New Risk • Aug 04
New major risk - Revenue and earnings growth Earnings have declined by 84% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (24% average weekly change). Earnings have declined by 84% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (US$57.6m market cap). Duyuru • Jul 27
GCL Global Holdings Ltd to Report Fiscal Year 2026 Results on Jul 31, 2026 GCL Global Holdings Ltd announced that they will report fiscal year 2026 results at 9:30 AM, US Eastern Standard Time on Jul 31, 2026 New Risk • Jun 07
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 19% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (26% average weekly change). High level of non-cash earnings (31% accrual ratio). Minor Risks Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (US$54.3m market cap). Duyuru • Mar 23
GCL Global Holdings Ltd Announces Receipt of Nasdaq Deficiency Notice Regarding Minimum Bid Price Requirement GCL Global Holdings Ltd. announced that it has received a written notice (the Notice), dated March 17, 2026, from the Listing Qualifications Department of The Nasdaq Stock Market LLC (Nasdaq) indicating that, for the last thirty (30) consecutive business days (February 2, 2026 to March 16, 2026), the bid price for the Company's ordinary shares had closed below the minimum $1.00 per share requirement for continued listing on the Nasdaq under Nasdaq Listing Rule 5450(a)(1) (the Minimum Bid Price Rule). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial period of 180 calendar days, or until September 14, 2026, to regain compliance (the Compliance Period). Pursuant to the Notice, if at any time during the Compliance Period the closing bid price of the Company's ordinary shares is at least $1.00 for a minimum of ten consecutive business days, Nasdaq will provide the Company with written confirmation of compliance and such matter will be closed. If the Company fails to regain compliance with the Minimum Bid Price Rule during the Compliance Period, the Company may consider applying to transfer its securities from The Nasdaq Global Select Market to The Nasdaq Capital Market, provided that the Company meets the applicable market value of publicly held shares required for continued listing and all other applicable requirements for initial listing on The Nasdaq Capital Market (except for the bid price requirement). Such transfer would provide the Company with an additional 180 calendar days, or until March 15, 2027, to regain compliance. There can be no assurance that the Company would be eligible for the additional 180 calendar day compliance period, if applicable, or that the Nasdaq staff would grant the Company's request for continued listing. The Notice has no immediate effect on the listing or trading of the Company's ordinary shares. The Company intends to monitor the bid price of its ordinary shares and consider available options to regain compliance with the Minimum Bid Price Rule. New Risk • Mar 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (19% average weekly change). High level of non-cash earnings (31% accrual ratio). Minor Risk Market cap is less than US$100m (US$62.9m market cap). New Risk • Feb 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$98.2m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (31% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (US$98.2m market cap). Reported Earnings • Feb 03
First half 2026 earnings released: US$0.042 loss per share (vs US$0.005 loss in 1H 2025) First half 2026 results: US$0.042 loss per share (further deteriorated from US$0.005 loss in 1H 2025). Revenue: US$98.7m (up 94% from 1H 2025). Net loss: US$5.10m (loss widened US$4.59m from 1H 2025). New Risk • Feb 01
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Large one-off items impacting financial results. Duyuru • Jan 30
GCL Global Holdings Ltd Revises Earnings Guidance for the Full Year 2026 GCL Global Holdings Ltd. revised earnings guidance for the full year 2026. The company revised down its prior guidance for the full year 2026. Revenues are now expected to exceed $210 million and gross profit is expected to exceed $21 million, compared to previous guidance that forecasted revenues to exceed $240 million and gross profit to exceed $30 million. Duyuru • Jan 29
GCL Global Holdings Ltd. Announces Trailer for Upcoming WWII Release - The Defiant GCL Global Holdings Ltd. announced the launch of a trailer for the upcoming release of "The Defiant," a World War II story-driven first-person shooter published by its game publishing subsidiary, 4Divinity Pte. Ltd. ("4Divinity"), and developed by Hoothanes. A bold new title from 4Divinity highlights a rarely depicted chapter of World War II Exploring China's War of Resistance. For decades, World War II games have returned to the same frontlines -- the beaches of Normandy, the deserts of North Africa, and the cities of Western Europe. Entire wars have been retold through familiar lenses. But World War II was far larger than that. Set in the Asian theatre of World War II, the game places players in the midst of China's War of Resistance against Japan, a vast and brutal conflict that cost the lives of countless Chinese soldiers and civilians yet has remained largely unexplored in interactive entertainment. "The Defiant" reflects GCL's broader vision of supporting distinctive, story-driven interactive experiences that bring new cultural and historical perspectives to global audiences. The title is set to launch on PC via Steam and consoles, with wishlisting now available on Steam. Watch the latest trailer for The Defianthere. The newly released trailer offers an early look at the game's locations, combat, and tone, revealing an experience shaped not only by spectacle, but by history and cultural identity. At its core, "The Defiant" delivers a narrative-driven cinematic experience. The story unfolds across occupied cities, frozen forests, fortified supply routes, and enemy-controlled urban zones, where each environment reflects the realities of guerrilla warfare and survival behind enemy lines. Combat Without Frontlines; Combat mirrors the unpredictable nature of the conflict.issions shift fluidly between: Stealth infiltration; Close-quarters firefighting; Sniping; Urban espionage; Code-breaking operations; Vehicular combat; Sudden large-scale assaults. There are no clear frontlines, only tension, uncertainty, and moments where strategy can be as decisive as firepower. Developed in Unreal Engine 5 by a veteran team of filmmakers and game developers, "The Defiant" adopts a trained, human-centered approach to storytelling. The studio's goal is not only to depict combat, but to convey the emotional weight of resistance -- people fighting for survival, identity, and homeland. weapons in The Defiant are treated as historical artefacts, not just tools. Players will use firearms rooted in China's war history, including the Hanyang Rifle, Mauser Military Pistol, MP18 submachine gun, and more. Each is recreated with careful attention to its origin and historical role. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to US$1.22, the stock trades at a trailing P/E ratio of 23.5x. Average trailing P/E is 21x in the Entertainment industry in the US. Total loss to shareholders of 88% over the past three years. Duyuru • Jan 23
GCL Global Holdings Ltd to Report First Half, 2026 Results on Jan 30, 2026 GCL Global Holdings Ltd announced that they will report first half, 2026 results on Jan 30, 2026 Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to US$1.15, the stock trades at a trailing P/E ratio of 22.2x. Average trailing P/E is 22x in the Entertainment industry in the US. Total loss to shareholders of 88% over the past three years. Duyuru • Nov 25
GCL Global Holdings Ltd Provides Earnings Guidance for the Fiscal Year Ending March 31, 2026 GCL Global Holdings Ltd. provided earnings guidance for the fiscal year ending March 31, 2026. For the year, the company's revenue is expected to exceed $240 million, an increase of $100 million over Fiscal Year 2025. Gross Profit is anticipated to exceed $30 million, an increase of $10 million over Fiscal Year 2025. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to US$1.36, the stock trades at a trailing P/E ratio of 26.2x. Average trailing P/E is 19x in the Entertainment industry in the US. Total loss to shareholders of 86% over the past three years. Duyuru • Oct 17
GCL Global Holdings Ltd (NasdaqGS:GCL) entered into a non-binding Memorandum of Understanding to acquire 51% stake in Madeviral Pte Ltd. GCL Global Holdings Ltd (NasdaqGS:GCL) entered into a non-binding Memorandum of Understanding to acquire 51% stake in Madeviral Pte Ltd on October 16, 2025. Under the terms of Memorandum of Understanding (MOU) GCL will explore acquiring up to 51% of Madeviral’s equity interests, The parties have agreed to a 60-day exclusivity period to complete due diligence and negotiate definitive agreements. Madeviral’s leadership team is expected to remain in place post-acquisition.
The closing of the transaction is subject to customary closing conditions, including satisfactory completion of due diligence, regulatory approvals and board approval. New Risk • Oct 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (60% accrual ratio). Market cap is less than US$10m (US$242.5m market cap). Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to US$2.05, the stock trades at a trailing P/E ratio of 39.5x. Average trailing P/E is 28x in the Entertainment industry in the US. Total loss to shareholders of 79% over the past three years. Valuation Update With 7 Day Price Move • Sep 18
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to US$2.40, the stock trades at a trailing P/E ratio of 46.3x. Average trailing P/E is 34x in the Entertainment industry in the US. Total loss to shareholders of 76% over the past three years. Duyuru • Sep 04
GCL Global Holdings Ltd. Announces Availability of Mandragora: Wholly-Owned Subsidiary, 4Divinity Pte. Ltd GCL Global Holdings Ltd. announced that Mandragora: Whispers of the Witch Tree" is now available on PlayStation®?5 and Nintendo Switch console platforms in Asia, in both digital and physical editions. The dark fantasy RPG game from Primal Game Studio is published outside of Asia by Primal Game Studio and regionally published in Asia by GCL's wholly-owned subsidiary, 4Divinity Pte. Ltd. ("4Divinity"). Since the release of "Mandragora: Whispers of theWitch Tree" on PC, PlayStation®?5 (outside Asia) and Xbox Series X|S in April, developer Primal Game Studio has steadily refined the game's deep RPG mechanics, challenging combat, and story-driven exploration. Knights Peak and 4Divinity will continue to closely monitor player input across all platforms. When purchase a retail copy of "Mandragora:Whispers of the Witch Tree," you'll get more than just the game. Nintendo Switch: The Standard Edition includes a reversible cover, while the Deluxe Edition comes packed with a mini keychain, game guide, original soundtrack, digital artbook, plus exclusive DLC outfits and pet followers. PlayStation®?5: The Standard Edition also features a reversible cover, while theuxe Edition includes a premium SteelBook case, game guide, original soundtrack., digital artbook, and the same DLC outfits and pet followers. Both the PlayStation®?5 and Nintendo switch editions will launch with all current updates and features. Additionally, Nintendo Switch players will receive the popular New Game Plus mode in a free update this October. "Mandragora: Wh Whispers of the Witch tree" is now available physically and digitally on PlayStation®?5 and Microsoft Switch, and digitally on PC and Xbox Series X|S, in both Standard and Deluxe Editions in Asia. Valuation Update With 7 Day Price Move • Aug 13
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to US$3.15, the stock trades at a trailing P/E ratio of 60.8x. Average trailing P/E is 31x in the Entertainment industry in the US. Total loss to shareholders of 68% over the past three years. Duyuru • Jul 24
GCL Global Holdings Ltd to Report Fiscal Year 2025 Results on Jul 31, 2025 GCL Global Holdings Ltd announced that they will report fiscal year 2025 results on Jul 31, 2025 Duyuru • May 23
GCL Global Holdings Ltd announced that it expects to receive $40.95 million in funding GCL Global Holdings Ltd announced that it has entered into a securities purchase agreement to issue convertible notes in the principal amount of $45,500,000 for the gross proceeds of $40,950,000 on May 21, 2025. The notes will have a coupon rate of 6% and will be convertible into ordinary shares at a conversion price of $2.16 per share. The bonds will be matured on three years from the date of issuance.
On the same date, the company issued senior convertible note in the original principal amount of $2,900,000 at a purchase price of $2,610,000 in its first tranche closing. The notes will be matured on May 20, 2028. Duyuru • May 21
Gcl Global Holdings Ltd. Announces 'Jdm: Japanese Drift Master' Worldwide Launch GCL Global Holdings Ltd. announced the highly anticipated launch of 'JDM: Japanese Drift Master' that is regionally published and distributed in Asia by GCL's game publishing subsidiary 4Divinity. After several years in active development by Polish development studio and publisher Gaming Factory, "JDM: Japanese Drift Master," is now available on Steam, GOG, and Epic Games Store for $34.99 -- with a 15% launch discount available for the first two weeks to welcome all new drivers to the streets of Guntama, Japan. From buzzing city centers to remote mountain passes, "JDM: Japanese drift Master" invites players into an open world inspired by Japan's iconic scenery and underground racing culture. Cruise freely, participate in exciting driving events, or simply take in the view - every road tells a story. Featuring officially licensed cars from top Japanese automakers like Honda, Mazda, Nissan, and Subaru, each vehicle is modeled with stunning detail and different handling for a truly authentic ride. Experience theictional world of Guntama through a narrative that blends fast-paced racing with emotional storytelling - all brought to life through fully illustrated manga panels. Rise through the ranks, meet unforgettable characters, and carve out legacy in the underground drift scene. Duyuru • Apr 18
GCL Global Holdings Ltd. Announces the Launch of ‘Mandragora: Whispers of the Witch Tree’ GCL Global Holdings Ltd. announced the launch of "Mandragora: Whispers of the Witch Tree," a dark fantasy RPG game from Primal Game Studio, published in Asia by Primal Game Studio and digitally and physically distributed in Asia by GCL's wholly-owned subsidiary, 4Divinity. 4Divinity is also the regional publisher for the upcoming PlayStation 5 and Nintendo Switch editions of the game. With over 40 hours of gameplay, deep character customization in six distinct classes, and a deep skill tree with hundreds of upgrades, Mandragora promises to be an immersive adventure. Set in the stark and enchanting world of Faelduum, Mandragora invites players to take on the role of an Incquisitor in a land where magic is forbidden and tyrannists rise from the shadows. will follow the law--or break it? The fate of the realm lies in hands. The game offers a unique blend of Soulslike combat with non-linear exploration, challenging battles, andative-rich RPG progression interwoven with a branching, choice-driven storyline written by Brian Mitsoda (Vitamin: The Masquerade - Bloodlines) and an original soundtrack composed by Christos Antoniou, performed by the FILMharmonic Orchestra of Prague. With its immersive setting, challenging gameplay, and evocative storytelling, "Mandragora: Wh dispers of the Witch Tree" opens the gates to a fresh, new dark fantasy universe. The game is now available on PC (via Steam, Epic Games Store, and GOG), PlayStation 5 (outside Asia), and Xbox Series X|S in both a Standard Edition and a Deluxe Edition, the latter featuring cosmetic bonuses, a companion create, a digital soundtrack, and a digital artbook. 4Divinity plans to release the PlayStation 5 and Nintendo Switch versions in the third quarter of 2025 alongside the physical copies of the title. Duyuru • Mar 09
GCL Global Holdings Ltd Announces Chief Financial Officer Changes GCL Global Holdings Ltd. announced On February 28, 2025, Mr. Ooi Chee Eng tendered his resignation from his position as the Chief Financial Officer of GCL Global Holdings Ltd. (“GCL” or the “Company”), effective March 28, 2025. Mr. Ooi is expected to remain with the Company through March 28, 2025 to assist in the transition of his responsibilities to Mr. Martin Lim Han Wei, the Company’s Deputy CFO. Mr. Ooi’s resignation is not the result of any disagreement or dispute with the Company on any matter relating to its operations, policies or practices. The Board has accepted Mr. Ooi's resignation and has started its search for qualified candidates for the CFO position. Until such candidate is identified and appointed by the Board, Mr. Lim will serve as the Company's Interim CFO. Mr. Lim has over 16 years of financial leadership experience, and has served as the Company's Deputy CFO since February 2025. From March 2020 to January 2025, Mr. Lim was the Senior Vice President, Global Commercial Finance and Sales Operations of SHAREit Group, a Singapore-based global internet technology company. From 2019 to 2020, he was the Group Finance Director of Divtone Entertainment, a digital entertainment provider in Asia. From 2016 to 2019, Mr. Lim was the Finance Leader and Regional Internal Controls Lead at Mastercard. Prior to that, Mr. Lim was engaged in audit services at a consulting company and a large accounting firm. Mr. Lim holds a Bachelor of Commerce (Accounting) from the Australian National University and a Master of Science (Knowledge Management) from Nanyang Technological University. He is also a Chartered Accountant of Singapore. Reported Earnings • Feb 20
First half 2025 earnings released: US$0.02 loss per share (vs US$0.059 loss in 1H 2024) First half 2025 results: US$0.02 loss per share (improved from US$0.059 loss in 1H 2024). Revenue: US$50.9m (up 41% from 1H 2024). Net loss: US$512.3k (loss narrowed 67% from 1H 2024). Board Change • Feb 19
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment.