BoomBit Group financial results for Q1-Q3 2022
BoomBit, international mobile games developer and publisher, summarizes the results and achievements in Q1-Q3 2022:
- $49.9M revenue (+10% y/y) and 215.5M downloads in Q1-Q3 2022
- $15.3M revenue and 72.6M downloads in Q3 2022
- $2.1M adjusted net profit, 40% less than $3.5M in Q1-Q3 2021
- $6.8M cash at the end of September 2022
- $2.8M dividend for 2021 paid in July, planned $0.8M advanced dividend for 2022
- $2.6M raised for the development of Play-And-Earn projects
The BoomBit Group in the previous months of this year is distinguished by stable, high revenue from games and the development of the game portfolio, as well as new initiatives that we strongly count on. In the future, they may be a significant addition to the current activities and results of the BoomBit Group. In Q1-Q3 2022, the revenue amounted to $50M, and downloads exceeded 215M. We generated $4.6M EBITDA, and adjusted net profit amounted to $2.1M. Our main goal is the development of the BoomBit Group consisting on the one hand of using knowledge and experience in publishing and producing mobile games, as well as looking for new opportunities to diversify our activities, which is confirmed by our ambitious plans for Play-And-Earn projects. Thanks to the good financial situation, we can also observe the market in terms of other promising initiatives that we will be able to adapt to our business.
Co-CEO of BoomBit S.A.
The BoomBit Group revenue amounted to $49.9M and was 10% higher than in the same period last year. Mid-Core games were the most important driver of this growth, with revenues up by approximately 47% y/y. Hunt Royale and Darts Club were two best earning titles in the first nine months of 2022, earning a total of almost $17M. Hyper-Casual games earned over $28M and accounted for 57% of all revenue of the BoomBit Group. The highest revenues among games of this type were achieved by Crazy Plane Landing, Construction Ramp Jumping i.e. games known for many months and Dog Life Simulator and Falling Art Ragdoll Simulator released in this year. The last mentioned game was the second best-earning game in Q3 2022, only behind the undisputed leader which was Hunt Royale. The Group is constantly developing and working on updates to its flagship products from the Hyper-Casual and Mid-Core games from the current portfolio and plans to launch several new, interesting titles in the coming months.
In Q1-Q3 2022, the BoomBit Group had $4.6M EBITDA, which was 31% lower compared to $6.7M in the corresponding period of previous year. Adjusted net profit amounted to $2.1M, compared to $3.5M a year earlier. In 2022, the Group started work on projects in the Play-And-Earn model, based on blockchain technology, which are a new, important area of the Group’s operations. Due to intensive activities and the need to incur expenses to prepare the first titles, the results of this segment burdened both EBITDA and net profit with the amount of approximately $1M. The BoomBit Group continues to work intensively on the first Play-And-Earn games prepared by BoomLand and PlayEmber – special-purpose vehicles located in the UAE. In recent months, very important partnership agreements have been signed and the Group has obtained financing for the development of these projects in the amount of around $2.6M.
The cash balance at the end of September of 2022 amounted to $6.8M, which is 17% less than at the end of 2021 and 22% less than at the end of June. The stable financial situation enabled the dividend payment for 2021 in the amount of $2.8M, which is over 86% of the standalone net profit for 2021. In November, the Management Board decided to pay an $0.8M advanced dividend for 2022, which will be paid to shareholders later this year.
