BoomBit Group financial results for Q1-Q3 2023
BoomBit, an international mobile game producer and publisher, has summarized its results and achievements for Q1-Q3 2023:
- $43.3M revenue from sales (-13% y/y), incl. $0.8M from blockchain projects.
- 22% increase in revenues in Mid-Core and Casual, 8 signed publishing agreements.
- $3.3M net profit in mobile game segment and -$1.3M net result in blockchain projects
- $9.4M cash at the end of September 2023.
- New Joint Venture – Mobile Esports.
A very positive and decidedly the most significant impact on the Group's results was made by Mid-Core and Casual games, particularly Hunt Royale and Darts Club. We are closely monitoring the mobile advertising market, the changing consumption model, and the decreasing interest in Hyper-Casual games. Therefore, we have decided to focus more strongly on the production and development of Mid-Core and Casual games, both our own and those we will publish with external partners. We see significant interest in our publishing model, signing new contracts and testing new exciting projects every quarter. A lot has also happened in blockchain projects. We can boast of the first noticeable revenues, which amounted to $0.8M after 3 quarters. Among the most important events was the well-received July premiere of Hunters On-Chain on the MainNet of the Polygon network. Our second project, PlayEmber, is also performing promisingly, currently ranking second in the NEAR network in the games category, according to data provided by DappRadar, in terms of the number of Unique Active Wallets
CEO of BoomBit S.A.
In the first three quarters of 2023, the Group’s total revenues amounted to $43.3M, a 13% decrease from $50M in the previous year. In addition to $42.5M in game revenues, the BoomBit Group reported blockchain segment revenues of $0.8M, consisting of $0.5M in revenues generated by PlayEmber and NFT sales revenues by BoomLand amounting to $0.3M. In October, the announced token emission $BOOM took place, the effects of which will be visible in the books for the fourth quarter of 2023. The total cost of blockchain projects for the 9 months ending September 30, 2023, was $2.7M (compared to $1.6M in the same period of the previous year), with $1.8M included in the profit and loss account.
Consolidated adjusted EBITDA in Q1-Q3 2023 amounted to $3M (-35% y/y), and net profit amounted to $2M (+18%). In the mobile gaming segment alone, these results were $4.2M in adjusted EBITDA and $3.3M in net result, respectively. The blockchain segment had -$1.3M net profit and -$1.2M adjusted EBITDA after three quarters. The cash balance at the end of September 2023 was $9.4M.
The best-earning titles in Q1-Q3 2023 were Hunt Royale ($14.7M), Darts Club ($5M), and Car Driving School Simulator ($2.2M), which are Mid-Core and Casual games. In total, mid-core game revenues increased by 22%, generating $26.4M. In 2023, BoomBit Group released a total of 13 games on iOS and Google Play platforms, including 9 Hyper-Casual games and 4 Mid-Core games, as well as 10 Premium games on Nintendo Switch and Steam platforms. The current reporting period also saw the first releases of games ported to web platforms.
The Mid-Core and Casual segment has clearly improved its results this year, but our aspirations are decidedly greater. The initial results of Idle Farm: Harvest Empire, released in September, indicate that it should achieve good, repeatable revenues in the coming months. We have a rich publishing pipeline, with several titles set to hit the market soon. Considering other initiatives that allow us to diversify revenue sources, we strongly believe that this will have a positive impact on our operations next year.
CEO of BoomBit S.A.The Group is actively expanding its portfolio of Mid-Core and Casual games and its publishing activities in this segment. Among the key games to be released under this year’s publishing agreements with external studios are Dawn of Ages (studio: Stratosphere Games), Train King Tycoon (studio: Charged Monkey), Spooky Adventure Park (studio: Nano Titans), Loot Heroes (studio: Madcore), Boxing Ring (studio: Vivid Games), Zombie Drift Arena (studio: ECC Games) and Car Factory AI Tycoon (studio: Ludos Labs). Additionally, the latest joint venture initiative is Mobile Esports, the creator of a free-to-play platform offering users the opportunity to participate in competitions with real prizes. Ultimately, this venture is expected to complement our current offering with an additional channel for acquiring and monetizing users.
