1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Metrics vs Peers
3. Capital Structure
4. Price Chart
5. Valuation
6. Offer Terms
7. Financial Statements
Discussion
Research report, target price, DCF and forensic scores are for subscribers. View plans
Symbol
DKI
Listed on
2025-08-08
Sector
Information Technology
Subsector
Software
Offer Price
$4.00
Shares Offered
1.5M
16M
$70.0M
9.4%
Implied Upside vs Midpoint
Description
DarkIris Inc. is a holding company incorporated as an exempted company on May 31, 2024 under the laws of the Cayman Islands. We operate substantially all of our business through our subsidiaries in Hong Kong, namely Quantum Arts Co., Limited (“Quantum”) and Hongkong Stellar Wisdom Co., Limited (“Stellar”). Operated in Hong Kong, we are a comprehensive technology enterprise engaged in the development, publishing and operating of mobile digital games via various third-party digital storefronts. Our activities encompass including game design, programming and graphics, as well as distribution and operation of mobile games on various platforms. We leverage on (i) the innovative, creative and technical expertise of the gaming industry communities in Hong Kong and (ii) the multicultural environment and diversified interests of mobile game players in these regions. Our goal is to create and promote a broader array of engaging, immersive, and captivating mobile game genres to cater to a global audience of gamers. Over the past seven years, we have successfully released numerous popular games. We are committed to consistently demonstrating exceptional strength and unique allure across diverse sectors of games, leading the way in pioneering advancements within the gaming industry. Quantum is our operating subsidiary in Hong Kong dedicated to games development and publishing, which is committed to bringing unique gaming experiences to game players around the world. It has a team of game developers who are not only technically proficient, but also have keen market insights to quickly capture and respond to the diverse needs of the global game market. Historically, Turing was our operating subsidiary in Guangzhou, PRC, committed to mobile game publishing and management of our intellectual property resources, and successfully published a broad range of games. In addition, Turing has always operated as a cost center of the Company, relying on personnel for research and development to support the overall business of the group. To align with the nature of our business, in which the majority of our revenue was generated overseas and the revenue generated from Turing only accounted for less than 3% of the Company, improve the operation efficiency, and lower our operation costs, we began shifting our business focus toward overseas operations centered in Hong Kong, starting from early 2025. During the transition period, all the software copyrights and trademarks owned by Turing have been or in the process of transferring to Quantum. On May 14, 2025, Quantum entered into a share transfer agreement with Xiamen Yusanjia, an unaffiliated third party, to transfer all outstanding shares of Turing, at the price approximately at RMB2.0 million (US$268,000) based on its unaudited net assets as of April 30, 2025. After the Disposition, our operation remains the same. Over the past seven years, we have rapidly grown into a mobile game publisher with significant influence in popular game categories such as card games, action role-playing games (“ARPGs”), and massively multiplayer online games (“MMOs”) by virtue of its deep insight into the global game market. Our core product offerings are: . Games Development. We develop, market and distribute our self-developed mobile games; and . Games Publishing and Operation. We publish and operate our self-developed mobile games and mobile games we license from other game developers. --- Our principal office is Unit D1, 2/F, Kingdom Power Commercial Building, 32-36 Des Voeux Road West, Sheung Wan, Hong Kong. The telephone number of our principal office is +852 6670 1632. Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42nd Street, 18th Floor New York, NY 10168. Our corporate website is www.darkiris.com.
▼ More expensive than its peers on 1 of 2 valuation measures
| Metric | Value | Peer median | Among peers | Trend |
|---|---|---|---|---|
EV / revenue | 8.8x | 10.6x | ||
Price / earnings | 63.8x | 25.0x | ||
Revenue growth | 101% | 13.1% | ||
Gross margin | 38.0% | 58.7% | ||
Operating margin | 14.6% | -5.1% | ||
Net margin | 13.8% | -12.3% | ||
Free cash flow margin | 0.5% | -2.1% | ||
Rule of 40 | 115% | 22.6% | ||
Net cash / market cap | 0.4% | 1.2% | ||
Debt / equity | 0.00 | 0.00 | ||
Current ratio | 1.71 | 0.99 | ||
9 premium metrics: DCF value / price, Growth the price needs: how common, Last 12 months vs full year and 6 more Unlock | ||||
Post-IPO economic shares by class, valued at the offer midpoint.
| Class | Shares | % Economic | Est. value |
|---|---|---|---|
Class A Ordinary Shares one vote per share | 10.55M | 65.9% | $42.2M |
Class B Ordinary Shares ten votes per share; founders/insiders | 5.45M | 34.1% | $21.8M |
| Total economic shares | 16M | 100% | $64.0M |
Each filing is plotted ahead of the first trading day on the price chart.
| Filed | Form | Price range | Price | Shares offered | Deal size |
|---|---|---|---|---|---|
| 2025-06-13 | F-1 | — | $4.00 | 15,950,000 | $63.8M |
| 2025-07-29 | F-1/A | — | $4.00 | 15,950,000 | $63.8M |
| 2025-08-11 | 424B4 | — | $4.00 | — | — |
DarkIris Inc. income statement and balance sheet, FY Sep 2023 to FY Sep 2025, as reported in SEC filings.
| Metric | FY Sep 2023 | FY Sep 2024 | FY Sep 2025after listing |
|---|---|---|---|
| Revenue | $4.0M | $7.9M | $10.1M |
| Gross profit | $2.4M | $3.0M | $2.5M |
| Operating income | ($1.3M) | $1.2M | ($8.6M) |
| Net income | ($1.3M) | $1.1M | ($8.6M) |
| Revenue growth | — | 100% | 27.3% |
| Gross margin | 60.7% | 38.0% | 24.8% |
| Operating margin | −31.9% | 14.6% | −85.3% |
| Net margin | −31.8% | 13.8% | −85.7% |
| Metric | FY Sep 2023 | FY Sep 2024 | FY Sep 2025after listing |
|---|---|---|---|
| Total assets | — | $2.2M | $8.4M |
| Total equity | ($2.9M) | $935K | $6.8M |
| Cash & equivalents | — | $314K | $1.8M |