- Revenue of $21.3M in Q2
2023
- A-EBITDA of $2.5M in Q2
2023
- New C-Suite delivers on cost optimizations
VANCOUVER, BC, Aug. 10,
2023 /CNW/ - East Side Games Group (TSX: EAGR) (OTC:
EAGRF) ("ESGG" or the "Company"), today announced
financial results for the second quarter ended June 30th, 2023. All amounts are stated in
Canadian dollars on an IFRS basis unless otherwise indicated.
The Company is continuing a strong 2023 with revenue of
$21.3 million and
A-EBITDA of 11.8%. This brings H1 of 2023 to $45.6 million revenue and $5.1 million A-EBITDA. Q2 saw no new game
releases but heavy investment in our pipeline of new titles. ESGG
has seven LiveOps titles which generate 95% of our revenue with no
one title comprising more than 25%. We have six titles in active
development which are slated for worldwide launch in the next year,
as well as several projects with longer time horizons.
Three months ended June 30th,
2023 Highlights:
- For the quarter ended June 30th,
2023, revenue was $21.3
million.
- Q2 2023 A-EBITDA was $2.5
million, a margin of 11.7%. The 3rd consecutive quarter over
$2.5M.
- Cash for the Company at June 30,
2023 was $2.8 million compared
to $5.7 million at December 31, 2022. The decrease was due to the
timing of Apple's monthly payments and there is a corresponding
increase in accounts receivable. In addition, payables decreased
due to the timing of minimum guarantee IP payments.
- Daily Active Users in Q2 were 273K. Average Revenue per Daily Active User was
$0.92.
- On August 11, 2022, the Company
announced its intention to buy back up to 4,076,819 shares under
its NCIB. Through June 30, 2023, the
Company purchased 682,653 shares. The company continues to buy back
stock as aggressively as it can under the restrictions for such
programs.
- ESGG would like to thank Birgit
Troy and Darcy Taylor for
their service on our board. Effective today, Jeremy Pierce and Dr. Russell Ovans will be joining our board as new
members.
- ESG was named a finalist in the Technology Impact Awards
Company of the Year.
Certain information provided in this news release is extracted
from the consolidated financial statements (the "Financial
Statements") and Management's Discussion & Analysis
("MD&A") of the Company for the three months and six months
ended June 30, 2023 and should be
read in conjunction with them. It is only in the context of the
fulsome information and disclosures contained in the Financial
Statements and MD&A that an investor can properly analyze this
information. The Financial Statements and MD&A can be found
under the Company's profile on SEDAR and EDGAR.
Webcast and Conference Call Information
The Company will hold a conference call to discuss its
performance with the investment community at 3:00 p.m. PT today. Related earnings release
materials can be found on East Side Games Group website at
https://eastsidegamesgroup.com/investors/financial-information/.
Webcast and Conference Call Details:
Webcast URL:
https://viavid.webcasts.com/starthere.jsp?ei=1626270&tp_key=01db259d0c
Toll Free Dial-In Number: +1 (888) 886-7786
Local Dial-In Number: +1 (416) 764-8658
Conference ID: 38030312
A replay will be available by dialing +1 (877) 674-7070 or +1
(416) 764-8692 and entering passcode 030312#.
ABOUT EAST SIDE GAMES GROUP
East Side Games Group is a leading free-to-play mobile game
group, creating engaging games that produce enduring player
loyalty. Our studio groups entrepreneurial culture is anchored in
creativity, execution, and growth through licensing of our
proprietary Game Kit software platform that enables professional
game developers to greatly increase the efficiency and
effectiveness of game creation in addition to organic growth
through a diverse portfolio of original and licensed IP mobile
games that include: The Office: Somehow We Manage, Star Trek: Lower
Decks – The Badgey Directive, Bud Farm Idle Tycoon, Doctor Who:
Lost in Time, RuPaul's Drag Race Superstar, Cheech and Chong Bud Farm, and Trailer Park
Boys: Grea$y Money.
We are headquartered in Vancouver,
Canada and our games are available worldwide on the App
Store and Google Play. Additional information about the Company
continues to be available under its legal name, East Side Games
Group Inc., at www.sedar.com.
Forward-looking Information
Certain statements in this release are forward-looking
statements, which reflect the expectations of management regarding
the proposed transactions described herein. Forward-looking
statements consist of statements that are not purely historical,
including any statements regarding beliefs, plans, expectations or
intentions regarding the future. Such statements are subject to
risks and uncertainties that may cause actual results, performance
or developments to differ materially from those contained in the
statements. No assurance can be given that any of the events
anticipated by the forward-looking statements will occur or, if
they do occur, what benefits the Company will obtain from them.
These forward-looking statements reflect management's current views
and are based on certain expectations, estimates and assumptions
which may prove to be incorrect. A number of risks and
uncertainties could cause our actual results to differ materially
from those expressed or implied by the forward-looking statements,
including factors beyond the Company's control. These
forward-looking statements are made as of the date of this news
release.
SOURCE East Side Games Group Inc.