- 01
Huuuge, Inc. reported a 10.9% year-over-year revenue decline to $189.1 million for the first nine months of 2024, driven by a shrinking social casino market and a 21.5% reduction in user acquisition spending.
- 02
Net profit fell to $46.9 million from $62.8 million in the prior year, while Adjusted EBITDA dropped 22.6% to $62.3 million.
- 03
Direct-to-consumer revenue nearly doubled to $20.4 million, now representing 10.8% of total revenue and supporting a 35.5% Adjusted EBITDA margin.
- 04
The company executed a $70 million share buyback program, retiring 7.14 million shares while maintaining $125 million in cash and cash equivalents as of September 30, 2024.
- 05
User engagement metrics declined significantly, with Daily Active Users down 13.8% and Daily Paying Users down 19.0%.
- 06
Revenue remains heavily concentrated, with Huuuge Casino and Billionaire Casino accounting for 98% of total income.
- 07
The company is pursuing portfolio diversification through strategic investments in Bananaz Studios and Empire Games while managing ongoing legal contingencies, including a $1.7 million settlement provision.