Tag: Electronic Gaming & Multimedia

Snail (SNAL) – Clearing Up The Noise

Posted on by cpereira@noblefcm.com


Thursday, November 14, 2024

Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q3 results. The company reported revenue of $22.5 million, largely in line with our estimate of $25.0 million, and Adj. EBITDA of $0.5 million, below our estimate of $4.0 million. Notably, results benefitted from the Aberration DLC release that was included in the sale of Ark: Survival Ascended (ASA), and part 2 of Bobs Tall Tales. Importantly, the adj. EBITDA miss was a largely a function of lower revenue, given the amount of fixed licensing expenses in its cost structure.

DLC release outlook. With the release of the Aberration DLC in September, there are three DLC packages that were included in the sale of ASA that have yet to be released. The next DLC is expected in Q4 and two more are expected in 2025. Importantly, as DLC packages included in ASA are released, the company will defer less revenue from ASA sales, which should provide investors with a clearer picture of company operating results. 


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

GDEV Inc. (GDEV) – Q3 Preview: Upside Surprise Potential

Posted on by cpereira@noblefcm.com


Wednesday, October 30, 2024

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q3 preview. We estimate the company’s upcoming Q3 revenue and adj. EBITDA to be $103.0 million and $4.9 million, respectively. There is the prospect for an upside surprise, however, particularly for adj. EBITDA. We believe that the company’s ongoing strategy for improving operational efficiency could be reflected in this quarter. The company is expected to report Q3 results in the second week in November. 

Enhancing efficiency. During the company’s Q2 earnings call, management highlighted its focus on efficiency in its user acquisition strategy. We believe the company’s efficient use of marketing spend, particularly in areas that provide sufficient returns, could indicate upside surprise potential for adj. EBITDA, not only from our estimate, but also the Street consensus which is $8.5 million. 


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Snail (SNAL) – An Opportunistic Entry Point

Posted on by cpereira@noblefcm.com


Thursday, September 26, 2024

Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Stock slips below $1. The SNAL shares are down roughly 40% YTD. We believe this slide is an over reaction to the company’s “miss” in first half earnings, which was largely related to deferred revenue. The company has a favorable long term fundamental outlook and is financially healthy, with a sizable cash position and positive cash flow generation.

Fundamentals do NOT appear broken. We expect company fundamentals to improve over the next eighteen months. In 2024, revenue and adjusted EBITDA are expected to increase to $88.7 million and $12.3 million, respectively, up from $60.9 million and negative $9.7 million in 2023. In 2025, we anticipate revenue and adjusted EBITDA to reach $105.0 million and $24.5 million. This growth is backed by a number of exciting developments, including the rollout of more Down Loadable Content (DLC) packages for Ark: Survival Ascended, which should help alleviate noise surrounding deferred revenue.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

GDEV Inc. (GDEV) – Revising Estimates Upward; Raising Price Target

Posted on by cpereira@noblefcm.com


Monday, September 16, 2024

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q2 results. The company reported Q2 revenue of $105.8 million, which was in line with our $105.0 million estimate. Due to lower than expected Selling & Marketing Expenses and efficiency initiatives, adj. EBITDA was $16.2 million, far better than our $0.9 million estimate. Selling & Marketing expenses were roughly $11 million lower than expected, accounting for the largest portion of the sizable “beat”.

PC picking up Steam. Notably, management highlighted the launch of Pixel Gun 3D PC Edition to the Steam platform, the largest digital distribution platform for PC gaming. The launch of Pixel Gun 3D on Steam and a solid quarter for Hero Wars: Dominion Era led to PC revenue accounting for 42% of total revenue, up from 38% in the prior year period. The addition of Steam is viewed favorably given that PC players tend to spend more money and time playing than mobile users.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

GDEV Inc. (GDEV) – Picking Up Steam

Posted on by cpereira@noblefcm.com


Thursday, September 05, 2024

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Overachieves expectations. Second quarter revenues of $105.8 million was in line with our $105.0 million estimate. Due to lower than expected Selling & Marketing Expenses and efficiency initiatives, adj. EBITDA was $16.2 million, far better than our $0.9 million estimate, illustrated in Figure #1 Q2 Results. Selling & Marketing expenses were roughly $11 million lower than expected, accounting for the largest portion of the sizable “beat”. 

PC picking up Steam. Notably, management highlighted the launch of Pixel Gun 3D PC Edition to the Steam platform, the largest digital distribution platform for PC gaming. The launch of Pixel Gun 3D on Steam and a solid quarter for Hero Wars: Dominion Era led to PC revenue accounting for 42% of total revenue, up from 38% in the prior year period. The addition of Steam is viewed favorably given that PC players tend to spend more money and time playing than mobile users.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

GDEV Inc. (GDEV) – Shedding Its SPAC Image

Posted on by cpereira@noblefcm.com


Wednesday, August 28, 2024

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Reverse split. On August 21, the company announced a one for ten reverse stock split on its ordinary shares. Notably, the reverse split will be effective following the market close on August 28, and will be adjusted for the split when trading opens on August 29. We view the move favorably as the company sheds its SPAC image.

Positive implications. Management highlighted that the reverse split could improve the marketability and attractiveness of its shares, as an investment grade company that it is. We believe the higher share price could improve investor perception, liquidity and marketability of the GDEV shares and open the company to more institutional interest, with the shares trading above single digit price points. 


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Snail (SNAL) – Looking Beyond The Noise

Posted on by cpereira@noblefcm.com


Thursday, August 15, 2024

Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q2 results. The company reported Q2 revenue of $21.6 million, and adj. EBITDA of $3.1 million, both of which were lower than our forecasts of $27.8 million and $7.4 million, respectively. In our view, there were multiple factors contributing to the shortfall, such as deferred revenue in the quarter, as well as lower than expected revenue from ARK: Survival Ascended (ASA) on Microsoft Game Pass.

Deferred revenue. Notably, deferred revenue is largely related to the five DLC packages included in the sale of ASA, of which four have not been released yet. Furthermore, as DLC packages included in ASA are released, the company will defer less revenue from future ASA sales. In our view, reducing deferred revenue will provide investors with a clearer picture of company operating results.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Release – Snail, Inc. Reports Second Quarter 2024 Financial Results

Posted on by dburczyk@noblecapitalmarkets.com

Research News and Market Data on SNAL

CULVER CITY, Calif., Aug. 13, 2024 (GLOBE NEWSWIRE) — Snail, Inc. (NASDAQ: SNAL) (“Snail” or “the Company”), a leading, global independent developer and publisher of interactive digital entertainment, today announced financial results for its second quarter ended June 30, 2024.

Tony Tian, Co-Chief Executive Officer commented, “I’m honored to lead Snail alongside an amazing team as we continue to build upon the company’s incredible legacy of innovation and creativity. Our unwavering passion for delivering exceptional gaming experiences, as showcased by the phenomenal launch of ARK: Survival Ascended, will continue to propel Snail to future successes and victories. Looking ahead, we are excited to expand the reach of our premium mods and introduce new content that will delight our growing community of players worldwide.”

Second Quarter 2024 Highlights:

  • ARK: Survival Ascended and ARK: Survival Evolved
    • On October 25, 2023, the Company launched its flagship remake of the ARK franchise leveraging Unreal Engine 5’s stunning graphics and introduced a game-altering cross-platform modding system, ushering in a new era of creativity.
    • In the three and six months ended June 30, 2024, ARK: Survival Evolved and ARK: Survival Ascended combined for an average total of 218,241 and 213,690 daily active users (“DAUs”) on the Steam and Epic platforms, respectively, as compared to 240,522 and 258,235 in the three and six months ended June 30, 2023, respectively.
    • Through June 30, 2024, our ARK franchise game has been played for 3.7 billion hours with an average playing time per user of 161 hours and with the top 21.1% of all players spending over 100 hours in the game, according to data from the Steam platform.
    • Since its launch, ARK: Survival Ascended sold approximately 2.5 million units and has an average of 108,515 daily active users (“DAUs”) with a peak of 307,875 DAUs.
    • ARK: Survival Evolved averaged a total of approximately 131,927 DAUs and sold approximately 0.5 million units in the second quarter of 2024.
    • In the second quarter of 2024, the Company successfully launched Bellwright, a medieval survival game, Bob’s Tall Tales DLC for ARK: Survival Ascended and the Power Rangers premium mod for ARK: Survival Ascended . Furthermore, a full-size DLC expansion, Scorched Earth, was made available to all ARK: Survival Ascended owners.

Net revenue for the three months ended June 30, 2024 was $21.6 million compared to $9.9 million in the three months ended June 30, 2023. The increase in net revenue was due to an increase in total Ark sales of $10.0 million, an increase in sales of the Company’s other games of $3.9 million driven by the release of Bellwright, partially offset by a decrease in Ark Mobile sales of $0.3 million and an increase in deferred revenue of $1.9 million related to the Ark franchise.

Net income for the three months ended June 30, 2024 was $2.3 million compared to a net loss of $4.1 million for the three months ended June 30, 2023. The improvement in net income is due to an increase in net revenue of $11.7 million, decreased general and administrative expenses of $1.2 million, and an increase in total other income (expense) of $0.5 million, partially offset by increased research and development expenses of $0.7 million, increased advertising and marketing expenses of $0.5 million, increased costs of revenue of $4.2 million and a decrease in benefit from income taxes of $1.7 million.

Bookings for the three months ended June 30, 2024 was $22.9 million as compared to $9.3 million for the three months ended June 30, 2023, the increase was primarily due to the release of ARK: Survival Ascended in the fourth quarter of 2023, and the release of Bobs Tall Tales and Bellwright along with the ARK: Survival Ascended DLC, Scorched Earth in April 2024. In addition to increased net sales of the aforementioned titles, the Company deferred approximately $7.1 million in revenue during the three months ended June 30, 2024 for the ARK: Survival Ascended DLC’s and parts of Bobs Tall Tales which have not yet released; partially offset by the recognition of $5.6 million for the release of Scorched Earth.

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the three months ended June 30, 2024 was $3.1 million compared to a loss of $4.8 million in the prior year period. The increase was due to the improvement in net income of $6.4 million and a decrease in the benefit from income taxes of $1.7 million.

As of June 30, 2024, unrestricted cash was $15.5 million.

Use of Non-GAAP Financial Measures

In addition to the financial results determined in accordance with U.S. generally accepted accounting principles, or GAAP, Snail believes Bookings and EBITDA, as non-GAAP measures, are useful in evaluating its operating performance. Bookings and EBITDA are non-GAAP financial measures that are presented as supplemental disclosures and should not be construed as alternatives to net income (loss) or revenue as indicators of operating performance, nor as alternatives to cash flow provided by operating activities as measures of liquidity, both as determined in accordance with GAAP. Snail supplementally presents Bookings and EBITDA because they are key operating measures used by management to assess financial performance. Bookings adjusts for the impact of deferrals and, Snail believes, provides a useful indicator of sales in a given period. EBITDA adjusts for items that Snail believes do not reflect the ongoing operating performance of its business, such as certain non-cash items, unusual or infrequent items or items that change from period to period without any material relevance to its operating performance. Management believes Bookings and EBITDA are useful to investors and analysts in highlighting trends in Snail’s operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which Snail operates and capital investments.

Bookings is defined as the net amount of products and services sold digitally or physically in the period. Bookings is equal to revenue, excluding the impact from deferrals. Below is a reconciliation of total net revenue to Bookings, the closest GAAP financial measure.

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Snail (SNAL) – First Look At Q2 Results

Posted on by cpereira@noblefcm.com


Wednesday, August 14, 2024

Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q2 results. The company reported Q2 revenue of $21.6 million, and adj. EBITDA of $3.1 million, both of which were lower than our forecasts of $27.8 million and $7.4 million, respectively, as illustrated in Figure #1 Q2 Results. In our view, there were multiple factors contributing to the shortfall, such as deferred revenue in the quarter, as well as lower than expected revenue from ARK: Survival Ascended (ASA) on Microsoft Game Pass.

Closing the gap. Notably, there is a technology gap between many potential ASA users’ PC hardware and the advanced processing power needed for the game, which uses Unreal Engine 5. This technology disparity has inhibited some users from migrating from the original game, ARK: Survival Evolved (ASE), to ASA, dampening ASA sales. However, an update to Unreal Engine 5 that is expected to take place in Q3. Should the update help bridge the technology gap, it could catalyze accelerated adaption of ASA. 


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

GDEV Inc. (GDEV) – Why An Upswing In Bookings Matters

Posted on by cpereira@noblefcm.com


Monday, August 12, 2024

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Initiating coverage with an Outperform rating. We are initiating coverage of GDEV, a global gaming company, with an Outperform rating and a $6 price target. Our favorable rating is based on an improved fundamental outlook and compelling stock valuation. After a post pandemic revenue slump as gaming activity returned to more normalized levels, the company now appears to be turning a corner towards revenue growth again. In our view, the story of GDEV’s improving fundamentals is under the radar, representing an opportunity for investors. 

A leading player in the attractive gaming industry. GDEV is the largest independent, publicly traded gaming company that is profitable, generates cash flow, and has a solid balance sheet. The company’s revenues are diverse geographically, by platform, and by titles. 


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Snail (SNAL) – Patiently Waiting for the ARK

Posted on by cpereira@noblefcm.com


Monday, May 20, 2024

Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q1 results. The company reported Q1 revenue of $14.1 million, and adj. EBITDA loss of $1.9 million, both of which were lower than our estimates of $24.0 million and $2.8 million, respectively. Notably, the company deferred $5.5 million of revenue in the quarter, which contributed to the shortfall. We expect revenue deferrals and the technology gap to cause some noise in operating results during 2024.

Technology gap. Importantly, we believe there is a technology gap between ASA and some of the user base’s PC equipment, which dampened sales of the game. We believe the closing of the technology gap could also lead to a more steady sales profile of the game over a longer period of time as users upgrade their hardware and migrate to ASA.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Snail (SNAL) – Revenue Deferrals Causes Noisy Results

Posted on by cpereira@noblefcm.com


Thursday, May 16, 2024

Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q1 results. The company reported Q1 revenue of $14.1 million, and adj. EBITDA loss of $1.9 million, both of which were lower than our estimates of $24.0 million and $2.8 million, respectively, as illustrated in Figure #1 Results. Importantly, the company deferred $5.5 million of revenue in the quarter, which contributed to the results falling short of expectations. We expect revenue deferrals to be the cause of some noise in operating results during 2024, as the company prepares for the launch of ARK 2.

Deferred revenue recognition. The deferred ASA revenue will be split evenly across five DLCS that are included in the sale of the game and recognized as the DLCs are released. Three of the DLCs included in ASA will be released in 2024 (Q2, Q3, Q4) with the remaining two expected in 2025. Importantly, a portion of the revenue from the sale of ASA are being deferred, but not all of the associated costs are being deferred.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Snail (SNAL) – Nearing The Berth Of Ark

Posted on by cpereira@noblefcm.com


Wednesday, April 03, 2024

Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Noisy Q4 results. The company reported Q4 revenue of $28.6 million, below our estimate of $31.6 million. Adj. EBITDA for the quarter was $3.6 million, substantially lower than our estimate of $12.4 million. The results were driven by higher than expected deferred revenue and engine fees. Notably, deferred revenue will be recognized as DLC packages included in the sale of ARK: Survival Ascended (ASA) are released.

Deferred revenue recognition. The deferred ASA revenue will be split evenly across the five DLCS that are included in the game and recognized as the DLCs are released. Three of the DLCs included in ASA will be released in 2024 (Q2, Q3, Q4) with the remaining two expected in 2025. Simply put, revenues are being deferred, but not all of the associated costs are being deferred. 


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.