FinancialTen Square Games

Ten Square Games Q3 2024 Presentation

14 Nov 202432 pages~20 min full read

Live Ops

Mobile

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Key insights

6 takeaways · ~2 min read

01
Ten Square Games reported Q3 2024 total bookings of PLN 102.3 million, representing a 6.3% increase over the previous quarter.See it on page 6
02
Wings of Heroes demonstrated significant momentum with a 61.4% quarter-over-quarter increase in bookings.See it on page 7
03
Adjusted EBITDA reached PLN 26.5 million, with the slight decline from Q2 attributed to higher user acquisition spending.See it on page 28
04
The company maintains a solid financial foundation with a cash position of PLN 121.4 million at the end of the quarter.See it on page 15
05
Management discontinued the Fishing Champions project after data-driven testing revealed unsatisfactory retention metrics.See it on page 11
06
The proprietary TSG Store is being actively expanded and integrated into Fishing Clash and Hunting Clash to increase the company's share of total bookings.See it on page 8

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Summary

Ten Square Games’ Q3 2024 presentation outlines a strategic focus on stabilizing and growing its core mobile titles, Fishing Clash and Hunting Clash, while accelerating the expansion of its newer title, Wings of Heroes. The primary thesis centers on executing anti-churn strategies, optimizing LiveOps monetization, and maintaining disciplined user acquisition (UA) spending to maximize profitability ahead of the seasonally unpredictable fourth quarter.

Financial performance in the third quarter showed a 6.3% quarter-over-quarter increase in total bookings, reaching PLN 102.3 million. This growth was driven by improved performance in main titles and consistent gains in Wings of Heroes, which saw a 61.4% increase in bookings. Adjusted EBITDA for the period was PLN 26.5 million, reflecting a slight decrease from the previous quarter due to increased UA investment. The company maintained a strong cash position of PLN 121.4 million at the end of the quarter, despite significant capital outflows earlier in the year related to share buybacks and earnout payments.

The company’s operational methodology involves a rigorous, data-driven approach to game development and distribution. This includes testing new game concepts with small, agile teams to minimize financial risk, as evidenced by the decision to discontinue the Fishing Champions project due to unsatisfactory retention metrics. Furthermore, the company is actively expanding its proprietary TSG Store to capture a larger share of bookings, with integration efforts showing positive results in both Fishing Clash and Hunting Clash. Future plans emphasize continued investment in monetization depth, new in-game mechanics, and a disciplined approach to capital allocation for shareholders.