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U (Trans): Vector Guided to ~23% QoQ in Q4
Steady-state growth layered with uncertain step-function leaps.
Unity
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+6
U: Vector Soars, Ad Biz Starts to Cash In
Hi all, this is Dolphin Research. $Unity Software(U.US) delivered an almost flawless Q3, with core metrics beating and momentum strong.
AppLovin also posted solid results. Together this suggests the mobile gaming ad market remains healthy, with leaders consolidating share.Unlike AppLovin, Unity’s beat came despite upbeat channel checks and already-elevated expectations, making the outperformance higher quality. However, in terms of multiple expansion...+6D![了 Unity]()
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+6
From AI gloom to ad breakout, U finally stands tall
Hi, this is Dolphin Research. Q2 was a rare bright spot for $Unity Software(U.US), delivering a clean beat and showcasing progress at the post-reset inflection. Let's get to it.
1) Grow re-accelerated and beat. How much was self-driven vs. external?
In recent quarters, the single most important swing factor for Unity’s print has been QoQ growth in its Grow segment. Both last quarter and this quarter, the buy-side was looking for Vector to grow >15% QoQ...
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U (Trans): Vector +23% QoQ; Turned Profitable One Quarter Early
Vector grew 23% QoQ in Q2, well above the company's 12–13% internal target. Annualized revenue has reached $1bn two quarters ahead of plan, and GAAP net income is now expected to turn positive in Q3 vs. Q4 previously.
Create's Q3 guidance implies only 7–10% YoY growth. The company is prioritizing Unity 7, targeting a beta in Q4 and a formal launch in Q1 2027, alongside monetizing runtime data.D![5 Unity APPLOVIN c]()
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U (Trans): Q2 guide did not factor in potential boost from Runtime data
Below is Dolphin Research's 1Q26 earnings call Trans for $Unity Software(U.US).
For our take on the results, cf. 'Under the Shadow of the AI Disruption Narrative, Unity Is Steadily Climbing Out.'I. Core takeaways — 1) Guidance: Q2 Strategic revenue guided to $455-465 mn (+29%-32% YoY), incl. Strategic Grow up 50%-52% YoY...D![Y unity]()
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![Unity ( (U.N)F Financial Results $mn 1Q25 2Q25 3Q25 4Q25 1Q26 Consensus Actual v]()
+5
AI disruption overhang; U steadily turns the corner
Hi everyone, this is Dolphin Research! $Unity Software(U.US) reported Q1 results. As it pre-announced in late Mar., the focus remains on guidance.
After the IronSource divestiture, guidance more clearly signals the growth trajectory of the Vector ad system. 1) Guidance was slightly above expectations, with Vector trending well; management guides Q2 revenue growth of 15%-17%. Within that, excluding IronSource and the Supersonic unit, core strategic biz revenue...
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Unity (Trans): Vector up 70% YoY in Jan.
Below is Dolphin Research's Trans of the Q4 2025 earnings call for $Unity Software(U.US).
For our earnings review, see '30% Overnight Plunge: Who Crushed Unity?'. I. Key financials recap. Q4 2025 results. Revenue $503mn (+2% YoY); Adj. EPS $0.24 (vs. Street $0.21). Adj. EBITDA $125mn (margin 25%); FCF $119mn...D![AUTOMATISCHE FREIEKAMERA UBERSICHTSKAMERA SCAN KAMERA D Beenden]()
![Unity (U.N) Financial Results $mn 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Consen]()
![Unity Total Revenues USD， in millions 700 *Create solutions *Grow solutions s (A]()
![Unity Segment Revenue Y/Y Growth 20% hinResearch hinResearch 10.84% Rese 0 6.30%]()
+3
Who Crushed U?---
Hi, this is Dolphin Research. On Feb 11 (ET), before the U.S. market open, the leading game-engine player $Unity Software(U.US) reported its Q4 2025 results.
After back-to-back hits from Genie, Meta, and Cloudx, the stock had already fallen about 30% from its peak. Investor confidence in Unity was highly fragile.
Bulls had hoped earnings would be the catalyst, but management issued what looked like cautious guidance. This coincided with a stronger-than-expected NFP print that dampened rate-cut hopes.
As a result, the stock did not get the usual market tolerance and instead sold off hard again on top of the prior slide.
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+2
Gaming Stocks Rout: Did Google Do a 'Thanos' Snap?
Last Fri., three gaming-linked names covered by Dolphin Research — $Unity Software(U.US), $AppLovin(APP.US) and $Roblox(RBLX.US) — sold off sharply. The selloff was widely tied to Google's newly unveiled 'Genie', a generative world model seen as disruptive for gaming.
Dolphin Research does not deny that Genie could reshape gaming as it iterates through successive upgrades. But at this stage, on both gameplay and economics, it is still a long way from truly disruptive...
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![Unity (U.N)Financial Results $mn 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Consensus Ac]()
Unity (Minutes): Its unique runtime data possesses monetisation growth value.
Below is a summary of the FY25Q3 earnings call for $Unity Software(U.US), compiled by Dolphin. For a detailed analysis of the financial results, please refer to ‘Unity: Patience Pays Off as Transformation Gains Momentum’. I. Key Financial Data Review 1. Third-quarter performance overview: Grow business revenue reached $318 million, up 11% quarter-on-quarter and 6% year-on-year. Create business revenue reached $152 million, up 3% year-on-year; excluding non-strategic revenue impacts, this represents 13% year-on-year growth. Adjusted EBITDA stood at $109 million, with a margin of 23%...