BoomBit Group financial results for Q1 2024
BoomBit, an international mobile game producer and publisher, has summarized its results and achievements for Q1 2024:
- $15.1M in sales revenue (+1% year-on-year), including:
$14.4M from mobile games and $0.7M from blockchain projects - $0.5M in consolidated net profit and $1.6M in EBITDA
- A rich publishing plan for Mid-Core games in 2024
- The Management Board recommends a dividend of $0.09 per share.
“In Q1 2024, we improved both EBITDA and net profit compared to year-on-year and, more importantly from our perspective, on a quarterly basis. However, revenues were a few percent lower, which was partly due to the lack of new releases, and partly due to lower revenues from Hunt Royale. We are pleased with the improvement in dynamics in Hyper-Casual games, which suffered significantly in 2023 due to changes in the mobile advertising market. Mid-Core games will be the main driver of our revenue in the coming quarters, both those that are already known among players and those that we announced in the publishing plan for 2024 as part of the annual results. We began its intensive implementation at the beginning of the second quarter. Bowling Club debuted in April, and Dawn of Ages was released in the first half of May, with very good initial results, and we expect it to be one of our top titles this year. Several other games are currently in preparation, including Dark Forest, the largest update to Hunt Royale to date. Our plans for this year, especially the rich pipeline of Mid-Core and further development of blockchain projects, provide solid grounds for optimism not only for this year but also for the coming years.
CEO of BoomBit S.A.
BoomBit Group had revenues of $15.1M in Q1 2024, 1% more than the $15.0M in the corresponding quarter of 2023. Revenues from mobile games amounted to $14.4M, remaining at almost the same level quarter-on-quarter. Mid-Core titles earned $7.7M (-8% quarter-on-quarter), with the most popular games being Hunt Royale ($2.6M) and Darts Club ($2.5M). In April this year, the Bowling Club game debuted, and at the beginning of May, the Dawn of Ages game was released. According to the Management Board, this is one of the most important titles of this year in the rich publishing pipeline of Mid-Core and Casual games for 2024. Among other titles planned for release this year are Loot Heroes, Train King Tycoon, and Clash of Destiny, a new game by the creator of Hunt Royale. The Group also continues to work on other Hyper-Casual titles. In Q1 2024, there was a resurgence of interest in these types of games, and revenues increased by 14% to $6.7M. The highest results were achieved by Falling Art Ragdoll Simulator ($1M) and Ship Ramp Jumping ($0.6M).
The blockchain projects segment had revenues of $0.7M in Q1 2024, thanks in part to PlayEmber reaching further milestones in its cooperation with the NEAR Foundation, which translated into revenue of $0.6M Additionally, since February 2024, BoomLand has been recognizing revenues from a grant received from the Immutable protocol operator. Blockchain project costs amounted to $1.3M, of which $0.9M was included in the profit and loss account. A key impact was the increase in personnel costs due to a one-time recalculation of reserves for future benefits paid in tokens in the amount of $0.5M. Token payments are non-cash in nature.
In Q1 2024, the Group had $1.6M in EBITDA and $0.5M in profit. After eliminating the impact of one-time events, consolidated adjusted EBITDA amounted to $1.7M (+$0.2M quarter-on-quarter), and adjusted net profit was $0.6M (+$0.2M quarter-on-quarter). In the mobile games segment alone, these results were $1.66M in adjusted EBITDA and $0.76M in adjusted net profit. The blockchain segment had $0.04M in adjusted EBITDA and -$0.14M in net profit.
On May 23, 2024, the Management Board passed a resolution recommending to the Ordinary General Meeting the payment of a dividend from part of the net profit earned for 2023. The total value of the planned dividend will be $1.2M, which is $0.09 per share. The recommendation was positively reviewed by the company’s Supervisory Board.
