STREAMPLAY STUDIO LIMITED — Interim / Quarterly Report 2025

Oct 30, 2024

ASX Release

Streamplay Studio Quarterly Update and Appendix 4C

Streamplay Studio Limited ("Streamplay" or the "Company") (ASX: SP8) is a leading provider of competitive casual gaming and eSports technology, music streaming services, and telco valueadded services. The Company is pleased to provide its report for the quarter ended 30 September 2024 (the "Quarter"), highlighting various initiatives and new agreements across the group.

HIGHLIGHTS

• Cash and cash equivalents at end of Quarter was ~A$12.49M, plus ~A$1.45M in digital assets (BTC), totalling ~A$13.94M
• MTN Arena 2.0 completed soft launch with ~2.2M accounts migrated; now with alternative billing, improved features and reengagement tools.
• MTN Arena and Arena Plus platforms now accessible to all 64.2M South Africans.
• Work concluded for Arena Plus to be included in the new MTN Play Gaming Bundle, launched post quarter end.
• Cloud Gaming product Playstream integrated with du telecom, extends UAE reach to nearly 100% of mobile users, maintaining ~A$100k platform revenue per month.
• Streamplay Pacific business restructuring completed, increasing efficiencies and cost savings across the group
• Strong performance in American Samoa with SMS Games achieving 77% player growth and 35% revenue increase, along with a 40% price increase approved postquarter.
• mJams Music set for a 2025 relaunch with cost reductions of ~80% achieved in technology infrastructure.
• Cost reduction measures across R&D, including ~35% savings on ArcadeX technology and ~25% savings in cloud and legacy gaming infrastructure.

PRODUCTS: ArcadeX White Label Technology

Streamplay's ArcadeX platform offers a versatile, high-quality gaming experience, designed to be seamlessly customisable and localised for different partners and audiences. By providing an adaptable whitelabel solution, ArcadeX allows telecom partners like MTN to deliver engaging gaming content to subscribers through a streamlined, feature-rich platform that emphasises accessibility, social interaction, and competitive gameplay.

MTN Arena 2.0: Platform Relaunch (South Africa)

The MTN Arena 2.0 upgrade, launched at the end of August 2024, represents a major overhaul of the original platform. The soft launch introduced several key enhancements aimed at elevating user engagement and facilitating a smooth transition of approximately 2.2 million subscriber accounts to the new system.

Each new feature was designed to improve usability and keep players engaged for longer sessions with key upgrades including:

• Polished User Interface (UI): Enhanced usability and easier navigation for both mobile and desktop users.
• Enhanced Progressive Web App (PWA) support: This feature enables users to seamlessly access the platform across devices without downloading apps.
• Improved social and competitive features: Including casual leaderboards and player profiles to engage users.
• Automated Push Notification support: Keeping users updated on in-game events, tournaments, and promotions, as well as instant updates on when they get bumped from significant leaderboard positions.

The migration to MTN Arena 2.0 was completed by the end of the Quarter, with a high level of customer satisfaction and an increase in user engagement metrics, such as session length and frequency. These improvements underscore the platform's success in delivering a richer, more engaging experience for MTN users.

Introduction of Alternative Billing Options

A significant enhancement to MTN Arena 2.0 was the addition of alternative billing options. By offering credit and debit card payments alongside traditional Direct Carrier Billing (DCB), Streamplay has addressed common airtime limitations that could restrict user transactions. This expanded billing framework not only improves billing success rates for MTN users but also opens up the platform to non-MTN subscribers, broadening its potential reach to the full ~64.2M South

African population. The initial results show increased customer satisfaction and a positive impact on engaged users, attributed to the flexibility of these payment options.

Regional Updates (Senegal and Pacific)

As MTN Arena sees continued success in South Africa, Streamplay is preparing to expand ArcadeX's reach with the Jabaa Games launch in Senegal. The formal product rollout is still pending an official marketing drive by the local partner, which is expected to bolster engagement in this new market.

In the Pacific, mGames remains a steady performer. While the focus this quarter was directed towards traditional VAS and SMS games due to heightened demand, the strong reception of these services has led partners to explore reinvestment into digital services like mGames in the upcoming quarter, ensuring a balanced strategy across both traditional and digital platforms.

PRODUCTS: Cloud Gaming

Streamplay's Cloud Gaming portfolio continues to evolve, offering premium gaming experiences accessible directly from users' devices without the need for dedicated gaming hardware. Both Arena Plus and Playstream leverage Streamplay's proprietary cloud gaming IP to deliver highfidelity content and a variety of game genres developed in Unity and Unreal Engine. Players can enjoy seamless, low-latency gameplay across genres like racing, action, and first-person shooters, with an intuitive on-screen controller and added support for Bluetooth peripherals (Xbox and PlayStation controllers) for a console-like precision experience. Core features include casual leaderboards, competitive player profiles, and interactive push-notifications that encourage continuous re-engagement.

Arena Plus: Platform Enhancements (South Africa)

The Arena Plus platform also underwent key upgrades this Quarter, incorporating a refined user interface, improved artwork, better Progressive Web Application (PWA) and Push Notification support and, most notably, the introduction of alternative billing options. The new features, combined with alternative payment options, have immediately improved Arena Plus engagement and average monthly spend of its actively engaged competitive user base.

Since the introduction of alternative billing, Arena Plus has observed a notable shift among its long-term users, who now frequently choose this new payment method over direct carrier billing. This change has led to a marked increase in monthly token purchases, with average monthly spend increasing by approximately 30% among the top active users. The strong uptake of alternative billing demonstrates the appeal of versatile payment options and supports the value

of these platform upgrades in enhancing user satisfaction, engagement, and spend among Arena Plus's dedicated user base.

MTN Gaming Bundle Launch

In preparation for the launch of MTN Play Gaming Bundles, significant groundwork was completed this Quarter in collaboration with both Worldplay and MTN to integrate Streamplay's Arena Plus product into MTN's bundled digital services ecosystem (ASX: 30 July 2024).

This initiative forms part of the official MTN Play Gaming Bundle, which brings together up to five complementary gaming services offered at a unified price point of either R30.00 (~A$2.50) per month or R10.00 (~A$0.83) per week. Under this agreement, Streamplay will receive a fixed fee per bundled subscriber and will benefit from acquiring high-value users who will be prompted to purchase additional tokens whenever needed, now payable via airtime or alternative billing options.

The Company is pleased to report that the MTN Play Gaming Bundle has since launched postquarter end, and Streamplay is optimistic about its potential to attract highly engaged gaming enthusiasts through this bundled service, providing long-term revenue benefits and wider reach with the MTN network.

Playstream: Consistent Performance (UAE)

Streamplay successfully launched its Playstream cloud gaming service in the UAE in collaboration with JDM (ASX: 8 May 2024). Positioned as a premium cloud gaming solution, Playstream offers the same variety of short-form, high-quality games that it does with Arena Plus, catering to a rapidly growing audience of tech-savvy users in the UAE.

This Quarter also marked a significant milestone as Playstream successfully integrated with the du network, expanding its reach to nearly 100% of the UAE mobile market by covering both Etisalat and du subscribers. This increased access positions Playstream for strong future growth as marketing efforts ramp up.

Steady Revenue Growth and Market Expansion

Since its launch in April 2024, Playstream has seen robust growth. In the previous quarter, the platform generated ~364k AED (~A$150k). This figure increased significantly in the Quarter, with total revenue reaching ~694k AED (~A$285k), representing a 91% growth. By the end of the Quarter, the introduction of du had contributed to approximately 8% of the total monthly revenue of ~242k AED (~A$99k). By the end of the Quarter, the platform had generated over 1 million AED (~A$438k) since its launch.

PRODUCTS: Pacific Value-Added Services (VAS)

Following the Company's restructuring and management changes initiated in the previous quarter (ASX: 30 July 2024), the Company has focused sharply on optimising core Value-Added Services (VAS) and SMS Games performance across the Pacific region. These adjustments have enhanced operational efficiency and allowed the team to deliver strong results in key markets. The primary focus has been on American Samoa and Tonga, where successful case studies have demonstrated effective strategies that Streamplay plans to replicate in additional markets.

SMS Games & Weather Services (American Samoa)

In American Samoa, Streamplay executed a comprehensive overhaul of its SMS Games product, having secured full approval to independently manage the game construct (ASX: 30 July 2024). This end-to-end control allowed Streamplay to optimise game structure, prize selection, and engagement mechanisms, achieving substantial growth:

● Player Base Growth: The number of active players increased by 77% compared to the previous quarter, indicating stronger user engagement with the optimised game structure.

● Revenue Increase: Total revenues grew by 35%, from ~A$12.9k in June/July to ~A$19.8k in September, with improved average daily revenue. This growth was achieved despite shorter campaign durations, underscoring the effectiveness of Streamplay's optimisations.

The Company's Weather by SMS service in partnership with BlueSky also performed well. A newly launched free trial promotion attracted additional subscribers, highlighting demand for this service. This successful model is now set for expansion into East Timor and Papua New Guinea (PNG), where subscriber numbers have grown to 75,000 since an initial base of 69,000 was established in 2022.

Looking ahead, Streamplay received approval for a 40% price increase across all VAS products in American Samoa, raising subscription fees from U$0.05 (~A$0.05) to U$0.07 (~A$0.10) per day. This change took effect post-quarter end and is expected to drive additional revenue growth in the upcoming quarter.

SMS Games (Tonga)

In Tonga, Streamplay successfully relaunched its SMS Games following regulatory approvals in August 2024 (ASX: 30 July 2024).

The updated product structure, similar to the model implemented in American Samoa, yielded positive results:

• Player Base Growth: Active players increased by 62%, growing from 211 players in early 2024 to 342 players in August.
• Revenue Growth: Total revenue increased by 45%, from ~A$3.3k to ~A$5.9k, reflecting the impact of an optimised game structure and frequent prize distribution.

Streamplay has already planned its next campaign for the upcoming quarter, with expectations for continued growth in the Tongan market.

Revenue and Operational Update

Papua New Guinea (PNG) experienced a solid quarter, with total revenue increasing by 12.34% to ~A$98.4k (compared to ~A$87.6k in the previous quarter). This growth reflects ongoing demand for Streamplay's services and demonstrates the Company's ability to maintain strong engagement levels within the PNG market.

However, despite the robust revenue generation, cash receipts continue to be delayed due to administrative and payment issues within the government-owned telco. Streamplay remains confident in resolving these matters and anticipates cash flows will stabilise in future quarters.

PRODUCTS: mJams Music (Pacific Islands)

During the Quarter, Streamplay's R&D teams have conducted in-depth assessments of its mJams Music service, focusing on operational efficiencies and cost reduction strategies across the platform's entire technology and delivery infrastructure. This initiative has led to significant advancements in cost optimisation, positioning mJams for a streamlined relaunch strategy in 2025, with anticipated reductions of approximately 80% in technology costs alone.

This relaunch is aligned with Streamplay's ongoing collaboration with the Fiji Performing Rights Association (FIPRA) (ASX: 29 April 2024). Together, Streamplay and FIPRA are committed to developing a formal launch strategy aimed at fostering a robust music community in Fiji, benefiting local artists, composers, and songwriters. Plans are in place for an official signing ceremony and mJams platform launch in Suva, targeting Fiji's growing digital music market and the broader Pacific region.

This partnership with FIPRA, alongside the cost-efficient relaunch, positions mJams to capture and support the vibrant cultural and music ecosystem of Fiji and the Pacific.

Artists have been identified as a core driver in mJams' relaunch strategy. With a current database of over 800 artists, Streamplay plans to re-engage these artists to fuel exponential growth by leveraging their extensive social media networks.

Groups like VT1S, already hosting content on mJams, enable this campaign to target Facebook and YouTube audiences, channelling fans directly to artist content on the platform. With royalties reaching up to 30%, the opportunity for artists is both attractive and financially rewarding.

Popular artists in the Pacific Islands boast social media followings exceeding 100,000 and YouTube music videos with over 4 million views. This key insight has strongly validated the forward-looking marketing approach.

TECHNOLOGY: Research & Development

Streamplay's commitment to innovation and operational efficiency has been central to its R&D efforts this Quarter, focusing on upgrading to newer cloud technologies and implementing significant cost-reduction measures across the group's product suite. These initiatives are expected to achieve a ~80% reduction in operational costs for mJams, ~35% savings on ArcadeX infrastructure costs, and a ~25% reduction across all other legacy and cloud gaming infrastructure expenses. Implemented this Quarter, these upgrades are anticipated to yield substantial cost efficiencies in the upcoming period, supporting sustainable scalability and enhanced platform performance.

As previously announced (ASX: 1 May 2024), Streamplay continues to develop its Branded Tournament Games initiative in partnership with MTN which it aims to have ready to market before the end of the year. Under the agreement, Streamplay shall earn 70% of the revenue generated through these Branded Tournament Games activities which will also support MTN Arena marketing activities.

Additionally, the R&D team is advancing new telco portal projects aimed at enhancing subscription access and user engagement across participating markets. By embracing newer technologies and strategically investing in these initiatives, Streamplay is positioning itself for long-term growth, diversified revenue streams, and increased market presence across its primary regions.

GENERAL: Financial and Corporate Overview

During the Quarter, the Company recorded receipts from customers of AUD$74k (Q4: $158k), reiterating the need for internal restructuring in the Pacific but also reflecting similarly timed investments into product development and launches in South Africa.

Delays in cash receipts from key markets such as Papua New Guinea, which continues to face administrative issues within the government-owned telco, played a significant role. In South Africa, MTN has also implemented new partner payment procedures intended to streamline and create consistent cash flow, however these recent changes have resulted in a delay of this Quarter's payments which were only received in the first week of October. Additionally, unplanned telco infrastructure upgrades in other markets had a smaller impact, limiting the Company's ability to run campaigns during the Quarter.

Despite these temporary delays, the Company remains confident that these issues will be resolved, with cash receipts expected to normalise and improve in the coming periods, while continuing to focus on strategic investments to drive growth.

The Company's cash at the end of the Quarter was ~A$12.49M, plus ~A$1.45M in digital assets (BTC), totalling ~A$13.94M (Q4: ~A$14.3M)

Business activities expenditure for the Quarter totalled $606k (Q4: $845k), including $242k of research and development (Q4: $395k), $122k of operating costs (Q4: 175k) and marketing costs of $92k with the balance of $150k made up of administration and staff costs. The Company achieved two successful product launches this Quarter, along with operational improvements and cost savings across the group resulting from the restructuring efforts initiated at the end of the previous quarter.

The aggregate amount of payments to related parties and their associates included in the Quarter was A$50k (Q4: A$75k). These payments covered standard operational expenses, including Directors' fees and salaries, technical contractor fees, and corporate advisory fees, all made on normal commercial terms.

Looking ahead, the management team continues to prioritise disciplined cost management and strategic investments aimed at driving revenue growth and strengthening the Company's financial position. A$6M of the Company's cash reserves remains earmarked for potential acquisitions or similar transactions, as part of Streamplay's long-term expansion strategy, which the Company has been actively pursuing.

For further information

Investor relations:

E: info@Streamplay.studio P: +61 2 9680 8777

About Streamplay Studio

Streamplay Studio Limited (ASX:SP8) is a leading provider of competitive casual gaming and eSports technology, music and sports streaming services, and telco value-added services. The company offers a diverse range of entertainment solutions for its users, including the ability to stream and play games, music, sports, and access various telco services all in one place. Streamplay continues to innovate and expand its offerings to meet the ever-changing needs of its partners and customers.

More information: www.Streamplay.studio

ASX release authorised by the Board of Directors of Streamplay Studio Limited

Appendix 4C

Quarterly cash flow report for entities subject to Listing Rule 4.7B

Name of entity
STREAMPLAY STUDIO LIMITED
ABN	Quarter ended ("current quarter")

31 004 766 376	30 SEPTEMBER 2024

	Consolidated statement of cash flows	Current quarter$A'000	Year to date(3months)$A'000
1.	Cash flows from operating activities
1.1	Receipts from customers	74	74
1.2	Payments for
	(a)research and development	(242)	(242)
	(b)product manufacturing and operatingcosts	(122)	(122)
	(c)advertising and marketing	(92)	(92)
	(d)leased assets	-	-
	(e)staff costs	(61)	(61)
	(f)administration and corporate costs	(89)	(89)
1.3	Dividends received (see note 3)	-	-
1.4	Interest received	163	163
1.5	Interest and other costs of finance paid	-	-
1.6	Income taxes paid	-	-
1.7	Government grants and tax incentives	-	-
1.8	Other (provide details if material)	-	-
1.9	Net cash from / (used in) operatingactivities	(369)	(369)

2.		Cash flows from investing activities
2.1		Payments to acquire or for:
	(a)	entities	-	-
	(b)	businesses	-	-
	(c)	property, plant and equipment	-	-
	(d)	investments	(1,483)	(1,483)
	(e)	intellectual property	-	-
	(f)	other non-current assets	-	-

	Consolidated statement of cash flows	Current quarter$A'000	Year to date(3months)$A'000
2.2	Proceeds from disposal of:
	(a)entities	-	-
	(b)businesses	-	-
	(c)property, plant and equipment	-	-
	(d)investments	-	-
	(e)intellectual property	-	-
	(f)other non-current assets	-	-
2.3	Cash flows from loans to other entities	-	-
2.4	Dividends received (see note 3)	-	-
2.5	Other (provide details if material)	-	-
2.6	Net cash from / (used in) investingactivities	(1,483)	(1,483)

3.	Cash flows from financing activities
3.1	Proceeds from issues of equity securities(excluding convertible debt securities)	-	-
3.2	Proceeds from issue of convertible debtsecurities	-	-
3.3	Proceeds from exercise of options	-	-
3.4	Transaction costs related to issues ofequity securities or convertible debtsecurities	-	-
3.5	Proceeds from borrowings	-	-
3.6	Repayment of borrowings	-	-
3.7	Transaction costs related to loans andborrowings	-	-
3.8	Dividends paid	-	-
3.9	Other (provide details if material)	-	-
3.10	Net cash from / (used in) financingactivities	-	-

4.	Net increase / (decrease) in cash andcash equivalentsfor the period
4.1	Cash and cash equivalents at beginning ofperiod	14,346	14,346
4.2	Net cash from / (used in) operatingactivities (item 1.9 above)	(369)	(369)
4.3	Net cash from / (used in) investing activities(item 2.6 above)	(1,483)	(1,483)

	Consolidated statement of cash flows	Current quarter$A'000	Year to date(3months)$A'000
4.4	Net cash from / (used in) financing activities(item 3.10 above)	-	-
4.5	Effect of movement in exchange rates oncash held	-	-
4.6	Cash and cash equivalents at end ofperiod	12,494	12,494

5.	Reconciliation of cash and cashequivalentsat the end of the quarter (as shown in theconsolidated statement of cash flows) to therelated items in the accounts	Current quarter$A'000	Previous quarter$A'000
5.1	Bank balances	12,494	14,346
5.2	Call deposits	-	-
5.3	Bank overdrafts	-	-
5.4	Other (provide details)	-	-
5.5	Cash and cash equivalents at end ofquarter (should equal item 4.6 above)	12,494	14,346

6.	Payments to related partiesof the entityand theirassociates	Current quarter$A'000
6.1	Aggregate amount of payments to related parties and theirassociates included in item 1	50
6.2	Aggregate amount of payments to related parties and theirassociates included in item 2	-
	Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and anexplanation for, such payments.

7.	FinancingfacilitiesNote: the term "facility' includes all forms of financingarrangements available to the entity.Add notes as necessary for an understanding of thesources of finance available to the entity.	Total facilityamount at quarterend$A'000	Amount drawn atquarter end$A'000
7.1	Loan facilities	-	-
7.2	Credit standby arrangements	-	-
7.3	Other (please specify)	-	-
7.4	Total financing facilities	-	-
7.5	Unused financing facilities available at quarter end		-
7.6	Include in the box below a description of each facility above, including the lender, interestrate, maturity date and whether it is secured or unsecured. If any additional financingfacilities have been entered into or are proposed to be entered into after quarter end,include a note providing details of those facilities as well.

8.	Estimated cash available for future operating activities	$A'000
8.1	Net cash from / (used in) operating activities (item 1.9)	(369)
8.2	Cash and cash equivalents at quarter end (item 4.6)	12,494
8.3	Unused finance facilities available at quarter end (item 7.5)	-
8.4	Total available funding (item 8.2 + item 8.3)	12,494
8.5	Estimated quarters of funding available (item 8.4 divided byitem 8.1)	33.88
	Note: if the entity has reported positive net operating cash flows in item 1.9, answer item 8.5 as "N/A". Otherwise, afigure for the estimated quarters of funding available must be included in item 8.5.
8.6	If item 8.5 is less than 2 quarters, please provide answers to the following questions:
	8.6.1Does the entity expect that it will continue to have the current level of net operatingcash flows for the time being and, if not, why not?
	Answer:n/a
	8.6.2Has the entity taken any steps, or does it propose to take any steps, to raise furthercash to fund its operations and, if so, what are those steps and how likely does itbelieve that they will be successful?
	Answer:n/a
	8.6.3Does the entity expect to be able to continue its operations and to meet its businessobjectives and, if so, on what basis?
	Answer:n/a
	Note: where item 8.5 is less than 2 quarters, all of questions 8.6.1, 8.6.2 and 8.6.3 above must be answered.

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
• 2 This statement gives a true and fair view of the matters disclosed.

Date: 31 October 2024

Authorised by: By the board (Name of body or officer authorising release – see note 4)

Notes

• 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.
• 1. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standard applies to this report.
• 1. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.
• 1. If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board". If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the [name of board committee – eg Audit and Risk Committee]". If it has been authorised for release to the market by a disclosure committee, you can insert here: "By the Disclosure Committee".
• 1. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.