In Q1 2023, the BoomBit Group’s total revenue was $15M, down 5.6% YoY from $15.9M in the previous year. In addition to over $14.9M in game revenue, BoomBit Group reported revenues from the blockchain segment for the first time. Revenues from this part of the business amounted to almost $0.1M during the analyzed period and over $0.12M through the end of April 2023. The total amount of expenses incurred in connection with their implementation amounted to $1M during the three months ended March 31, 2023 (compared to $0.3M in the same period of the previous year), of which $0.5M was included in the profit and loss account.
Mid-Core and Casual games generated $9.3M, up 18% from the previous year, and their share of total game revenues increased to over 62%. The best-performing titles were Hunt Royale ($5.9M) and Darts Club ($1.8M). Hyper-Casual games generated 38% of game revenues, generating $5.6M, with Falling Art Ragdoll Simulator ($0.9M) being the most popular game of this type in BoomBit Group’s portfolio. Among the best games in terms of revenue in the portfolio were also two other Hyper-Casual games released this year: Ship Ramp Jumping ($0.4M) and Fight Master ($0.3M). In 2023, BoomBit Group companies released a total of nine games on iOS platforms, including seven Hyper-Casual games and two Mid-Core games.
Adjusted net income for Q1 2023 was almost $0.1M (down 81% YoY), and adjusted EBITDA was $0.84M, about 42% less than in the previous year when it was $1.45M and 9% more than $0.77M in Q4 2022. The cash balance at the end of Q1 2023 was $10.9M, which is $0.7M more than at the end of 2022, when it was about $10.2M.