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...

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.

Below is Dolphin Research's 1Q26 earnings call Trans for $Unity Software(U.US).

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...

Below is Dolphin Research's Trans of the Q4 2025 earnings call for $Unity Software(U.US).

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.

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...

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%...

Hello everyone, I am Dolphin Research! On November 5th, Eastern Time, before the U.S. stock market opened, the leading game engine company $Unity Software(U.US) released its Q3 2025 financial report. The Q3 performance (including guidance) slightly exceeded the expectations of the sell-side analysts, maintaining a trend of sequential improvement overall. Although the transformation speed is still not fast enough compared to peers, considering the management's consistently conservative style over the past year, it is expected that Q4 performance will be better than the guidance. Therefore, the previously suppressed market sentiment due to average channel research findings can be alleviated. What truly caught Dolphin Research's eye was...

The following are the minutes of Unity FY25Q2 earnings call organized by Dolphin Research. For earnings interpretation, please refer to "Vector Finally Shows Progress, Can Unity Make It to the Table?" 1. Review of Core Financial Information a. Third-quarter revenue is expected to be $440 million to $450 million, with adjusted EBITDA of $90 million to $95 million. Continued efforts in managing and controlling administrative and R&D expenses, optimizing cloud spending. Revenue growth + high gross margin + streamlined architecture will bring greater operational leverage, even with substantial investment in high-potential businesses like Vector and AI, profit margins are still expected to improve...