The company achieved a positive operating profit of $1.9 million in Q1 2024, a significant turnaround from the $13.5 million operating loss recorded in Q1 2023.
See it on page 11Net loss narrowed substantially to $1.4 million in Q1 2024, down from $8.2 million in the same period last year.
See it on page 8Total revenue declined 10.4% year-over-year, falling from $119.3 million in Q1 2023 to $106.9 million in Q1 2024.
See it on page 10Operating expenses were reduced significantly, with selling and marketing costs dropping from $78.4 million to $63.2 million year-over-year.
See it on page 8Adjusted EBITDA improved to negative $3 million in Q1 2024, compared to negative $12 million in Q1 2023.
See it on page 11The company ended Q1 2024 with a total cash balance of $84.6 million, reflecting a net increase of $12.9 million for the period despite outflows for share buy-backs and put options.
See it on page 10Strategic focus remains on diversifying performance across key titles including Hero Wars: Alliance, Hero Wars: Dominion Era, Island Hoppers, and Pixel Gun 3D.
See it on page 6This financial presentation details the unaudited operational and financial performance of a gaming company for the first quarter of 2024, providing comparative data against the same periods in 2022 and 2023. The primary objective is to report on the company's transition toward profitability and its strategic diversification across titles such as Hero Wars: Alliance, Hero Wars: Dominion Era, Island Hoppers, and Pixel Gun 3D. The scope of the data covers global bookings across mobile and PC platforms.
Financial results indicate a decline in total revenue from $119.3 million in Q1 2023 to $106.9 million in Q1 2024. Despite this drop in top-line revenue, the company significantly narrowed its losses. The loss for the period, net of tax, improved from $8.2 million in Q1 2023 to $1.4 million in Q1 2024. This improvement was driven by a reduction in operating expenses, particularly selling and marketing costs, which fell from $78.4 million to $63.2 million year-over-year. Consequently, the company achieved a positive profit from operations of $1.9 million in Q1 2024, compared to a $13.5 million loss in the prior year.
The methodology relies on IFRS standards alongside non-IFRS metrics like Adjusted EBITDA to assess core business performance. Adjusted EBITDA improved from negative $12 million in Q1 2023 to negative $3 million in Q1 2024. Key operating metrics used to evaluate health include Monthly Paying Users (MPUs), Bookings, and Average Bookings Per Paying User (ABPPU). Cash flow analysis shows a net increase in cash and cash equivalents of $12.9 million for the period, ending March 31, 2024, with a total cash balance of $84.6 million, despite significant financing outflows related to share buy-backs and put option payments.
