Hello Giant

Tactical mil-sim FPS from the Due Process team via HydraTac, leveraging retained tech IP. $2.0M GTM-only publishing capital on $4M project; 100/50/35/20 GTM waterfall (corrected rule, 100% T1 recoup).

WILCO: DIRECT ACTION

AUTH

EXEC

ORIG

MKT

TOTAL

BM_BASE

BM_BULL

4/5

16/20

1.00

THREE-INGREDIENT BELIEF SCORE

METRIC

BEAR

BASE

BULL

WEIGHTED

Lifetime units

150K

600K

1.6M

—

HG MOIC

1.39x

3.77x

7.10x

3.35x

HG XIRR

14.7%

72.1%

122.3%

44.7%

HG proceeds

$2.79M

$7.53M

$14.20M

$6.69M

HEADLINE METRICS

HELLO GIANT

Los Angeles, CA

MAY 26, 2026

03 / 05

KEY RISKS

THESIS

Tactical mil-sim FPS has an unusually reliable audience floor — even Bodycam (2-person team) and Gray Zone Warfare moved 800K+ units. Even our bear case clears recoup at 1.42x. The HydraTac team carries forward Due Process tech IP, which de-risks engineering execution and isolates GTM as the primary risk vector — exactly the slot HG’s $2M is purpose-built for. The publisher-friendly waterfall captures the bulk of recoup-tier revenue, producing asymmetric upside.

HELLO GIANT

Los Angeles, CA

MAY 26, 2026

04 / 05

Related-party fact pattern (Dan board seat + HGM Fund Seed-2 participation). Dan transitions from preferred board seat to observer seat at close of current equity round (end of May 2026), reducing fiduciary concern. Independent sub-committee + recusal protocol applies through transition. Arms-length terms benchmarked against Annapurna Due Process precedent.

Innovation hooks (procedural handling, drone operator) need to FEEL distinct. Hands-on demo gate before T2; Steam Next Fest demo as critical path.

Pricing strategy discipline (Due Process undermonetized at $9.99). Pricing locked in deal terms ($24.99- $29.99 EA → $29.99-$34.99 at 1.0).

WHERE TO GO DEEPER

CONDITIONAL APPROVAL. One of the strongest risk-adjusted deals in the slate. v2 re-run under the reconciled methodology: GTM waterfall remapped to 100/50/35/20 → weighted MOIC 3.35x / 47.7% IRR (down modestly from 3.66x on the less-friendly upper tiers — a terms change, not a fundamentals change). Indie+ tier; three-ingredient 16/20. No new project data (unannounced). Pre-LOI unchanged: independent sub-committee, tech-IP chain, demo validation, Next Fest slot, pricing discipline.

RECOMMENDATION

WILCO_Investment_Memo.docx — full memo

WILCO_DirectAction_Financial_Model.xlsx — deal model

Hello Giant Capital/Hello Giant Capital Cash Flow Model.xlsx — slate position (Game 01)

HELLO GIANT

Los Angeles, CA

MAY 26, 2026

05 / 05