, Inc. has surpassed consensus EPS estimates two times [2] - The current consensus EPS estimate for the upcoming quarter is $0.07 on revenues of $30 million, while for the current fiscal year, it is -$0.48 on revenues of $94.3 million [7] Market Outlook - The company's earnings outlook will be crucial for future stock performance, with management's commentary on the earnings call expected to influence investor sentiment [3][4] - The Zacks Rank for Snail, Inc. is currently 3 (Hold), indicating that shares are expected to perform in line with the market in the near future [6] Industry Context - The Gaming industry, to which Snail, Inc. belongs, is currently ranked in the bottom 39% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Another company in the same industry, GDEV Inc., is expected to report quarterly earnings of $0.42 per share, reflecting a year-over-year decline of 46.8% [9]

Financial Data and Key Metrics Changes - Net revenue for Q3 2025 was $13.8 million, down from $22.5 million in the same period last year, primarily due to an increase in deferred revenue of $10.9 million [16][18] - Net loss for Q3 2025 was $7.9 million compared to a net income of $233,000 in the same period last year, driven by decreased net revenue and increased expenses [18] - Bookings for Q3 increased by 9.3% to $17.6 million compared to $16.1 million from the same period last year [19] Business Line Data and Key Metrics Changes - Total ARK sales increased by $2.2 million compared to the same period last year, while Salty TV sales increased by $300,000 [16] - Units sold for the gaming business increased by 7.8% year over year, with total units sold for the nine-month period rising 38.7% to 4.8 million [10] - Average daily active users (DAU) for ARK: Survival Evolved and ARK: Survival Ascended reached approximately 122,658 and 92,876, respectively [10] Market Data and Key Metrics Changes - Deferred revenue balance as of September 30, 2025, was $36.4 million, with $35.3 million due to non-refundable payments [17] - The company expects to recognize approximately $26.5 million of deferred revenue within the next 12 months, with $5.8 million expected to be recognized in Q4 2025 [17][18] Company Strategy and Development Direction - The company is pursuing a stablecoin project to position itself as a pioneer in digital payments within the gaming industry, viewing stablecoins as the future of digital transactions [5][6] - Upcoming growth drivers include the launch of ARK: Lost Colony and the anticipated release of Echoes of Elysium on December 4, 2025 [14][15] Management's Comments on Operating Environment and Future Outlook - Management noted that the decline in net revenue was primarily due to timing of revenue recognition rather than a reduction in sales or demand [7] - The company remains optimistic about a stronger Q4, driven by the upcoming launch of new content and continued engagement across its gaming portfolio [9][22] Other Important Information - The company participated in several industry events to drive awareness of its titles, including Gamescom and TwitchCon [11] - The interactive film segment has seen growth, with 67 short-film dramas released through the Salty TV app [12] Q&A Session Summary Question: Can you discuss the gross margins in the quarter? - The decrease in gross margin was attributed to fixed license fees and deferred revenue from Lost Colony sales [23][24] Question: Can you elaborate on the timing of deferred revenue recognition? - Most deferred revenue is expected to be recognized within the next 12 months, with $5.9 million related to Lost Colony expected in Q4 2025 [25][26] Question: What does the remaining deferred revenue consist of? - The majority of deferred revenue is related to gaming performance obligations and some deposits for future games [27][28]