Core Gaming’s Planned Nasdaq Leap: Fueling the Next Stage of Mobile Gaming Expansion

May 27, 2025

DENVER, Colo., May 27, 2025 (247marketnews.com)- In a market where speed, scale, and smart money converge, Core Gaming, which is slated to merge with Siyata Mobile (NASDAQ:SYTA) and uplist to the Nasdaq, is positioning itself to accelerate from a breakout to a potential juggernaut. Core Gaming is entering rare territory for a mid-sized free-to-play (F2P) studio, but the real story is what logically comes next: an aggressive expansion program fueled by its impending public market listing.

Please click here for Recent Technical Analysis, or insights from the ValueScope Report.

The Nasdaq Catalyst: Fueling Scale with Capital

Post-merger, Core Gaming will be listed on the Nasdaq, gaining instant access to public capital markets, investor liquidity, and strategic visibility. In the mobile gaming space, that matters immensely. The move positions Core Gaming for a potential capital raise post-merger, which will fund:

  • User Acquisition at Scale: By investing tens of millions into AI-driven and influencer-based marketing campaigns, Core Gaming could quickly add 10–20 million monthly active users (MAUs) in key growth regions like Southeast Asia and Latin America.
  • AI-Enhanced LiveOps and Monetization: With existing tools already delivering above-industry retention, the new capital will help fund deeper AI integration—tailoring game experiences, offers, and content updates to each user’s preferences, dramatically improving monetization efficiency.
  • Studio Expansion and Game Pipeline: Core Gaming could double its development bandwidth, focusing on launching 2–3 new F2P titles annually targeting genres with high revenue density such as RPG, strategy, and simulation.

McKinsey’s insights into F2P scaling validate this approach: companies that combine LiveOps agility, AI monetization, and robust marketing can rapidly leap from mid-tier players to category leaders. Core Gaming appears ready to test that thesis.

SharpLink Gaming’s (NASDAQ:SBET) current run, following last week’s ATM financing, is further support for this thesis.

A Fast-Scaling Challenger in a High-Multiple Industry

Aitan Zacharin’s, CEO of Core Gaming, stated goal is for the combined companies to exceed $100 million in 2025 revenue, less than 0.1% of the projected $111B-$158B smartphone gaming market, but that sliver could be gold, as F2P mobile games scale overnight and industry leaders trade at price-to-sales (P/S) multiples of 8-12x, the upside is exponential.

Backed by a user base exceeding 40 million monthly active users (MAUs), Core Gaming’s monetization roadmap mirrors proven strategies from mobile giants like Supercell and Playrix. With in-app purchases, targeted advertising, and real-time engagement driving revenue, Core Gaming is already operating within a playbook that’s yielded $500M+ annual revenues for mid-sized games like Gardenscapes and Genshin Impact.

Yet, Core Gaming now has something those incumbents didn’t have at inception: public market visibility and capital access, thanks to its merger with Siyata Mobile.

Why This Merger Matters: Visibility, Velocity, and Valuation

Historically, F2P mobile games demonstrate a unique economic profile:

  • High scaling speed: Games like Pokémon TCG Pocket generated nearly $292 million in under three months, underscoring how F2P games with the right mechanics can blitzscale with limited friction.
  • Low CAC, high ROI: AI-optimized marketing, personalization, and viral loop mechanics reduce customer acquisition costs and increase user LTV.
  • Margin expansion post-scale: While Core Gaming had thin margins in 2024 (1%), projections show potential for 5–10% in 2025, with 15–20% by 2026 as AI reduces operational costs and LiveOps boosts retention.

These mechanics, paired with increasing smartphone penetration and 5G expansion, create a flywheel of rapid monetization. Companies that master AI-powered personalization and agile content delivery often scale faster, and more profitably, than their traditional counterparts.

Valuation Comparisons: ValueScope and Market Multiples

ValueScope’s April 10, 2025, report pegs Core Gaming’s enterprise value at $185.9 million, forecasting $240.8 million in 2026 revenue and a $722.4-$963.2 million valuation at a 3x-4x EV/Sales multiple, aligned with peers like AppLovin (NASDAQ:APP)(3x-5x) and Electronic Arts (NASDAQ:EA)(~4x).

Three Price Scenarios: The Math of Big Wins

Assuming ~10 million fully diluted SYTA shares and Core Gaming’s $160 million valuation, across all three 10-day VWAP scenarios at the record date, the valuation models are as follows:

What happens if SYTA trades flat or choppy to a 10-day VWAP of about $5, on the record date?

Calculation: $160M ÷ $5 VWAP = 32M shares to Core Gaming and SYTA’s ~10M shares would mean that legacy SYTA shareholders own ~24% of the ~42M combined shares.

Impact: $850M ÷ 48M shares (assuming 6M shares issued for future funding or acquisitions), could grow to ~$17.70 to be in line with ValueScope’s projections.

What happens if SYTA trades higher to a 10-day VWAP of about $8, on the record date?

Calculation: $160M ÷ $8 VWAP = 20M shares to Core Gaming and SYTA’s ~10M shares would mean that legacy SYTA shareholders own ~33% of the ~30M combined shares.

Impact: $850M ÷ 34M shares (assuming 4M shares issued for future funding or acquisitions), could grow to ~$25.00 to be in line with ValueScope’s projections.

What happens if SYTA trades lower to a 10-day VWAP of about $4, on the record date?

Calculation: $160M ÷ $4 VWAP = ~40M shares to Core Gaming and SYTA’s ~10M shares would mean that legacy SYTA shareholders own ~20% of the ~50M combined shares

Impact: $850M ÷ 57M shares (assuming 7M shares issued for future funding or acquisitions), the stock could grow to ~$14.90 to be in line with ValueScope’s projections.

The ~10 million fully diluted SYTA shares, assumes that Siyata adds ~5M shares to raise $12,811,735 balance of Siyata’s ELOC. Based on recent prices the share count is likely to be much lower and the total authorized range can be under 6M to as high as 16M.

The valuation assumptions are based on the report that ValueScope, one of the industry’s best, which believes Core Gaming will command a 3x-4x EV/Sales range for the projected 2026 revenue of $240.8 million, implying a combined company valuation of $722.4 million (3x) to $963.2 million (4x). Peers like AppLovin (3x-5x sales) and Electronic Arts (~4x) justify this range, while Core Gaming’s consistent 50%+ year-over-year growth rates warrants a premium.

ValueScope’s modeling may be too conservative, making the following valuation estimates very compelling:

  • At 8–10x P/S (Price-to-Sales), a multiple in line with mobile gaming peers like Zynga pre-acquisition and Playtika in their growth phase, Core Gaming could fetch a $1B–$1.5B market cap by late 2025.
  • Scaling user base (40M to 50M+ MAUs),
  • If margins rise to 15%+ and revenue hits $150–200 million in 2026, valuation could climb to $1.8–$2.4B—especially with interest from strategic acquirers in the post-IPO environment.

This growth trajectory compares favorably with medium-sized hits like Brawl Stars ($921M revenue, 92.7M downloads) and Honkai: Star Rail ($591M), particularly considering that Core Gaming’s projected $100M revenue in 2025 would place it in the top percentile of emerging F2P studios.

If Core Gaming even captures 25% of that revenue per-user benchmark, the case for a $200M+ revenue run rate in 2026 becomes plausible—setting the stage for a $2B+ market cap.

Market Position: From Medium-Sized to Market Mover

What sets Core apart isn’t just its current size; it’s its scalability and F2P games benefit from explosive growth potential when underpinned by:

  • Scalable backend infrastructure (cloud-based and latency-optimized),
  • AI-driven segmentation and personalization,
  • and monetization strategies that convert just 2–6% of users into high-value spenders.

Core Gaming is reportedly optimizing all three, making it one of the few independents with enterprise-level growth mechanics.

Strategic Context: Why the Market Favors Mobile Gaming

The mobile gaming industry is not just growing—it’s outperforming. According to the latest industry data:

  • Mobile games now account for nearly 50% of total gaming revenue.
  • Smartphone gaming alone is expected to hit $181.9B to $342.2B by 2030.
  • The market is driven by the F2P model, cloud gaming, and AI—areas where Core Gaming is heavily invested.

Investors love these dynamics. That’s why mobile-first companies command high earnings multiples:

  • Tencent trades at a forward P/E > 30x, driven by mobile dominance.
  • Playtika and Glu Mobile saw IPO valuations based on 5–10x sales even with modest profit margins.
  • Hedge funds and strategic buyers alike are actively accumulating positions in mobile-first firms.

Given these trends, Core Gaming’s move onto Nasdaq is well-timed—aligning investor appetite with growth-stage execution.

With $100M+ in revenue, 40M+ MAUs, a clear AI and LiveOps strategy, and a public listing via Siyata Mobile, Core Gaming is at an inflection point. For investors looking for exposure to a fast-scaling, data-driven mobile gaming player in a $150B+ addressable market, this may be a generational entry point.

If Core Gaming scales to $150M–$200M revenue by 2026 as expected, and margins expand to 15–20%, the public markets could easily reward it with a $2B+ valuation. Add in the possibility of strategic acquisition, and Core Gaming becomes more than a player; it becomes the prize.

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