The revenue of the BoomBit Group amounted to $15.9M and were 41% higher than the year before. The driving force behind the revenue growth were Mid-Core games, and the two main titles in this segment, Hunt Royale and Darts Club, which generated $4.1M and $1.9M in revenue, respectively, were the highest-earning titles in Q1 2022. The five most profitable games in our portfolio accounted for half of all revenue, while the share of revenue from Hyper-Casual games amounted to 50%, i.e. $8.0M, similar to the total of Mid-Core and Casual games, which confirms that the BoomBit Group’s game portfolio is well diversified. The total number of downloads in Q1 2022 was 59.5M. So far, in 2022, the Group has released a dozen or so games for iOS and Android platforms, prepared as part of all three pillars of the Group’s activity (In-house production, BoomHits and JV companies). The most successful titles published this year are Grass Master, Dog Life Simulator, Baseball Club, Try to Fly and Train Ramp Jumping.
Changes in the revenue structure were also visible at the cost level, which increased the importance of Mid-Core and Casual games. In Q1 2022, the total amount of User Acquisition and revshare as well as platform fees in the Hyper-Casual segment amounted to approximately $6M, and for Mid-Core and Casual games – $5.7M. The estimated results for April, in which the BoomBit Group had $6.3M in revenue and 28.5M downloads, confirms that the publishing and marketing activities undertaken with the use of User Acquisition tools are well thought out and effective. The company is working on updating and marketing the most promising games and supplementing the portfolio with new titles
Adjusted EBITDA was $1.5M, which was 32% lower compared to $2.1M in the corresponding period of 2021, and adjusted net profit was $0.5M, which is 46% less than $1M in the previous year . The cash balance at the end of March 2022 was $8.9M, which is 9% more than at the end of 2021 and 48% more y/y. Due to our stable financial situation and good prospects, the management board proposed a dividend payment for 2021 in the amount of $2.8M, which is over 86% of the standalone net profit for 2021. The total dividend amount includes a $0.8M dividend advance that was paid in November 2021.
The primary activity of the BoomBit Group is the internal production and publishing of mobile games, and the second pillar is the external publishing activity, for which BoomHits is responsible. Joint Venture companies are the third source of revenue. Currently, the BoomBit Group has four JVs: TapNice, SkyLoft, PlayEmber, and BoomPick, which was established in February 2022 in cooperation with the Polish studio Cherrypick Games. A new area of activity are Play and Earn games based on blockchain technology. The company sees high potential in blockchain gaming as an alternative to traditional revenue generating methods such as advertising or micropayments.