A fundamental analysis published on January 11 labeled Unity a "Money Incinerator," citing significant financial instability and ongoing dilution concerns.
- The critique highlighted that Stock-Based Compensation consumes 29% of revenue, forcing the company to rely on issuing new equity to cover its bills.
- Concerns were raised over the Create division's 3% year-over-year revenue growth in Q3 2025, suggesting customer volume is flat or declining, achieved primarily via price increases.