BoomBit Group financial results for H1 2023
BoomBit, an international mobile game producer and publisher, has summarized its results and achievements for H1 2023:
- $30M revenue (-13% y/y) and 91.5M downloads in H1 2023
- $2.8M net profit in mobile game segment and -$1.1M net result in blockchain projects
- $11.4M cash at the end of June 2023
- 7 signed publishing agreements for Mid-Core and Casual games
The first half of 2023 was a period of changes in both the mobile gaming market and within BoomBit Group. The market conditions were marked by a downturn in mobile advertising, which resulted in lower profitability of our marketing campaigns and an increasing entry barrier for new games, especially those relying solely on ads. For our Group, the past six months meant a shift from being primarily a producer and publisher of Hyper-Casual games to focusing more on Casual and Mid-Core games. We are also intensively developing our publishing activities in these segments, as evidenced by signing 7 publishing agreements with external partners. On the top of that, many games are currently in the testing phase. BoomBit Group has also undertaken new initiatives aimed at commercializing several proprietary tools in the field of Business Intelligence (BI), User Acquisition processes and playable ads for marketing purposes. Our latest joint venture is Mobile Esports, a creator of a free-to-play platform that offers users the opportunity to participate in competitions with real prizes. We believe that these initiatives will be a good complement to our existing business and a source of additional revenue.
CEO of BoomBit S.A.
In the first half of 2023, BoomBit Group reported total revenue of $30M, which was 13% lower compared to the previous year’s $34.6M. In addition to generating $29.8M in game revenue, the company also recorded $0.2M in blockchain segment revenue. The total expenses incurred during the six-month period ending June 30, 2023, amounted to $1.8M (compared to $1.1M in the same period of the previous year), of which $1.2M was included in the profit and loss account. The flagship product of this segment, developed by BoomLand Hunters On-Chain, made its debut on Polygon’s MainNet in early access mode in July. The game has been well-received by players and has garnered interest within the Web3 community, with its initial KPIs showing great promise. The issuance of $BOOM token is planned for the fourth quarter of this year.
In the second quarter, BoomBit Group’s results were driven by the fair valuation of its stake in SuperScale s.r.o., following the completion of a financial round in June that raised nearly EUR 5M for the company. This resulted in an upward revaluation of these shares by $2.4M. After eliminating the impact of one-off events, consolidated adjusted EBITDA for the first half of 2023 amounted to $1.5M (-46% YoY), while consolidated adjusted net result stood at -$0.02M. In the mobile games segment alone, these results were $2.6M EBITDA and $1.1M net profit respectively.
The best-earning titles in H1 2023 for BoomBit Group were Hunt Royale ($10.8M) and Darts Club ($3.4M). In 2023, BoomBit Group released a total of 13 games on iOS platforms, including 9 Hyper-Casual games and 4 Mid-Core games. Recently, the Group has been intensively developing its portfolio of Mid-Core and Casual games, as well as its publishing activities in these segments. Seven publishing agreements have already been signed this year, and the release of the first titles resulting from these collaborations is planned for the turn of the year. From internal productions, the Group has high hopes for Idle Farm, which was released in September and has shown very promising initial results.
