Snail Inc-A 2026年季度报告

FORM 10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the quarterly period ended June 30, 2026 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-41556 SNAIL, INC.(Exact name of Registrant as specified in its Charter) Securities registered pursuant to Section 12(b) of the Act: Class A common stock, par value $0.0001 per share Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days. YES☒NO☐ Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required tosubmit such files). YES☒NO☐ Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reportingcompany,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filerNon-accelerated filerEmerging growth company If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES☐NO☒ Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date. SNAIL, INC. AND SUBSIDIARIESForm 10-QFor the Quarter Ended June 30, 2026 Table of Contents PageCautionary Statement1PART I. FINANCIAL INFORMATIONItem 1.Condensed Consolidated Financial Statements (Unaudited)2Snail, Inc. and Subsidiaries Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 20252Snail, Inc. and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Loss for theThree and Six Months Ended June 30, 2026 and 20253Snail, Inc. and Subsidiaries Condensed Consolidated Statements of Equity (Deficit) for the Three and Six MonthsEnded June 30, 2026 and 20254Snail, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30,2026 and 20255Snail, Inc. and Subsidiaries Notes to Condensed Consolidated Financial Statements6Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations33Item 3.Quantitative and Qualitative Disclosures About Market Risk48Item 4.Controls and Procedures48PART II. OTHER INFORMATIONItem 1.Legal Proceedings49Item 1A.Risk Factors49Item 2.Unregistered Sales of Equity Securities and Use of Proceeds54Item 3.Defaults Upon Senior Securities55Item 4.Mine Safety Disclosures55Item 5.Other Information55Item 6.Exhibits55SIGNATURES56 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (the “Quarterly Report”) contains statements that constitute forward-looking statements.Many of the forward-looking statements contained in this Quarterly Report can be identified by the use of forward-looking words suchas “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” orthe negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this Quarterly Report and include, but are not limited to, statementsregarding our intent, belief or current expectations. These forward-looking statements include information about possible or assumedfuture results of our business, financial condition, results of operations, liquidity, plans and objectives. Forward-looking statements arebased on our management’s beliefs and assumptions and on information currently available to our management. Such statements aresubject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-lookingstatements due to various factors, including, but not limited to, those identified described in “Part II, Item 1A. – Risk Factors,” of thisQuarterly Report. The statements we make regarding the following matters are forward-looking by their nature: ●our ability to re-establish profitable operations, raise additional capital or renegotiate our debt arrangements;●our growth prospects and strategies;●launching new games and additional functionality to games that are commercially success