As filed with the U.S. Securities and Exchange Commission on November 24, 2025. Registration No. 333-290165 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 _____________________________________ Daedalus Special Acquisition Corp. (Exact name of registrant as specified in its charter) _____________________________________ Cayman Islands 6770 N/A (State or other jurisdiction of incorporation or organizat ...

As filed with the U.S. Securities and Exchange Commission on September 10, 2025. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 (Exact name of registrant as specified in its charter) _____________________________________ | Cayman Islands | 6770 | N/A | | --- | --- | --- | | (State or other jurisdiction of | (Primary Standard Industrial | (I.R.S. Employer | | incorporation or organization) | Classi ...

Core Viewpoint - AppLovin has officially sold its mobile gaming business to Tripledot Studios for $400 million in cash and approximately 20% equity stake, marking a significant strategic restructuring for the company as it shifts focus to an AI-driven advertising technology platform [2][3]. Group 1: Business Transition - AppLovin was previously a major player in the mobile gaming industry, owning ten studios and producing top-ranking games like "Wordscapes" and "Cooking Madness" [3]. - Following the completion of the transaction on June 30, 2025, all studios will belong to Tripledot Studios, allowing AppLovin to concentrate on its core business of technology platform development and AI capabilities [3]. - The CEO of AppLovin stated that this transaction is a crucial step in focusing on their core business [3]. Group 2: Financial Performance - In Q4 of FY2024, AppLovin reported revenues of $9.6 billion, a 44% year-over-year increase, and an adjusted EBITDA of $4.8 billion, reflecting a 78% growth in profitability [4]. - The company has $4.1 billion in cash and cash equivalents, providing a solid foundation for future technology investments and potential acquisitions [4]. - For Q1 2025, AppLovin expects revenues to exceed $1 billion and adjusted EBITDA to reach $2.5 billion, indicating strong financial guidance [4]. Group 3: AI-Driven Advertising Technology - AppLovin is leveraging AI capabilities in advertising, utilizing large language models (LLM) and generative AI to enhance code deployment and ad creative generation [5]. - The company has established a highly automated architecture that allows for significant efficiency gains, directly impacting financial performance [5]. - AppLovin's platform currently serves thousands of apps across various sectors, enabling developers to acquire users at lower costs and providing advertisers with optimal ROI in fragmented traffic [5]. Group 4: Market Recognition and Growth Potential - Since June, AppLovin's stock price has surged due to its business focus, leading AI capabilities, and strong financial results, with UBS raising its target price from $475 to $540 [6]. - Investors are optimistic about AppLovin's high profit margins, strong cash flow, and the first-mover advantage in AI advertising technology, which could lead to industry valuation premiums [6]. - The company’s asset-light operational structure allows for greater flexibility in business adjustments compared to larger competitors like Google and Meta [6]. Group 5: Strategic Positioning - AppLovin is transitioning from being perceived as a "game-driven tech company" to a "tech-driven growth infrastructure," focusing solely on becoming a leading AI-driven advertising technology platform [7]. - In a slowing programmatic advertising market, AppLovin aims to combat future challenges through strategic focus, organizational streamlining, and deepening technological expertise [7]. - The company’s approach emphasizes that while content may change hands, the platform itself serves as a true competitive moat [7].

Core Viewpoint - AppLovin's stock experienced significant gains due to strong first-quarter earnings, a recovery in the market, and a positive investor sentiment despite previous concerns about tariffs and economic slowdown [1][3]. Financial Performance - AppLovin reported a 71% increase in advertising revenue, reaching $1.16 billion, and overall revenue rose 40% to $1.48 billion, surpassing the consensus estimate of $1.38 billion [5]. - Adjusted EBITDA increased by 83% to $1 billion, while GAAP earnings per share rose from $0.67 to $1.67 [5]. Market Reaction - The stock surged 46% in May, benefiting from a strong earnings report from Meta Platforms and a favorable unemployment rate [1][4]. - Following the announcement of reduced tariff rates between the U.S. and China, AppLovin's stock saw further increases [6]. Future Outlook - For the second quarter, AppLovin anticipates advertising revenue between $1.195 billion and $1.215 billion and plans to complete the sale of its mobile gaming business for $400 million [8]. - The company is expanding into e-commerce and connected TV, indicating potential for future growth [8]. Stock Performance Context - Despite recent gains, AppLovin's stock remains over 20% lower than its peak, suggesting room for recovery if economic conditions remain stable [9].

Core Viewpoint - AppLovin reported strong Q1 2025 earnings, exceeding market expectations with significant year-over-year growth across multiple metrics [2][3]. Group 1: Financial Performance - Q1 2025 revenue reached $1.48 billion, a 40% increase year-over-year, surpassing Bloomberg's consensus estimate of $1.38 billion [2]. - Net profit for Q1 2025 was $576 million, exceeding the expected $507 million, with a profit margin of 39%, compared to $236 million and 22% in Q1 2024 [2]. - Adjusted EBITDA for Q1 2025 was $1.01 billion, reflecting an 83% year-over-year growth [2]. Group 2: Advertising Business Growth - The advertising segment generated $1.16 billion in revenue for Q1 2025, a 71% increase year-over-year, accounting for 78% of total revenue [3]. - The Axon 2 AI-driven advertising engine significantly boosted ad spending on the AppLovin platform, increasing approximately fourfold since its launch in Q2 2023 [3]. - App Discovery platform showed improvement with a 49% year-over-year increase in net revenue per install and a 22% increase in installation volume [3]. Group 3: Strategic Initiatives - The company is expanding its e-commerce advertising business, achieving over $1 billion in client spending and indicating strong growth potential [4]. - Although the number of monthly active paying users (MAPs) decreased by 16.7% to 1.5 million, average revenue per paying user (ARPPU) increased to $52 from $48 in Q1 2024 [4]. - 45% of Q1 2025 revenue came from customers outside the U.S., indicating room for growth in international markets [4]. Group 4: Business Focus and Divestiture - AppLovin agreed to sell its mobile gaming business to Tripledot Studios for $400 million, retaining a 20% equity stake, allowing the company to focus on its core advertising solutions [5]. - The divestiture is expected to optimize resource allocation and enhance focus on high-margin products and services [5]. Group 5: Future Guidance - For Q2 2025, the company projects advertising revenue between $1.195 billion and $1.215 billion, with adjusted EBITDA for the advertising business expected to be between $970 million and $990 million [6]. - The company plans to continue investing in innovations, including AI, and is making progress in the web-based advertising market, which is anticipated to represent 10% of total ad net revenue this year [6][7].

Core Insights - AppLovin's shares increased by 12.4% following the announcement of better-than-expected revenue and earnings, along with the decision to sell its gaming division [1][4] - The sale of the gaming division is expected to generate $400 million in cash and allow AppLovin to concentrate on its rapidly growing adtech business [6][9] Financial Performance - AppLovin reported earnings per share of $1.67 for the first quarter, a 149% increase year-over-year, surpassing Wall Street's estimate of $1.45 [4] - The company's revenue reached $1.48 billion, a 40% increase from the previous year, exceeding analysts' expectations of $1.38 billion [4] - Revenue from the advertising segment rose by 71% to $1.16 billion, while revenue from apps declined by 14% to $325 million [5] Strategic Moves - AppLovin is selling its mobile gaming business to Tripledot Studios, which will provide $400 million in cash and a nearly 20% stake in Tripledot [6] - The CEO expressed interest in merging with TikTok Global for assets outside of China, although he acknowledged that this is a "long shot" [2][8] - The potential merger could significantly increase TikTok's annual revenue from $20 billion to $80 billion [8]

Core Insights - AppLovin Corp's stock increased by 15.5% to $350.56 following impressive quarterly results and a significant business shift [1] - The company reported earnings of $1.67 per share, surpassing the consensus estimate of $1.45, with revenue reaching $1.48 billion, also exceeding expectations [1] - AppLovin plans to sell its mobile gaming business to Tripledot Studios for $800 million in cash [1] Analyst Reactions - At least five analysts have raised their price targets, with Morgan Stanley increasing its target to $420 from $350, the highest among them [2] - Options trading activity has surged, with over 47,000 calls and 35,000 puts traded, four times the average intraday volume [2] - New positions are being opened at the most active July 350 call [2] Stock Performance - Following the recent surge, AppLovin's stock is up 8.2% in 2025 and has a year-over-year increase of 373.1% [3] - The stock is on track for its third consecutive weekly gain and is trading above the $350 level, a significant area of chart resistance, for the first time since late March [3]

点击蓝字，关注我们 Applovin(APP.US)公布第一季度业绩。 截至发稿， AppLovin盘后涨12.91% 。 AppLovin首席执行官Adam Foroughi在2月份告诉投资者， 该公司"从来都不是一家游戏开发商" ，并 透露公司正在就将移动游戏部门出售给一家私人公司进行独家谈判。 Tripledot Studios成立于2017年，开发了包括Woodoku和Solitaire在内的热门移动游戏。据报道， 该公 司在2022年融资1.16亿美元，估值达14亿美元。 数据显示， AppLovin一季度广告营收为11.6亿美元，同比增长71%，超出市场预期。 AppLovin还公布了强劲的第二季度广告营收指引， 预计Q2广告营收为11.95亿至12.15亿美元;广告调 整后的EBITDA预计为9.7亿美元至9.9亿美元 。 智通财经APP获悉，周三美股盘后， Applovin(APP.US)公布第一季度业绩 。数据显示，该公司Q1营 收为14.8亿美元，同比增长40%，超出市场预期;调整后的每股收益为1.67美元，也超出市场预期。 AppLovin同意将其移动游戏部门出售给伦敦的Tripledo ...

Core Insights - Applovin's shares increased by as much as 15% in after-hours trading following the announcement of earnings and revenue that exceeded expectations, along with the sale of its mobile gaming business [1] - The company reported earnings of $1.67 per share, surpassing the expected $1.45 per share, and revenue of $1.48 billion, which also exceeded the anticipated $1.38 billion [3] - Applovin has agreed to sell its mobile gaming business to Tripledot Studios for $400 million in cash, while also acquiring a 20% ownership stake in Tripledot Studios [1] Financial Performance - Earnings per share were reported at $1.67, compared to the expected $1.45 [3] - Revenue for the quarter was $1.48 billion, exceeding the expected $1.38 billion [3] - For the second quarter, Applovin anticipates sales between $1.2 billion and $1.22 billion, which is below analysts' expectations of $1.38 billion [2] Strategic Moves - The sale of the mobile gaming business to Tripledot Studios is valued at $400 million and is expected to close in the second quarter of 2025 [1] - The acquisition of a 20% stake in Tripledot Studios positions Applovin to benefit from the growth of mobile gaming titles such as Sudoku Friends, Puzzletime, and Solitaire Classic [1]