[Overlooked gaming stocks] 18. Wemade Max, which acquired Mad Engine, sees external growth and a widening net loss

Wemade Max doubled revenue after fully acquiring Madngine, but losses widened and profitability weakened.

PPA amortization, labor costs, fees, and a higher share count have hurt cash generation and diluted shareholder value.

The company’s asset mix is heavy on intangibles, and most key studios are still operating at a loss.

New game launches around 2027 are seen as the main inflection point for earnings and a possible re-rating.