BoomBit Group’s financial results for 2024
BoomBit, an international mobile game producer and publisher, has summarized its results and achievements for FY 2024:
- $56.4M in sales revenue
- $2.7M in adjusted consolidated net profit and $7.7M in adjusted consolidated EBITDA
- Results impacted by the deconsolidation of the ADC Games Group impairment write-downs, and the valuation of shares in SuperScale
The past year was marked by intensive work on expanding our product portfolio and developing new areas of business. A key focus was the continued diversification of revenue sources – both in terms of platforms and business models. We consistently developed our production and publishing activities in the mobile games segment for iOS and Android platforms. Key launches in 2024 included Dawn of Ages, Clash of Destiny, Downhill Race League, Bowling Club, Car Sales Simulator, Offroad Runner, Loot Heroes, and the largest update to Hunt Royale to date – Dark Forest. For 2025, we are planning several soft launches and premieres of Mid-Core/Casual games such as Hunter’s Origin, Big Helmets: Warriors of Destiny, Mini Golf, Among Dead, and Idle Nightclub. At the same time, we are expanding our pipeline with puzzle-type games and mobile applications, among others. We also plan to release titles on other distribution platforms, including Steam, Epic Games Store, and consoles. In 2024, we continued the development of services that we previously used only internally. This includes our proprietary Business Intelligence tools, the production of playable ads, and cross-promotion technology. So far, we have completed several dozen external orders and acquired our first clients for our BI tools. In 2025, we plan to offer these services under a separate brand in a SaaS model.
CEO of BoomBit S.A.
In 2024, the BoomBit Group generated total revenues of $56.4M, including $54.6M from mobile games. The most popular titles were Hunt Royale ($10.5M in 2024 and $2.5M in Q4 2024) and Darts Club ($8.0M in 2024 and $2.5M in Q4 2024). Among the highest-earning games were also the 2024 releases Dawn of Ages ($2.3M) and Downhill Race League ($1.5M), which became the most downloaded Hyper-Casual title in the portfolio in 2024. Clash of Destiny, released in the second half of the year, achieved $0.66M in revenue in Q4 2024. Other titles launched last year included Offroad Runner, Car Sales Simulator, and Loot Heroes.
In the blockchain projects segment, results were significantly impacted by unfavorable market conditions in the cryptocurrency sector. Due to high uncertainty regarding the continuation of projects carried out by BoomLand, the BoomBit Group decided to create impairment write-downs covering 100% of development expenditures as well as receivables and loans to this company. Another major event influencing the results in this segment was the deconsolidation of the ADC Group, whose results have been accounted for using the equity method since the second half of the year.
Financial results for 2024 were also affected by one-off events, including impairment write-downs on development expenditures totaling $2.9M and the fair value valuation of the shares held in SuperScale, resulting in a recognized cost of $1.7M. On the positive side, a gain of $2.5M was recognized due to the loss of control over ADC Games. As a result, the Group’s adjusted EBITDA in 2024 amounted to $7.7M compared to $4.5M in 2023, and the adjusted net profit reached $2.7M, compared to $1.1M the year before.
The mobile games segment generated a 50% higher adjusted EBITDA of $7.3M and recorded a 71% increase in adjusted net profit to $3M. In the blockchain segment, adjusted EBITDA was $0.3M, compared to a loss of $0.4M in 2023, and the adjusted net loss decreased from $0.7M in 2023 to $0.3M in the current year.
The BoomBit Group paid out a total of $1.2M in dividends for 2023 to its shareholders in two installments. The cash balance at the end of 2024 stood at $3.6M. Although significantly lower than a year earlier, given the initiatives already undertaken and planned to boost revenue, along with implemented cost-saving measures, the Group expects a gradual improvement in cash flows in the current year. Due to the standalone loss incurred in 2024 and the lack of dividend capacity, the Management Board will not be able to recommend a dividend payment for the previous year to the General Meeting.
