BoomBit Group financial results for 2022
BoomBit, international mobile games developer and publisher, summarizes the results and achievements in 2022:
- $65.8M revenue (+6.9% y/y) and 270.4M downloads in 2022
- $15.9M revenue and 54.9M downloads in Q4 2022
- $4.1M adjusted net profit in mobile games segment, 4.7% less than $4.3M in 2021
- $10.2M cash at the end of December 2022
- development of blockchain projects
The year 2022 for the BoomBit Group is primarily a growing scale of operations, higher revenues from mobile games and entry into blockchain projects through BoomLand and PlayEmber. We decided to split our results by these two segments to show the scale of investments and impact on results, and to allow comparability of mobile gaming data. We had $65.8M of revenue, and the adjusted net result of the mobile games segment alone amounted to $4.1M in 2022, i.e. 4.7% less than a year earlier. In 2021, our operations did not yet include the blockchain segment, whose development in 2022 encumbered the results at the level of adjusted net profit and adjusted EBITDA by $1.6M. From the point of view of our shareholders, the most important was the payment of $2.8M in dividends for 2021 and $0.8M as an advanced payment for 2022. We intend to consistently develop along with the growing gaming market and take advantage of new emerging opportunities and promising initiatives, thanks to which, using our experience, it will be possible to further diversify and develop our business, allowing us to pay further dividends in the future. Over the past months, we've reached many milestones for BoomLand's long-awaited first game, Hunters On-Chain, which is already a big event in the industry, and the full launch of the game is yet to come.
Co-CEO of BoomBit S.A.
In 2022, the BoomBit Group’s revenue amounted to $65.8M and was over 6.9% higher than in the previous year. The most important driver of this growth was a 39% increase in revenues from Mid-Core and Casual games, which earned $29.7M last year, and their share in total revenues amounted to approximately 45%. Hunt Royale and Darts Club were responsible for the growth of Mid-Core. Hunt Royale, which generated in 2022 almost $18.1M, was the best earning title in each of the last 12 months and Darts Club, placed second with $5.1M. Hyper-Casual games earned $36.1M and accounted for 55% of all revenue of the BoomBit Group. In total, as many as 7 titles recorded a result of over $2.4M in revenues, including i.a. two Hyper-Casual games released in 2022: Dog Life Simulator and Falling Art Ragdoll Simulator.
The adjusted net profit for 2022 amounted to $2.5M, and the adjusted EBITDA to $5.4M. Due to the growing revenues from mobile games and the entry into blockchain projects, the BoomBit Group, starting from the report for 2022, introduced a segment division into these two areas of activity. In the previous year, the activity did not yet cover the blockchain segment. The comparable adjusted net result of the mobile games segment alone for 2022 amounted to $4.1M, i.e. 4.7% less than in 2021, and adjusted EBITDA amounted to $6.9M, i.e. approx. 19% less than in the previous year. The cash balance at the end of 2022 amounted to $10.2M, almost $3.5M more than at the end of previous quarter and $2M more than at the end of 2021, when it amounted to approx. $8.2M.
