OnMobile Global Ltd

- No immediate need for new fundraising as cash position is increasing steadily. - Originally planned a $30 million QIP for M&A and CapEx but currently on hold due to market conditions and valuation concerns. - Preference for staging deployments and securing contracts carefully rather than immediate large capital raise. - Dilution is avoided at current valuations (~₹45-50), deemed unfavorable for shareholders. - Possibility of rights issue or QIP considered only if terms are right and market conditions improve. - Management prioritizes generating cash internally and optimizing asset utilization before raising new funds. - Will consider fundraising opportunistically in the future but no active plans now.

- Capitalized investment in gaming is being drastically reduced; FY25 capitalization was INR 10.6 crores (~USD 1.35 million), down from INR 64 crores (~USD 7 million) in FY24. - Going forward, capitalization is expected to stay below USD 1 million per year, focusing more on operational investment rather than heavy capital expenditure. - Investment strategy has shifted to staged deployment of CapEx over 12-18 months to align with secured contracts, avoiding large upfront infrastructure spending. - The company plans to leverage the existing gaming investment (~INR 240-250 crores capitalized over past 4-5 years) to grow revenues rather than making large new capital investments. - No immediate large QIP planned; fundraising for CapEx and M&A opportunities is staged due to market conditions to avoid dilution. - Focus on converting dormant assets into cash and improving cash generation while carefully managing capex and investments. - Strategic investments like partnership with DeOSphere for advanced gaming platform underway to drive future revenue growth.

- Gaming business expected to grow around 50% in FY '26 with a target to reach a run rate of INR 2 million in monthly recurring revenue within 12-18 months (Page 4). - Mobile entertainment business targeting about 5% growth in FY '26, with two significant Tones launches planned in the first two quarters (Pages 12-13). - New premium entertainment services discussions ongoing with a large European telco, expected to contribute to growth (Page 4). - OnGaming subscription revenue run rate at about USD 15.5-16 million annually as of March, showing strong growth potential (Page 9). - New license-based revenue streams from the gaming platform expected to add growth (Page 4). - Overall company revenue rose 11.5% in FY '25, driven mainly by gaming; focus remains on growing cash and revenues steadily (Pages 2-3).

- Gaming business expected to grow ~50% in FY26, driving overall revenue growth (Page 4). - Traditional mobile entertainment business expected to grow modestly by ~5% in FY26 (Page 7). - EBITDA margin expected to reach double digits (around 10%) consolidated level in FY26 (Page 7). - Gaming division targeted to achieve 20% EBITDA margins by FY27, contingent on scale and new customer onboarding efficiencies (Page 8). - CapEx on gaming product innovation to be limited to below $1 million in FY26, focusing on leveraging past investments for revenue growth (Page 7 & 9). - Focus on cash generation and profitability from gaming unit alongside continuous investment in product innovation (Pages 2 & 16). - New contracts and services launches in mobile entertainment and tones anticipated to contribute to revenue growth from FY26 onwards (Pages 4, 11, 12).

- The company is currently live with 31 customers in the Tones business. - Several new sign-ups have occurred over the last 12 months and are under deployment. - Expectation to have at least 2 significant new customers going live in the first two quarters of the next year. - Revenue share renegotiations with existing customers are underway to achieve growth. - The mobile entertainment vertical aims for about 5% growth, with Tones business expected to arrest previous degrowth and grow with new launches and expansion. - The company is working on interesting contracts in gaming and operator side but is cautious about upfront investments versus cash generation, staging deployment over 12 to 18 months. - No exact order book value disclosed, but ongoing deployment and pipeline contracts suggest active business growth.