Snail, Inc.SNAL

Snail Inc.’s March 2026 quarterly report shows revenue of $27.3 million offset by $76.6 million of liabilities, leaving shareholders with a $14.2 million deficit on the balance sheet. Operating cash flow for the period was $10.2 million, so the bank account is alive but still deeply underwater on total obligations. The numbers are drawn from the company’s 10-Q filed for the quarter ended 31 March 2026.

Snail’s US game studio marked the tenth birthday of the ARK franchise with a press splash claiming 6.1 million mobile downloads and promises of premium expansion maps “for the rest of 2025.” At the same time, the same filing that contains the 10-Q quietly reports net income of only $2.1 million for the quarter-an earnings run-rate that would take a long time to close a $76.6 million liability hole. The company’s DEF 14C filing parades director bios and shareholdings under the banner of “compensation philosophy,” a phrase whose plain meaning is pay optics versus balance-sheet reality.

The company’s actual product pipeline is easier to see than the numbers suggest. Steam Early Access for the airship survival RPG Echoes of Elysium is scheduled for 27 January 2027. The cozy alpine tycoon Above The Snow launched on Steam on 23 April 2026. These store pages are colourful; the filings are beige. The 10-Q lists research and development expense of $4.0 million for the quarter and capital expenditure of $15,798 for the full prior year. The board’s 8-K/A reminds everyone there are no assurances on future results-an unusually candid note for a public filing.

The company’s cash and cash equivalents stood at $14.3 million at quarter-end, enough to keep the lights on but not to retire the $76.6 million in liabilities. The stockholders’ equity attributable to the parent is a neat and tidy -$14.2 million. The latest 10-Q and supporting SEC filings are the definitive sources for these figures.

Snail’s product releases sit in the public domain on the company’s own news pages and Steam storefronts, but the filings remain the only evidence that matters to creditors and shareholders. The gap between the hype on the ARK anniversary page and the deficit on the balance sheet is the real headline.

For context, the company’s SEC filings are retrievable via the central index on EDGAR and from the company facts JSON feed; the 10-Q, DEF 14C, and 8-K/A contain the operative numbers and language. No analyst estimates or market-price commentary are supplied in the evidence, so none appear here.