Market (Overall)·Updated Mar 17, 2026 by GDEU
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.
Net loss narrowed substantially to $1.4 million in Q1 2024, down from $8.2 million in the same period last year.
Total revenue declined 10.4% year-over-year, falling from $119.3 million in Q1 2023 to $106.9 million in Q1 2024.
Operating expenses were reduced significantly, with selling and marketing costs dropping from $78.4 million to $63.2 million year-over-year.
Adjusted EBITDA improved to negative $3 million in Q1 2024, compared to negative $12 million in Q1 2023.
The 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.
Strategic focus remains on diversifying performance across key titles including Hero Wars: Alliance, Hero Wars: Dominion Era, Island Hoppers, and Pixel Gun 3D.
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.
Net loss narrowed substantially to $1.4 million in Q1 2024, down from $8.2 million in the same period last year.
Total revenue declined 10.4% year-over-year, falling from $119.3 million in Q1 2023 to $106.9 million in Q1 2024.
Operating expenses were reduced significantly, with selling and marketing costs dropping from $78.4 million to $63.2 million year-over-year.
Adjusted EBITDA improved to negative $3 million in Q1 2024, compared to negative $12 million in Q1 2023.
The 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.
Strategic focus remains on diversifying performance across key titles including Hero Wars: Alliance, Hero Wars: Dominion Era, Island Hoppers, and Pixel Gun 3D.