Snail is a video game publisher focused on the sandbox survival genre, with nearly all of its revenue derived from the ARK franchise — an open-world survival game where players tame dinosaurs, build bases, and explore prehistoric environments. The franchise spans three titles: ARK: Survival Evolved (the original 2015 release), ARK: Survival Ascended (a rebuilt version using Unreal Engine 5, released in late 2023), and ARK: Ultimate Mobile Edition (a free-to-play mobile adaptation launched in late 2024). Snail does not develop ARK internally; instead, it licenses the ARK IP from SDE Inc., a related party, and co-develops content with Studio Wildcard. Snail sells games through digital storefronts including Steam, PlayStation Network, Xbox Live, and mobile app stores, with revenue split roughly 50% PC, 38% console, and 10% mobile. The core revenue model combines base game sales with paid DLC expansion packs, the latter being the primary recurring revenue driver. DLC pre-sales generate deferred revenue that Snail recognizes upon delivery, creating meaningful timing differences between bookings and reported revenue. The ARK licensing arrangement includes a fixed monthly fee to SDE plus revenue-based royalties, creating operating leverage tied to recognized revenue levels. Beyond ARK, Snail publishes a small portfolio of indie titles under its Wandering Wizard label and develops Bellwright, a medieval survival game. Snail also has early-stage initiatives in short-form mobile video and a gaming-focused stablecoin, neither of which contributes meaningful revenue today.