BoomBit Group financial results for Q1 2023
BoomBit, an international mobile game producer and publisher, has summarized its results and achievements in Q1 2023:
- $15M revenue (-5.6% y/y) and 47.3M downloads in Q1 2023
- $0.1M revenue from blockchain projects through the end of April 2023
- $0.1M adjusted net profit
- $10.9M cash at the end of March 2023
From the perspective of almost five months of this year, the most significant events for the Group were further milestones related to the development of blockchain projects and the first reported revenues from this segment, which amounted to about $0.1M, as well as a recommendation to pay out over $3.2M dividend for 2022. In the first quarter of 2023, our Mid-Core and Casual games also increased their share of overall game revenues. Revenues amounted to over $15M, and adjusted net income was $0.1M. Negative exchange rate differences and the cost of developing blockchain projects, which amounted to over $1M in total, had an impact on the results, Our business development prospects in the coming months are in line with our assumptions. Hunters On-Chain will soon have its full release, and titles released this year are starting to appear in the list of our best-earning games. In turn, our proven, well-known titles have many years of life ahead of them. In additon, we have also signed several publishing agreements with external partners. Thanks to our strong financial position and documented successes in this field, we have become a desirable partner for numerous companies that have many advanced and interesting projects in their portfolio that have not yet entered the monetization phase. We see many benefits and opportunities for further diversified development in such partnerships,”.
Co-CEO of BoomBit S.A.
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.
