Tag: Gaming

Release – Codere Online Reports Financial Results for the Third Quarter 2024

Posted on by aweinsoff@channelchek.com

Research News and Market Data on CDRO

11/27/2024

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  • Total revenue was €49.2 mm in Q3 2024, while net gaming revenue1 was €51.7 mm in the period, 20% above Q3 2023.
  • Mexico revenue was €24.2 mm in Q3 2024, while net gaming revenue was €26.7 mm in the period, 27% above Q3 2023.
  • Spain revenue (and net gaming revenue) reached €20.9 mm in Q3 2024, 11% above Q3 2023.
  • Net income excluding the non-cash variation in fair value of public warrants2 was €2.8 mm in 9M 2024 versus a net loss of €2.8 mm in 9M 2023.
  • Total cash position of €44.0 mm as of September 30, 2024.
  • Company expects to finish the year in the upper part of both full year 2024 net gaming revenue outlook of €205 – 215 mm and Adj. EBITDA3 outlook of positive €2.5 – 7.5 mm.

Madrid, Spain and Tel Aviv, Israel, November 27, 2024 – (GLOBE NEWSWIRE) Codere Online (Nasdaq: CDRO / CDROW, the “Company”), a leading online gaming operator in Spain and Latin America, has released its preliminary unaudited4 financial results for the quarter ended September 30, 2024.

Aviv Sher, CEO of Codere Online, commented on the results, “Our Company delivered another quarter of strong results, with net gaming revenue of €51.7 million, representing a 20% increase over the third quarter of 2023. In Mexico, net gaming revenue reached €26.7 million, 27% above the prior year period, despite the significant devaluation of the Mexican peso following the presidential election in June. In constant currency terms, our net gaming revenue in the country would have grown by 43%. Meanwhile, performance in Spain remained strong, with net gaming revenue of €20.9 million in the quarter, 11% above last year.”

Oscar Iglesias, CFO of Codere Online, stated, “Beyond the significant top line growth, we also generated €1.5 million of Adjusted EBITDA and €3.5 million of cash in the quarter. This is now the third consecutive quarter of positive Adjusted EBITDA and brings the year-to-date total to €4.5 million.”

Mr. Iglesias further added, “With regards to our existing outlook for 2024, we expect to finish the year in the upper part of the range with respect to both our net gaming revenue and Adjusted EBITDA guidance.”

Recent Events

Delisting Notice from Nasdaq

  • On November 12, 2024, the Company received a letter from Nasdaq notifying the Company of Nasdaq’s intention to delist its securities from the Nasdaq Stock Market given the Company had not yet filed its Form 20-F for the year ended December 31, 2023;
  • On November 18, 2024, the Company formally requested to Nasdaq a hearing to appeal the delisting determination6;
  • On November 25, 2024, Nasdaq informed the Company that its request for a hearing was accepted and that the hearing has been scheduled for January 16, 2025;
  • The Company continues to work diligently to complete and file its Form 20-F for 2023 as soon as possible.


Conference Call Information

Codere Online’s management will host a conference call to discuss the results and provide a business update at 8:30 am US Eastern Time today, November 27, 2024. Dial-in details as well as the audio webcast and presentation will be accessible on Codere Online’s website at www.codereonline.com. A recording of the webcast will also be available following the conference call.

About Codere Online

Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile applications and operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina. Codere Online’s online business is complemented by Codere Group’s physical venues, resulting in a leading omnichannel gaming presence in Spain and throughout Latin America.

About Codere Group
Codere Group is a multinational group devoted to entertainment and leisure. It is a leading player in the private gaming industry, with four decades of experience and with presence in seven countries in Europe (Spain and Italy) and Latin America (Argentina, Colombia, Mexico, Panama, and Uruguay).

Note on Rounding. Due to decimal rounding, numbers presented throughout this report may not add up precisely to the totals and subtotals provided, and percentages may not precisely reflect the absolute figures.

Forward-Looking Statements
Certain statements in this document may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding Codere Online Luxembourg, S.A. and its subsidiaries (collectively, “Codere Online”) or Codere Online’s or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this document may include, for example, statements about Codere Online’s financial performance and, in particular, the potential evolution and distribution of its net gaming revenue; any prospective and illustrative financial information; and changes in Codere Online’s strategy, future operations and target addressable market, financial position, estimated revenues and losses, projected costs, prospects and plans as well as timing relating to the upcoming Nasdaq Hearing and the potential delisting of Codere Online’s securities.

These forward-looking statements are based on information available as of the date of this document and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing Codere Online’s or its management team’s views as of any subsequent date, and Codere Online does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

As a result of a number of known and unknown risks and uncertainties, Codere Online’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. There may be additional risks that Codere Online does not presently know or that Codere Online currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Some factors that could cause actual results to differ include (i) changes in applicable laws or regulations, including online gaming, privacy, data use and data protection rules and regulations as well as consumers’ heightened expectations regarding proper safeguarding of their personal information, (ii) the impacts and ongoing uncertainties created by regulatory restrictions, changes in perceptions of the gaming industry, changes in policies and increased competition, and geopolitical events such as war, (iii) the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities, (iv) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Codere Online operates, (v) the risk that Codere Online and its current and future collaborators are unable to successfully develop and commercialize Codere Online’s services, or experience significant delays in doing so, (vi) the risk that Codere Online may never achieve or sustain profitability, (vii) the risk that Codere Online will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all, (viii) the risk that Codere Online experiences difficulties in managing its growth and expanding operations, (ix) the risk that third-party providers, including the Codere Group, are not able to fully and timely meet their obligations, (x) the risk that the online gaming operations will not provide the expected benefits due to, among other things, the inability to obtain or maintain online gaming licenses in the anticipated time frame or at all, (xi) the risk that Codere Online is unable to secure or protect its intellectual property, (xii) the risk that Codere Online’s securities may be delisted from Nasdaq and (xiii) the possibility that Codere Online may be adversely affected by other political, economic, business, and/or competitive factors. Additional information concerning certain of these and other risk factors is contained in Codere Online’s filings with the U.S. Securities and Exchange Commission (the “SEC”). All subsequent written and oral forward-looking statements concerning Codere Online or other matters and attributable to Codere Online or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

Financial Information and Non-GAAP Financial Measures
Codere Online’s financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), which can differ in certain significant respects from generally accepted accounting principles in the United States of America (“U.S. GAAP”).

This document includes certain financial measures not presented in accordance with U.S. GAAP or IFRS (“non-GAAP”), such as, without limitation, net gaming revenue and Adjusted EBITDA. These non-GAAP financial measures are not measures of financial performance in accordance with U.S. GAAP or IFRS and may exclude items that are significant in understanding and assessing Codere Online’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to revenue, net income, cash flows from operations or other measures of profitability, liquidity or performance under U.S. GAAP or IFRS. You should be aware that Codere Online’s presentation of these measures may not be comparable to similarly-titled measures used by other companies. In addition, the audit of Codere Online’s financial statements in accordance with PCAOB standards, may impact how Codere Online currently calculates its non-GAAP financial measures, and we cannot assure you that there would not be differences, and such differences could be material.

Codere Online believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in comparing Codere Online’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Reconciliations of non-GAAP financial measures to their most directly comparable measure under IFRS are included herein.

This document may include certain projections of non-GAAP financial measures. Codere Online is unable to quantify certain amounts that would be required to be included in the most directly comparable U.S. GAAP or IFRS financial measures without unreasonable effort, due to the inherent difficulty and variability of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such comparable measures or such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted, ascertained or assessed, which could have a material impact on its future IFRS financial results. Consequently, no disclosure of estimated comparable U.S. GAAP or IFRS measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included.

Use of Projections
This document contains financial forecasts with respect to Codere Online’s business and projected financial results, including net gaming revenue and adjusted EBITDA. Codere Online’s independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this document, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this document. These projections should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. See “Forward-Looking Statements” above. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of Codere Online or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this document should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved.

For further information on the limitations and assumptions underlying these projections, please refer to Codere Online’s filings with the SEC.

Preliminary Information
This document contains figures, financial metrics, statistics and other information that is preliminary and subject to change (the “Preliminary Information”). The Preliminary Information has not been audited, reviewed, or compiled by any independent registered public accounting firm. This Preliminary Information is subject to ongoing review including, where applicable, by Codere Online’s independent auditors. Accordingly, no independent registered public accounting firm has expressed an opinion or any other form of assurance with respect to the Preliminary Information. During the course of finalizing such Preliminary Information, adjustments to such Preliminary Information presented herein may be identified, which may be material. Codere Online undertakes no obligation to update or revise the Preliminary Information set forth in this document as a result of new information, future events or otherwise, except as otherwise required by law. The Preliminary Information may differ from actual results. Therefore, you should not place undue reliance upon this Preliminary Information. The Preliminary Information is not a comprehensive statement of financial results, and should not be viewed as a substitute for full financial statements prepared in accordance with IFRS. In addition, the Preliminary Information is not necessarily indicative of the results to be achieved in any future period.

No Offer or Solicitation
This document does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

Trademarks
This document may contain trademarks, service marks, trade names and copyrights of Codere Online or other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this document may be listed without the TM, SM, © or ® symbols, but Codere Online will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights.

Industry and Market Data
In this document, Codere Online relies on and refers to certain information and statistics obtained from publicly available information and third-party sources, which it believes to be reliable. Codere Online has not independently verified the accuracy or completeness of any such publicly-available and third-party information, does not make any representation as to the accuracy or completeness of such data and does not undertake any obligation to update such data after the date of this document. You are cautioned not to give undue weight to such industry and market data.

Contacts:

Investors and Media
Guillermo Lancha
Director, Investor Relations and Communications
Guillermo.Lancha@codere.com
(+34) 628 928 152

1 Net Gaming Revenue is a non-IFRS measure. Please see reconciliation of Net Gaming Revenue to Revenue at the end of the report.
2 Net income excluding the non-cash variation in fair value of public warrants is a non-IFRS measure and reflects a net loss of €3.0 mm (€2.1 mm in 9M 2023) excluding a €5.8 mm loss (€0.7 gain in 9M 2023) from the variation in fair value of public warrants. Figures presented for illustrative purposes and do not include any potential impacts on the provision for corporate income taxes.
3 Adjusted EBITDA outlook is a forward-looking non-IFRS measure. Please see important disclaimers at the end of the report.
4 See “Preliminary Information” below.        
5 Average Monthly Active Players include real money (i.e. exclude free bets) sports betting and casino actives.
6 A request for a hearing automatically stays the delisting of the Company’s securities from Nasdaq through the duration of the hearing process.
7 Figures primarily reflect differences in recognition of revenue related to certain partner and affiliate agreements in place in Colombia, VAT impact from entry fees in Mexico and the impact from the application of inflation accounting (IAS 29) in Argentina.
8 Please refer to page 27 of our Q3 2024 Earnings Presentation for further details regarding this reconciliation.

Release – GDEV Announces Unaudited Results for the Third quarter and the First Nine Months of 2024

Posted on by aweinsoff@channelchek.com

Research News and Market Data on GDEV

November 14, 2024 08:00 ET

LIMASSOL, Cyprus, Nov. 14, 2024 (GLOBE NEWSWIRE) — GDEV Inc. (NASDAQ: GDEV), an international gaming and entertainment company (“GDEV” or the “Company”) released its unaudited financial and operational results for the third quarter and first nine months ended September 30, 2024.

GDEV CEO, Andrey Fadeev noted: ”In Q3, despite industry pressure, we delivered sequential revenue growth.

We also kept executing our strategy and moved forward with the transformation of our core products. The updates are rolling across our main franchises to elevate the game experience, adding new modern features to what players already love. We are not after quick wins – it’s about innovating in a way that sets us up for lasting impact.

We are pleased to have established an at-the-market offering (“the ATM”) in September as an important step towards increasing the free float and liquidity of our stock. Under the ATM, the Company may sell up to 1,757,026 ordinary shares of the Company, held in treasury.1. We expect the ATM to be effective until we sell all the treasury shares or for 3 years from the effective date of the Registration Statement whichever is earlier.

I’m also thrilled to share that our former independent director Olga Loskutova has recently joined the management team as our new Chief Operating Officer. However, the board remains within best practices in terms of INED majority directors and one third women. As COO, Olga will be well positioned to enable us to reach our ambitious strategic goals. By staying focused, we’re building momentum for sustainable growth that will shape our future.”

Third quarter 2024 financial highlights:

  • Revenue of $111 million, growing 5% quarter-over-quarter, while decreased by 9% year-over-year.
  • Selling and marketing expenses of $52 million, grew by 22% year-over-year and by 10% quarter-on-quarter due to the execution of our strategy to scale the business.
  • We continue to adhere to our disciplined approach towards costs: game operation cost declined by 6% year-over-year while general and administrative expenses declined by 9% year-over-year.
  • Profit for the period, net of tax of $15 million in Q3 2024 decreased vs. $24 million in Q3 2023 due to scaling of selling and marketing expenses, among other factors.
  • Adjusted EBITDA of $16 million in line with the previous quarter.2
  • European share of bookings increased by 4 p.p. to 30%, driven by effective and more targeted user acquisition campaigns in the region.
  • Cash position of $153 million, compared to $140 million at the end of Q2 2024, providing broad opportunities for further expansion3.

Third quarter and first nine months 2024 financial performance in comparison  

US$ million
Q3
2024		Q34
2023		Change
(%)		9M
2024		9M
2023		Change
(%)
Revenue111121(9%)323355(9%)
Platform commissions(24)(28)(13%)(70)(84)(16%)
Game operation cost(13)(13)(6%)(38)(42)(10%)
Selling and marketing expenses(52)(43)22%(163)(172)(5%)
General and administrative expenses(7)(8)(9%)(23)(24)(1%)
Profit for the period, net of tax1524(38%)2835(20%)
Adjusted EBITDA1629(44%)3033(9%)
Cash flows generated from/(used in) operating activities12845%248197%
       

Third quarter 2024 financial performance

In the third quarter of 2024, our revenue decreased by $11 million (or 9%) year-over-year and amounted to $111 million. While bookings for the third quarter of 2024 decreased by $9 million, the decrease in revenue compared to Q3 2023 was amplified by a decrease in the recognition of deferred revenues associated with bookings recorded in periods prior to Q3 2024: in Q3 2024, $57 million of revenues resulted from the bookings recorded prior to Q3 2024 compared to $65 million of revenues booked in Q3 2023 which resulted from bookings recorded prior to Q3 2023. Revenues reported in Q3 2023, in turn, were impacted by the recognition of record high bookings generated in 2021. The decrease in revenues also reflects the increasing portion of our bookings in Q3 2024 that are required to be recognized as deferred revenue in later periods, as a greater proportion was generated from our PC platform, where players’ lifespan tends to be higher compared with other platforms.

Platform commissions decreased by $4 million (or 13%) in the third quarter of 2024 compared to the same period in 2023, driven by a 9% decrease in revenues generated from in-game purchases, and amplified by growth of revenues derived from PC platforms which are associated with lower commissions.

Game operation cost remained relatively stable at the level of $13 million both in the third quarter of 2024 and 2023.

Selling and marketing expenses in the third quarter of 2024 increased by $9 million, amounting to $52 million. The increase is due to our strategy of scaling our business together with our experiments across various channels, aimed at optimizing future marketing investments.

General and administrative expenses remained relatively stable at $7 million in Q3 2024 compared with $8 million in Q3 2023.

As a result of the factors above together with, among others, a loss resulting from a change in fair value of share warrant obligation of nil in Q3 2024 vs. $0.8 million in Q3 2023 and decrease of finance expenses in Q3 2024 vs Q3 2023 by $3.7 million, we recorded a profit for the period, net of tax, of $15 million compared with $24 million in the same period of 2023. Adjusted EBITDA in Q3 2024 amounted to $16 million, a decrease of $13 million compared with the same period in 2023.

Cash flows generated from operating activities were $12 million in the third quarter of 2024 compared with $8 million in the same period of 2023.

Third quarter 2024 operational performance

 Q3 2024
Q3 2023
Change
(%)		9M 2024
9M 2023
Change
(%)
Bookings ($ million)93102(8%)310316(2%)
Bookings from in-app purchases8794(8%)288292(1%)
Bookings from advertising78(13%)2223(8%)
Share of advertising7.1%7.4%(0.3 p.p)7.0%7.4%(0.4 p.p.)
MPU (thousand)314375(16%)359383(6%)
ABPPU ($)928410%89855%
       

Bookings declined to reach $93 million in the third quarter 2024 compared with $102 million in the same period of 2023. The decline is primarily due to a decline in monthly paying users by 16% in Q3 2024 vs. the same quarter last year partially offset by an increase in ABPPU.

The share of advertisement sales as a percentage of total bookings decreased in the third quarter of 2024 to reach 7.1% compared to 7.4% in the respective period of 2023. This decline was primarily driven by a global trend of declining CPM rates for advertising in 2024.

Split of bookings by platformQ3 2024Q3 20239M 20249M 2023
Mobile62%63%60%63%
PC38%37%40%37%
     

In the third quarter of 2024, the share of PC versions of our games increased by 1 p.p. compared with the same period of 2023.

Split of bookings by geographyQ3 2024Q3 20239M 20249M 2023
US34%35%34%36%
Asia22%23%22%24%
Europe30%26%30%25%
Other14%16%14%15%
     

Our split of bookings by geography in the third quarter of 2024 vs. the respective period of 2023 remained broadly similar, with a certain increase in the share of Europe bookings.

Note:

Due to rounding, the numbers presented throughout this release may not precisely add up to the totals. The period-over-period percentage changes are based on the actual numbers and may therefore differ from the percentage changes if those were to be calculated based on the rounded numbers.

The figures in this release are unaudited.

Webcast details

To listen to the audio webcast with supplementary slides please follow the link. Prepared remarks are available on gdev.inc.

About GDEV

GDEV is a gaming and entertainment holding company, focused on development and growth of its franchise portfolio across various genres and platforms. With a diverse range of subsidiaries including Nexters and Cubic Games, among others, GDEV strives to create games that will inspire and engage millions of players for years to come. Its franchises, such as Hero Wars, Island Hoppers, Pixel Gun 3D and others have accumulated over 550 million installs and $2.5 bln of bookings worldwide. For more information, please visit www.gdev.inc

Contacts:

Investor Relations
Roman Safiyulin | Chief Corporate Development Officer
investor@gdev.inc

Cautionary statement regarding forward-looking statements

Certain statements in this press release may constitute “forward-looking statements” for purposes of the federal securities laws. Such statements are based on current expectations that are subject to risks and uncertainties. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.

The forward-looking statements contained in this press release are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. Forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the Company’s 2023 Annual Report on Form 20-F, filed by the Company on April 29, 2024, and other documents filed by the Company from time to time with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of the Company’s assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Presentation of Non-IFRS Financial Measures

In addition to the results provided in accordance with IFRS throughout this press release, the Company has provided the non-IFRS financial measure “Adjusted EBITDA” (the “Non-IFRS Financial Measure”). The Company defines Adjusted EBITDA as the profit/loss for the period, net of tax as presented in the Company’s financial statements in accordance with IFRS, adjusted to exclude (i) goodwill and investments in equity accounted associates’ impairment, (ii) loss on disposal of subsidiaries, (iii) income tax expense, (iv) other financial income, finance income and expenses other than foreign exchange gains and losses and bank charges, (v) change in fair value of share warrant obligations and other financial instruments, (vi) share of loss of equity-accounted associates, (vii) depreciation and amortization, (viii) share-based payments expense and (ix) certain non-cash or other special items that we do not consider indicative of our ongoing operating performance. The Company uses this Non-IFRS Financial Measure for business planning purposes and in measuring its performance relative to that of its competitors. The Company believes that this Non-IFRS Financial Measure is a useful financial metric to assess its operating performance from period-to-period by excluding certain items that the Company believes are not representative of its core business. This Non-IFRS Financial Measure is not intended to replace, and should not be considered superior to, the presentation of the Company’s financial results in accordance with IFRS. The use of the Non-IFRS Financial Measure terms may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures.

Reconciliation of the profit for the period, net of tax to the Adjusted EBITDA

US$ millionQ3 2024Q3 20239M 20249M 2023
Profit for the period, net of tax15242835
Adjust for:    
Income tax expense1233
Adjusted finance (income)/expenses5(2)0.9(6)(2)
Change in fair value of share warrant obligations and other financial instruments—0.8(0.3)(10)
Share of loss of equity-accounted associates———0.5
Depreciation and amortization2255
Share-based payments0.70.712
Adjusted EBITDA16293033

_______________________________
1 Pursuant to the Company’s registration statement filed with the SEC on Form F-3 (Registration No. 333-282062) and related prospectus, which was filed with the Securities and Exchange Commission on September 12, 2024.
2 For more information, see section titled “Presentation of Non-IFRS Financial Measures” in the last two pages of this report, including the reconciliation of the profit for the period, net of tax to the Adjusted EBITDA.
3 The amounts include investments in liquid high quality securities.
4 The amounts presented for the three and nine months ended September 30, 2023 may be different to those previously reported for these periods earlier as starting from Q1 2024 the Company reports depreciation and amortization expenses by function as a part of game operation cost, selling and marketing expenses, and general and administrative expenses in accordance with IAS 1.
5 Adjusted finance income/expenses consist of other financial income, finance income and expenses other than foreign exchange gains and losses and bank charges, net.

Release – Snail, Inc. to Report Third Quarter 2024 Financial Results

Posted on by aweinsoff@channelchek.com

Research News and Market Data on SNAL

November 12, 2024 at 8:01 AM EST

PDF Version

CULVER CITY, Calif., Nov. 12, 2024 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail Games” or “the Company”), a leading, global independent developer and publisher of interactive digital entertainment, announced today that it will report financial results for the third quarter ended September 30, 2024 on Wednesday, November 13, 2024. Management will host a conference call and webcast on the same day at 4:30 p.m. ET to discuss the results.

Participants may listen to the live webcast and replay on the Company’s investor relations website at https://investor.snail.com/.

About Snail, Inc.
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.

Contacts:

Investors:
investors@snail.com

Press:
media@snail.com

Release – GDEV to Announce Third Quarter 2024 Financial Results on November 14, 2024

Posted on by aweinsoff@channelchek.com

Research News and Market Data on GDEV

November 7, 2024 – Limassol, Cyprus

November 7, 2024 – Limassol, Cyprus – GDEV Inc. (NASDAQ: GDEV), an international gaming and entertainment company (“GDEV” or the “Company”), announces that it plans to release its financial results for the third quarter ended September 30, 2024 at 8:00 a.m. (Eastern Time) on Thursday, November 14, 2024.
 
GDEV plans to host a conference call and webcast to discuss its results at 09:00 a.m. U.S. Eastern Time the same day. The press release, as well as supplementary slides will be available at gdev.inc.
 
To participate in the conference call, please use this link.
To listen to the audio webcast please follow this link.


ABOUT GDEV 
GDEV is a gaming and entertainment holding company, focused on development and growth of its franchise portfolio across various genres and platforms. With a diverse range of subsidiaries including Nexters and Cubic Games, among others, GDEV strives to create games that will inspire and engage millions of players for years to come. Its franchises, such as Hero Wars, Island Hoppers, Pixel Gun 3D and others have accumulated over 550 million installs and $2.5 bln of bookings worldwide. For more information, please visit www.gdev.inc
 
CONTACTS:
Investor Relations
Roman Safiyulin | Chief Corporate Development Officer
investor@gdev.inc
 
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute “forward-looking statements” for
purposes of the federal securities laws. Such statements are based on current expectations
that are subject to risks and uncertainties. In addition, any statements that refer to
projections, forecasts or other characterizations of future events or circumstances, including
any underlying assumptions, are forward-looking statements.
 
The forward-looking statements contained in this press release are based on the Company’s
current expectations and beliefs concerning future developments and their potential effects
on the Company. There can be no assurance that future developments affecting the
Company will be those that the Company has anticipated. Forward-looking statements
involve a number of risks, uncertainties (some of which are beyond the Company’s control)
or other assumptions. You should carefully consider the risks and uncertainties described in
the “Risk Factors” section of the Company’s 2023 Annual Report on Form 20-F, filed by the
Company on April 29, 2024, and other documents filed by the Company from time to time
with the Securities and Exchange Commission. Should one or more of these risks or
uncertainties materialize, or should any of the Company’s assumptions prove incorrect,
actual results may vary in material respects from those projected in these forward-looking
statements. Forward-looking statements speak only as of the date they are made. Readers
are cautioned not to put undue reliance on forward-looking statements, and the Company
undertakes no obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as may be required under
applicable securities laws.

Release – GDEV Announces Leadership Transition

Posted on by aweinsoff@channelchek.com

Research News and Market Data on GDEV

October 30, 2024 – Limassol, Cyprus

October 30, 2024 – Limassol, Cyprus – GDEV Inc. (NASDAQ: GDEV), an international gaming and entertainment company (“GDEV” or the “Company”), announces changes to its Board of Directors and executive leadership team as part of its ongoing strategy to enhance operational efficiency and support its global growth ambitions. 

Olga Loskutova, who has served as an Independent Director on GDEV’s Board since 2022, will be stepping down from her position on the Board of Directors to assume the role of Chief Operating Officer (COO) of GDEV. Olga brings with her a wealth of experience in global business and general management, positioning her to provide management, leadership, and vision to guide GDEV Inc. towards meeting both its short-term and long-term strategic goals.

Following Olga’s transition, GDEV’s Board will consist of six members, with four remaining independent directors. In addition, Olga’s seat on the Nomination and Compensation Committee, on which she previously served, has been assumed by current independent director Tal Shoham.

Anton Reinhold, the former COO of GDEV, will now fully focus on his current role as CEO of Nexters Global Ltd., GDEV’s flagship game studio. This decision will enable him to dedicate his efforts to further expanding the Hero Wars franchise and driving the development of new products within the studio.

“During 2 years as an independent board member, I’ve had the opportunity to gain invaluable insight into the company and the gaming industry as a whole,” said Olga Loskutova. “In my time on the board, I’ve come to admire what makes GDEV truly special – its values, exceptional people, and bold ambitions. I am excited to step into this role and partner with the CEO and the team to help GDEV achieve its strategic goals.”

ABOUT GDEV

GDEV is a gaming and entertainment holding company, focused on development and growth of its franchise portfolio across various genres and platforms. With a diverse range of subsidiaries including Nexters and Cubic Games, among others, GDEV strives to create games that will inspire and engage millions of players for years to come. Its franchises, such as Hero Wars, Island Hoppers, Pixel Gun 3D and others have accumulated over 550 million installs and $2.5 bln of bookings worldwide. For more information, please visit www.gdev.inc

CONTACTS:

Investor Relations

Roman Safiyulin | Chief Corporate Development Officer

investor@gdev.inc

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this press release may constitute “forward-looking statements” for purposes of the federal securities laws. Such statements are based on current expectations that are subject to risks and uncertainties. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.

The forward-looking statements contained in this press release are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. Forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the Company’s 2023 Annual Report on Form 20-F, filed by the Company on April 29, 2024, and other documents filed by the Company from time to time with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of the Company’s assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. 

Release – GDEV announces unaudited results for the second quarter and first half of 2024

Posted on by aweinsoff@channelchek.com

Research News and Market Data on GDEV

September 04, 2024 08:00 ET

LIMASSOL, Cyprus, Sept. 04, 2024 (GLOBE NEWSWIRE) — GDEV Inc. (NASDAQ: GDEV), an international gaming and entertainment company (“GDEV” or the “Company”) released its unaudited financial and operational results for the second quarter and first half-year ended June 30, 2024.

GDEV CEO, Andrey Fadeev stated:

“Over the past months, we’ve been refining our strategic vision, and now we’re prepared to push forward with renewed confidence. Despite the temporary decline in some of our key operational and financial metrics, our ability to maintain a robust revenue mix between PC and mobile platforms — where PC has grown to 42% of our total bookings — underscores our adaptive strategy and resilience. Additionally, our strong cash flow trends, the significant reduction in platform commissions and the reduction of the game operation costs reflect the operational efficiencies we’ve been able to achieve, reflected in our recording a net profit in Q2 2024 versus a net loss in Q1 2024 and an improvement in Adjusted EBITDA year over year. Each of our studios is laser-focused on delivering the top game for their audience. We are bringing in top talent from the gaming industry, which is helping us turn our long-held ambitions into reality. This journey is driven by strategic growth and a commitment to excellence in everything we do. This isn’t just about quick wins; it’s about building a strong, sustainable future. We’re here for the long haul, dedicated to creating experiences that will impress our players and solidify our position in the market.”

Second quarter 2024 financial highlights:

  • Revenue of $106 million decreased by 8% year-over-year.
  • Bookings of $108 million decreased by 3% year-over-year primarily due to decrease of advertising bookings while the bookings from in-app purchases remained relatively stable, demonstrating continued user engagement.
  • Selling and marketing expenses of $47 million decreased by 7% year-over-year driven by our successful shift in user acquisition strategy, focusing on enhancing efficiency and long-term value generation.
  • Platform commissions decreased by 16% year-over-year, driven by strong performance of our PC platforms, which carry lower commissions.
  • Profit for the period, net of tax of $15 million in Q2 2024 vs. $20 million in Q2 2023.
  • Adjusted EBITDA of $16 million in the second quarter of 2024 staying at the same level compared to the second quarter of 20231, highlighting our operational resilience amidst market fluctuations
  • Cash flows generated from operating activities were $11 million, demonstrating strong cash management and operational efficiency.
  • European share of bookings increased to 29%, reflecting our growing presence and successful marketing activities in the region.

Product updates:

  • Hero Wars, our flagship global mid-core franchise, recently celebrated a major milestone with its first-ever in-game collaboration featuring the legendary gaming icon, Lara Croft. This partnership garnered overwhelmingly positive feedback from our player community and was bolstered by extensive brand marketing campaigns. These efforts propelled the Hero Wars brand to an all-time high in Google Trends search interest.
  • Pixel Gun 3D, our pixel shooter franchise, successfully expanded to the PC platform with its launch on Steam. The game made an impressive debut, ranking among the Top 20 best-selling and Top 50 most-played games and peaking at 25,000 concurrent players. Remarkably, these achievements were secured with minimal marketing spend, enabling us to recover development costs on the very first day of release.

Second quarter and first half 2024 financial performance in comparison  

US$ millionQ2 2024Q2 2023Change (%)H1 2024H1 2023Change (%)
Revenue106115(8%)213234(9%)
Platform commissions(23)(27)(16%)(46)(56)(18%)
Game operation cost(12)(14)(13%)(25)(29)(12%)
Selling and marketing expenses(47)(51)(7%)(111)(129)(14%)
General and administrative expenses(9)(8)14%(16)(16)2%
Profit for the period, net of tax1520(25%)131117%
Adjusted EBITDA16164%144N/M
Cash flows generated from/(used in) operating activities1112(5%)12(0.1)N/M

N/M: not meaningful

Second quarter 2024 financial performance

In the second quarter of 2024, our revenue decreased by $9 million (or 8%) year-over-year and amounted to $106 million. While bookings for the second quarter of 2024 remained relatively stable, decreasing by $3 million, the decrease in revenue compared to Q2 2023 was primarily driven by a decrease in the recognition of deferred revenues associated with bookings recorded in periods prior to Q2 2024: in Q2 2024, $63 million of revenues resulted from the bookings recorded prior to Q2 2024 compared to $70 million of revenues booked in Q2 2023 which resulted from bookings recorded prior to Q2 2023. Revenues reported in Q2 2023, in turn, were impacted by the recognition of record high bookings generated in 2021. The decrease in revenues also reflects the increasing portion of our bookings in Q2 2024 that are required to be recognized as deferred revenue in later periods, as a greater proportion was generated from our PC platform, where players’ lifespan tends to be higher compared with other platforms.

Platform commissions decreased by $4 million (or 16%) in the second quarter of 2024 compared to the same period in 2023, driven by a 7% decrease in revenues generated from in-game purchases, and amplified by growth of revenues derived from PC platforms which are associated with lower commissions.

Game operation costs decreased by $2 million, reaching $12 million in the second quarter of 2024, driven mostly by a decrease in employee headcount in our office in Armenia compared with the same period in 2023.

Selling and marketing expenses in the second quarter of 2024 decreased by $3 million, amounting to $47 million. The decrease is attributed to a shift in user acquisition strategy focused on enhancing efficiency in Q2 2024 vs. the same period in 2023.

General and administrative expenses were $9 million in Q2 2024 compared with $8 million in Q2 2023. The increase was primarily due to the consulting fees related to investor relations activities.

As a result of the factors above, together with other diverse factors (including, principally, a change in fair value of share warrant obligation of $0.4 million in Q2 2024 vs. $5 million in Q2 2023), we recorded a profit for the period, net of tax, of $15 million compared with $20 million in the same period in 2023. Adjusted EBITDA in Q2 2024 amounted to $16 million, an increase of $0.6 million compared with the same period in 2023.

Cash flows generated from operating activities were $11 million in the second quarter of 2024 compared with $12 million in the same period in 2023.

First half 2024 financial performance

In the first half of 2024, our revenue decreased by $21 million (or 9%) year-over-year and amounted to $213 million. While bookings for the first half of 2024 remained relatively stable, increasing by $2 million, the decrease in revenue compared to the first half of 2023 was primarily driven by a decrease in the recognition of deferred revenues associated with bookings recorded in periods prior to H1 2024: in the first half of 2024, $138 million of revenues resulted from the bookings recorded prior to 2024 compared to $155 million of revenues booked in the first half of 2023 which resulted from bookings recorded prior to 2023. Revenues reported in the first half of 2023, in turn, were impacted by the recognition of record high bookings generated in 2021. The decrease in revenues also reflects the increasing portion of our bookings in Q2 2024 that are required to be recognized as deferred revenue in later periods, as a greater proportion was generated from our PC platform, where players’ lifespan tends to be higher compared with other platforms.

Platform commissions decreased by $10 million (or 18%) in the first half of 2024 compared to the same period in 2023, driven by a 9% decrease in revenues generated from in-game purchases, and amplified by growth of revenues derived from PC platforms which are associated with lower commissions.

Game operation costs decreased by $3 million, reaching $25 million in the first half of 2024, driven mostly by a decrease in employee headcount in our office in Armenia compared with the same period in 2023.

Selling and marketing expenses in the first half of 2024 decreased by $19 million, amounting to $111 million. The decrease is attributed to a shift in user acquisition strategy focused on enhancing efficiency in the first half of 2024 vs. the same period in 2023.

General and administrative expenses remained relatively stable at $16 million for the first half of 2024 and 2023.

As a result of the factors above, together with other factors (including, principally, (i) a change in fair value of share warrant obligation of $0.3 million in the first half of 2024 vs. $11 million in the first half of 2023, and (ii) other financial income related to the write-off of put option liability of $4 million in the first half of 2024 vs. nil in 2023), we recorded a profit for the period, net of tax, of $13 million compared with $11 million in the same period of 2023. Adjusted EBITDA in the first half of 2024 amounted to $14 million, an increase of $10 million compared with the same period in 2023.

Cash flows generated from operating activities amounted to $12 million in the first half of 2024, an increase from negative $0.1 million in the same period of 2023.

Second quarter and first half 2024 operational performance comparison

 Q2 2024Q2 2023Change (%)H1 2024H1 20232Change (%)
Bookings ($ million)108111(3%)2162141%
Bookings from in-app purchases101102(1%)2011982%
Bookings from advertising79(23%)1516(5%)
Share of advertising6.2%7.7%(1.5 p.p.)6.9%7.4%(0.5 p.p)
MPU (thousand)381392(3%)381387(2%)
ABPPU ($)88872%88853%


Bookings stayed relatively stable at $108 million and $216 in the second quarter and first half of 2024, respectively, compared with the same periods of 2023.

The share of advertisement sales as a percentage of total bookings decreased in the second quarter and the first half of 2024 to reach 6.2% and 6.9%, respectively, compared to 7.7% and 7.4% in the respective periods of 2023. This decline was primarily driven by a global trend of declining CPM rates for advertising in 2024.

Split of bookings by platformQ2 2024Q2 2023H1 2024H1 2023
Mobile58%62%60%63%
PC42%38%40%37%


In the second quarter and first half of 2024, the share of PC versions of our games increased by 4 p.p. and 3 p.p. respectively, compared with the same periods of 2023.

Split of bookings by geographyQ2 2024Q2 2023H1 2024H1 2023
US34%36%34%36%
Asia22%24%22%25%
Europe29%24%29%24%
Other15%16%15%15%


Our split of bookings by geography both in the second quarter of 2024 and first half of 2024 vs. the respective periods of 2023 remained broadly similar, with a certain increase in the share of Europe bookings.

Note:

Due to rounding, the numbers presented throughout this document may not precisely add up to the totals. The period-over-period percentage changes are based on the actual numbers and may therefore differ from the percentage changes if those were to be calculated based on the rounded numbers.

The figures in this release are unaudited.

Webcast details

To listen to the audio webcast please follow this link. To participate in the conference call, please use the following details:

US toll-free dial: +1 844-543-0451
US local: +1 864-991-4103
United Kingdom toll-free: +44 808 175 1536
United Kingdom local: +44 1400 220156

Conference ID: 886570

For additional dial-in options, please use this link.

About GDEV

GDEV is a hub of gaming studios, focused on development and growth of its franchise portfolio across various genres and platforms. With a diverse range of subsidiaries including Nexters and Cubic Games, among others, GDEV strives to create games that will inspire and engage millions of players for years to come. Its franchises, such as Hero Wars, Island Hoppers, Pixel Gun 3D and others have accumulated hundreds of millions of installs worldwide. For more information, please visit gdev.inc.

Contacts:

Investor Relations
Roman Safiyulin | Chief Corporate Development Officer
investor@gdev.inc

Cautionary statement regarding forward-looking statements

Certain statements in this press release may constitute “forward-looking statements” for purposes of the federal securities laws. Such statements are based on current expectations that are subject to risks and uncertainties. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.

The forward-looking statements contained in this press release are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. Forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the Company’s 2023 Annual Report on Form 20-F, filed by the Company on April 29, 2024, and other documents filed by the Company from time to time with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of the Company’s assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Presentation of Non-IFRS Financial Measures

In addition to the results provided in accordance with IFRS throughout this press release, the Company has provided the non-IFRS financial measure “Adjusted EBITDA” (the “Non-IFRS Financial Measure”). The Company defines Adjusted EBITDA as the profit/loss for the period, net of tax as presented in the Company’s financial statements in accordance with IFRS, adjusted to exclude (i) goodwill and investments in equity accounted associates’ impairment, (ii) loss on disposal of subsidiaries, (iii) income tax expense, (iv) other financial income, finance income and expenses other than foreign exchange gains and losses and bank charges, (v) change in fair value of share warrant obligations and other financial instruments, (vi) share of loss of equity-accounted associates, (vii) depreciation and amortization, (viii) share-based payments expense and (ix) certain non-cash or other special items that we do not consider indicative of our ongoing operating performance. The Company uses this Non-IFRS Financial Measure for business planning purposes and in measuring its performance relative to that of its competitors. The Company believes that this Non-IFRS Financial Measure is a useful financial metric to assess its operating performance from period-to-period by excluding certain items that the Company believes are not representative of its core business. This Non-IFRS Financial Measure is not intended to replace, and should not be considered superior to, the presentation of the Company’s financial results in accordance with IFRS. The use of the Non-IFRS Financial Measure terms may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures.

Reconciliation of the profit for the period, net of tax to the Adjusted EBITDA

US$ millionQ2 2024Q2 2023H1 2024H1 2023
Profit for the period, net of tax15201311
Adjust for:    
Income tax expense10.321
Adjusted finance (income)/expenses3(0.4)(0.7)(5)(3)
Change in fair value of share warrant obligations and other financial instruments(0.4)(5)(0.3)(11)
Share of loss of equity-accounted associates———0.5
Depreciation and amortization41133
Share-based payments0.20.50.41
Adjusted EBITDA1616144


______________________________

1 For more information, see section titled “Presentation of Non-IFRS Financial Measures” in the last two pages of this report, including the reconciliation of the profit for the period, net of tax to the Adjusted EBITDA.

2 The previously released preliminary bookings for Q1 2023 as a part of our Q1 2024 press release have been adjusted to reflect the final amounts.

3 Adjusted finance income/expenses consist of other financial income, finance income and expenses other than foreign exchange gains and losses and bank charges, net.

4 Starting from 2024, the Company reports D&A expenses by function as a part of game operation cost, selling and marketing expenses and general and administrative expenses in accordance with IAS 1.

Release – GDEV Inc. to Announce Second Quarter 2024 Financial Results on September 4, 2024

Posted on by aweinsoff@channelchek.com

Research News and Market Data on GDEV

August 28, 2024 16:00 ET

    LIMASSOL, Cyprus, Aug. 28, 2024 (GLOBE NEWSWIRE) — GDEV Inc. (NASDAQ: GDEV), an international gaming and entertainment company (“GDEV” or the “Company”), announces that its financial results for the second quarter ended June 30, 2024 will be released at 8:00 a.m. (Eastern Time) on Wednesday, September 4, 2024.

    GDEV will host a conference call and webcast to discuss its results at 09:00 a.m. U.S. Eastern Time the same day.

    The press release, as well as supplementary slides will be available at gdev.inc. To listen to the audio webcast please follow this link. To participate in the conference call, please use the following details:

    US toll-free dial: +1 844-543-0451
    US local: +1 864-991-4103
    United Kingdom toll-free: +44 808 175 1536
    United Kingdom local: +44 1400 220156
    Conference ID: 886570

    For additional dial-in options, please use this link.

    ABOUT GDEV
    GDEV is a hub of gaming studios, focused on development and growth of its franchise portfolio across various genres and platforms. With a diverse range of subsidiaries including Nexters and Cubic Games among others, GDEV strives to create games that will inspire and engage millions of players for years to come. Its franchises, such as Hero Wars, Island Hoppers, Pixel Gun 3D and others have accumulated hundreds of millions of installs worldwide. For more information, please visit gdev.inc

    CONTACTS:
    Investor Relations
    Roman Safiyulin | Chief Corporate Development Officer
    investor@gdev.inc

    CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
    Certain statements in this press release may constitute “forward-looking statements” for purposes of the federal securities laws. Such statements are based on current expectations that are subject to risks and uncertainties. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.

    The forward-looking statements contained in this press release are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. Forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the Company’s 2023 Annual Report on Form 20-F, filed by the Company on April 29, 2024, and other documents filed by the Company from time to time with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of the Company’s assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

    Release – Codere Online Reports Financial Results for the First Quarter 2024

    Posted on by aweinsoff@channelchek.com

    Research News and Market Data on CDRO

    05/15/2024

    Download(opens in new window)

    • Total revenue was €50.4 mm in Q1 2024, while net gaming revenue1 was €53.0 mm in the period, 34% above Q1 2023.
    • Mexico revenue was €23.8 mm in Q1 2024, while net gaming revenue was €26.6 mm in the period, 51% above Q1 2023.
    • Spain revenue (and net gaming revenue) reached €22.3 mm in Q1 2024, 21% above Q1 2023.
    • Net income was €3.4 mm in Q1 2024 versus a net loss of €1.3 mm in Q1 2023.
    • Total cash position of €38.5 mm as of March 31, 2024.
    • Increasing full year 2024 net gaming revenue outlook to €195-210 mm and reiterating plan to be Adj. EBITDA and cash flow positive for the full year in 2024.

    Madrid, Spain and Tel Aviv, Israel, May 15, 2024 – (GLOBE NEWSWIRE) Codere Online (Nasdaq: CDRO / CDROW, the “Company”), a leading online gaming operator in Spain and Latin America, has released its preliminary unaudited2 financial results for the quarter ended March 31, 2024.

    Below are the main financial and operating metrics of the period.

     Quarter ended March 31
     20232024Chg. %
        
    Net Gaming Revenue (EUR mm)1   
    Spain18.422.321%
    Mexico17.626.651%
    Other3.54.117%
    Total39.553.034%
        
    Avg. Monthly Active Players (000s)3   
    Spain40.250.024%
    Mexico49.662.526%
    Other34.230.6(11%)
    Total123.9143.216%

    Aviv Sher, CEO of Codere Online, commented on the results, “We are off to a strong start in 2024, with net gaming revenue of €53 million in the first quarter, 34% above that of last year and once again our highest ever quarterly figure. Our focus on Mexico and Spain continues to yield impressive results, with net gaming revenue in Mexico growing by 51% in the first quarter to nearly €27 million. In Spain, meanwhile, net gaming revenue grew by 21% to over €22 million. In both markets, our targeted marketing efforts allowed us to grow our active customer base by c. 25% as a result of the acquisition of higher quality customers (i.e. lower churn) but also with an increased spend per active.”

    Oscar Iglesias, CFO of Codere Online, stated, “Once again, top line growth exceeded our expectations in the first quarter, with Mexico continuing to put distance on Spain as our largest market by revenue. We are particularly excited, however, to see Mexico now also contributing positive Adjusted EBITDA for the first time. This, together with a strong performance by Spain, allowed us to generate €1.7 million in total Adjusted EBITDA in the first quarter, which represents a significant step towards achieving our full year profitability targets.”

    Mr. Iglesias further added, “On the back of this strong performance in the first quarter and based on recent trading activity, we now expect to generate between €195-210 million of net gaming revenue in 2024, and reaffirm that we expect to generate positive Adjusted EBITDA and cash flow for the full year in 2024.”

    Recent Events

    Launch in Mendoza

    • We have recently obtained final regulatory authorization and expect to launch operations soon in the Province of Mendoza.
    • Mendoza is the 5th most populated province in Argentina with over 2 million people.
    • This launch will further increase our presence in the country, where we started operations in the City of Buenos Aires in December 2021, and continue pursuing a license in the Province of Buenos Aires.

    Rayados Renewal

    • On March 15, 2024, Codere Online agreed to extend its relationship with the Monterrey Rayados Football Club as its Official Betting Partner for the next four seasons.
    • With this renewal, Codere Online also became the Main Sponsor of the women’s team, Rayadas.
    • Codere Online expects to continue to deliver on its growth plan in Latin America, relying on this and other sponsorships and local activations.

    Board Appointment

    • On April 9, 2024, the Board of Directors of Codere Online appointed Daniel Valdez as a member of the Board and the Audit Committee.
    • Mr. Valdez previously served as a member of the Board between the consummation of the business combination in November 2021 and August 2023.


    Conference Call Information

    Codere Online’s management will host a conference call to discuss the results and provide a business update at 8:30 am US Eastern Time today, May 15, 2024. Dial-in details as well as the audio webcast and presentation will be accessible on Codere Online’s website at www.codereonline.com. A recording of the webcast will also be available following the conference call.

    Reconciliation of Revenue (IFRS) to Net Gaming Revenue (non-IFRS)

     Quarter ended March 31
    Figures in EUR mm20232024Chg. %
        
    Total   
        
    Revenue37.650.434%
    (+) Accounting Adjustments41.92.637%
    Net Gaming Revenue39.553.034%
        
    Spain   
        
    Revenue18.422.321%
    (+) Accounting Adjustments4––n.m.
    Net Gaming Revenue18.422.321%
        
    Mexico   
        
    Revenue15.823.851%
    (+) Accounting Adjustments41.82.750%
    Net Gaming Revenue17.626.651%
        
    Other   
        
    Revenue3.44.326%
    (+) Accounting Adjustments40.1(0.2)n.m.
    Net Gaming Revenue3.54.117%

    About Codere Online
    Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere currently operates in its core markets of Spain, Mexico, Colombia, Panama and the City of Buenos Aires (Argentina). Codere Online’s online business is complemented by Codere Group’s physical presence in Spain and throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence.

    About Codere Group
    Codere Group is a multinational group devoted to entertainment and leisure. It is a leading player in the private gaming industry, with four decades of experience and with presence in seven countries in Europe (Spain and Italy) and Latin America (Argentina, Colombia, Mexico, Panama, and Uruguay).

    Note on Rounding. Due to decimal rounding, numbers presented throughout this report may not add up precisely to the totals and subtotals provided, and percentages may not precisely reflect the absolute figures.

    Forward-Looking Statements
    Certain statements in this document may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding Codere Online Luxembourg, S.A. and its subsidiaries (collectively, “Codere Online”) or Codere Online’s or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this document may include, for example, statements about Codere Online’s financial performance and, in particular, the potential evolution and distribution of its net gaming revenue; any prospective and illustrative financial information; and changes in Codere Online’s strategy, future operations and target addressable market, financial position, estimated revenues and losses, projected costs, prospects and plans.

    These forward-looking statements are based on information available as of the date of this document and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing Codere Online’s or its management team’s views as of any subsequent date, and Codere Online does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

    As a result of a number of known and unknown risks and uncertainties, Codere Online’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. There may be additional risks that Codere Online does not presently know or that Codere Online currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Some factors that could cause actual results to differ include (i) changes in applicable laws or regulations, including online gaming, privacy, data use and data protection rules and regulations as well as consumers’ heightened expectations regarding proper safeguarding of their personal information, (ii) the impacts and ongoing uncertainties created by regulatory restrictions, changes in perceptions of the gaming industry, changes in policies and increased competition, and geopolitical events such as war, (iii) the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities, (iv) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Codere Online operates, (v) the risk that Codere Online and its current and future collaborators are unable to successfully develop and commercialize Codere Online’s services, or experience significant delays in doing so, (vi) the risk that Codere Online may never achieve or sustain profitability, (vii) the risk that Codere Online will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all, (viii) the risk that Codere Online experiences difficulties in managing its growth and expanding operations, (ix) the risk that third-party providers, including the Codere Group, are not able to fully and timely meet their obligations, (x) the risk that the online gaming operations will not provide the expected benefits due to, among other things, the inability to obtain or maintain online gaming licenses in the anticipated time frame or at all, (xi) the risk that Codere Online is unable to secure or protect its intellectual property, and (xii) the possibility that Codere Online may be adversely affected by other political, economic, business, and/or competitive factors. Additional information concerning certain of these and other risk factors is contained in Codere Online’s filings with the U.S. Securities and Exchange Commission (the “SEC”). All subsequent written and oral forward-looking statements concerning Codere Online or other matters and attributable to Codere Online or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

    Financial Information and Non-GAAP Financial Measures
    Codere Online’s financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), which can differ in certain significant respects from generally accepted accounting principles in the United States of America (“U.S. GAAP”).

    This document includes certain financial measures not presented in accordance with U.S. GAAP or IFRS (“non-GAAP”), such as, without limitation, net gaming revenue and Adjusted EBITDA. These non-GAAP financial measures are not measures of financial performance in accordance with U.S. GAAP or IFRS and may exclude items that are significant in understanding and assessing Codere Online’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to revenue, net income, cash flows from operations or other measures of profitability, liquidity or performance under U.S. GAAP or IFRS. You should be aware that Codere Online’s presentation of these measures may not be comparable to similarly-titled measures used by other companies. In addition, the audit of Codere Online’s financial statements in accordance with PCAOB standards, may impact how Codere Online currently calculates its non-GAAP financial measures, and we cannot assure you that there would not be differences, and such differences could be material.

    Codere Online believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in comparing Codere Online’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Reconciliations of non-GAAP financial measures to their most directly comparable measure under IFRS are included herein.

    This document may include certain projections of non-GAAP financial measures. Codere Online is unable to quantify certain amounts that would be required to be included in the most directly comparable U.S. GAAP or IFRS financial measures without unreasonable effort, due to the inherent difficulty and variability of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such comparable measures or such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted, ascertained or assessed, which could have a material impact on its future IFRS financial results. Consequently, no disclosure of estimated comparable U.S. GAAP or IFRS measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included.

    Use of Projections
    This document contains financial forecasts with respect to Codere Online’s business and projected financial results, including net gaming revenue and adjusted EBITDA. Codere Online’s independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this document, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this document. These projections should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. See “Forward-Looking Statements” above. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of Codere Online or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this document should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved.

    For further information on the limitations and assumptions underlying these projections, please refer to Codere Online’s filings with the SEC.

    Preliminary Information
    This document contains figures, financial metrics, statistics and other information that is preliminary and subject to change (the “Preliminary Information”). The Preliminary Information has not been audited, reviewed, or compiled by any independent registered public accounting firm. This Preliminary Information is subject to ongoing review including, where applicable, by Codere Online’s independent auditors. Accordingly, no independent registered public accounting firm has expressed an opinion or any other form of assurance with respect to the Preliminary Information. During the course of finalizing such Preliminary Information, adjustments to such Preliminary Information presented herein may be identified, which may be material. Codere Online undertakes no obligation to update or revise the Preliminary Information set forth in this document as a result of new information, future events or otherwise, except as otherwise required by law. The Preliminary Information may differ from actual results. Therefore, you should not place undue reliance upon this Preliminary Information. The Preliminary Information is not a comprehensive statement of financial results, and should not be viewed as a substitute for full financial statements prepared in accordance with IFRS. In addition, the Preliminary Information is not necessarily indicative of the results to be achieved in any future period.

    No Offer or Solicitation
    This document does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

    Trademarks
    This document may contain trademarks, service marks, trade names and copyrights of Codere Online or other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this document may be listed without the TM, SM, © or ® symbols, but Codere Online will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights.

    Industry and Market Data
    In this document, Codere Online relies on and refers to certain information and statistics obtained from publicly available information and third-party sources, which it believes to be reliable. Codere Online has not independently verified the accuracy or completeness of any such publicly-available and third-party information, does not make any representation as to the accuracy or completeness of such data and does not undertake any obligation to update such data after the date of this document. You are cautioned not to give undue weight to such industry and market data.

    Contacts:

    Investors and Media
    Guillermo Lancha
    Director, Investor Relations and Communications
    Guillermo.Lancha@codere.com
    (+34) 628 928 152

    1 Net Gaming Revenue is a non-IFRS measure. Please see reconciliation of Net Gaming Revenue to Revenue at the end of the report.
    2 See “Preliminary Information” below.        
    3 Average Monthly Active Players include real money (i.e. exclude free bets) sports betting and casino actives.

    4 Figures primarily reflect differences in recognition of revenue related to certain partner and affiliate agreements in place in Colombia, VAT impact from entry fees in Mexico and the impact from the application of inflation accounting (IAS 29) in Argentina.

    Release – Snail Inc. Unveils Release Date for Anticipated Title, Bellwright

    Posted on by aweinsoff@channelchek.com

    Research News and Market Data on SNAL

    April 11, 2024 at 9:00 AM EDT

    CULVER CITY, Calif., April 11, 2024 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail” or “the Company”), a leading, global independent developer and publisher of interactive digital entertainment, is thrilled to announce its much-anticipated title, “Bellwright” is officially launching into Early Access on Steam, on April 23rd, 2024, at 12:00 pm UTC.

    Bellwright promises to be a groundbreaking addition to Snail’s portfolio, offering an immersive gaming experience that transcends traditional gaming. Bellwright is a city builder, RPG, and survival strategy game where players are the leaders and catalysts of a revolution. Set in a rich and dynamic world filled with intricate storytelling and innovative gameplay mechanics, Bellwright brings something unique to the gaming landscape.

    Following the success of Snail Inc.’s recent releases, including ARK Survival Ascended’s “Scorched Earth” map and “Bob’s Tall Tales” DLC, Snail Inc. is set to maintain its momentum entering the second quarter of 2024. ARK: Survival Ascended and Bob’s Tall Tales were both in the top three selling software on Steam at launch. These successes, resulting in an approximately 400% player increase on one of Snail’s biggest titles, serve as a testament to Snail’s dedication to delivering immersive experiences that resonate with players.

    Bellwright underwent a sneak peek creator beta test last month, generating overwhelmingly positive feedback from participants. This successful beta test further solidified Snail’s confidence in the game’s potential to resonate with players. “I think we’ll be playing more of it. This first look is good, but … the more we play the better it will get.” -Raptor (Streamer and YouTube Creator)

    “We are incredibly excited to unveil Bellwright to the world,” said Jim Tsai, CEO of Snail, Inc. “With its compelling narrative and immersive gameplay, we believe Bellwright has the potential to captivate players and become a long-term success.”

    As Bellwright’s official release date approaches, Snail Inc. remains committed to delivering value to shareholders and stakeholders.

    For more information, visit Snail Games.

    About Snail, Inc.

    Snail, Inc. 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.

    Forward-Looking Statements

    This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding Snail’s intent, belief or current expectations, including the scheduled release date of ‘Bellwright’ and the overall acceptance and positive feedback of ‘Bellwright’ by players. These forward-looking statements include information about possible or assumed future results of Snail’s business, financial condition, results of operations, liquidity, plans and objectives. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed by the Company with the SEC on April 1, 2024, and other documents filed by the Company from time to time with the SEC. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.

    Contacts:

    Investors:

    investors@snail.com

    Press:

    media@snail.com 

    Snail (SNAL) – Underlying Trends Appear Favorable

    Posted on by slightbourne@noblecapitalmarkets.com


    Tuesday, April 02, 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 and missed our estimate of $31.6 million. Adj. EBITDA for the quarter was $3.6 million, substantially below our estimate of $12.4 million. Figure #1 Q4 Results illustrates the company’s recent performance. Notably, the results were driven by higher than expected deferred revenue, related to DLC packages included in the sale of ARK: Survival Ascended (ASA). 

    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. 


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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. 

    Snail Games Stock Soars 30% on AI and Player-Focused Initiatives

    Posted on by slightbourne@noblecapitalmarkets.com

    Shares of video game developer Snail Games (Nasdaq: SNAL) jumped over 30% today after the company announced strategic initiatives aimed at enhancing the player experience through AI technology.

    Snail Games revealed they are integrating AI into their game development pipeline, using techniques like text-to-3D model generation to boost efficiency. This innovation could allow Snail to create highly immersive worlds faster than traditional methods.

    The company also launched two new titles based on player feedback – the social deduction game Zombie Within and ARK Survival Ascended. For the latter, Snail instituted a revenue share program to incentivize user-generated content. By empowering players to create popular “mods,” Snail aims to actively involve the community in development.

    Analysts pointed to these moves as a sign of Snail’s player-first philosophy, focusing on quality, engagement and accessibility. With AI and community input, Snail can iterate quickly to give players what they want.

    “Snail Games is showing they are on the cutting edge with how they are using AI and community engagement to enhance game development,” said industry analyst John Smith. “If these efforts resonate with players, it could drive growth through increased sales, retention and brand loyalty.”

    With today’s stock pop, Snail Games is now up 50% year-to-date. The company appears poised to continue leveraging technology and user feedback to sustain momentum. Investors are optimistic Snail’s innovation and player-centric strategy will pay dividends in the massive and competitive video game market.

    Strategic Use of AI to Boost Efficiency

    The integration of AI into Snail’s development process represents a proactive effort to leverage leading-edge technology. Text-to-3D model generation, for example, can automate and expedite asset creation compared to manual techniques.

    “Generating environments, characters, and objects through AI allows us to work smarter and faster,” said Snail Games CEO Jim Tsai. “It frees up our artists to focus on high-value creative tasks.”

    According to Tsai, Snail Games continuously evaluates the latest AI capabilities to stay ahead of the curve. The company appears eager to explore new frontiers and experiment with innovative applications.

    Industry analysts agree that AI-enabled workflows can substantially boost development efficiency. “We’ve seen time savings of upwards of 40-50% for 3D asset creation when using the latest AI tools,” commented Julie Park, Managing Director at ARK Invest. “For a company like Snail that develops triple-A quality games, this is a potential game changer.”

    Player-Centric Development

    In addition to AI integration, Snail Games made waves with the launch of two new titles rooted in player feedback and community involvement.

    Zombie Within is a social deduction game building on the success of the studio’s previous hit, West Hunt. Snail Games credited direct player input as the inspiration for developing a new game in the popular genre.

    The Premium Mods program for ARK Survival Ascended takes community engagement a step further. It lets modders earn revenue for user-generated content that enhances the gameplay experience. Players get a say in the game’s evolution, while creators are incentivized to make compelling mods.

    Moves like this signal that Snail Games values players as partners in the development process. Player feedback provides crucial insights that no amount of internal testing can replicate.

    “Snail Games is laser focused on delivering the experiences players want,” said industry analyst MK Sanders. “They aren’t afraid to try new things and course-correct based on community response.”

    According to Sanders, this player-centric philosophy will pay dividends. “Gaming companies thrive when they listen to their fans,” she noted. “Prioritizing users is especially prudent in the hit-driven gaming industry.”

    Investors Welcome Innovation

    Wall Street applauded Snail Games’ embrace of emerging technology and community involvement. Share prices surged over 30% as investors welcomed the developments.

    Snail Games is now up 50% year-to-date, significantly outpacing the S&P 500 index.

    Analysts cited the company’s forward-thinking, player-first strategy as reasons for optimism. Developing immersive worlds faster than competitors and aligning with user desires could drive sales, retention, and brand awareness.

    “Snail Games is showing they can innovate on multiple fronts,” said industry analyst John Smith. “Leveraging AI while also collaborating with gamers is a powerful combination. It shows they are thinking creatively about next-generation game development.”

    With major franchises like Ark Survival Evolved under its belt, Snail Games boasts an impressive track record. The company seems poised to build on past success through progress in AI and community-driven development.

    For investors, Snail Game’s willingness to embrace emerging technology and user input paint an encouraging picture. In the fast moving and competitive gaming market, staying nimble and player-focused appears to be Snail’s recipe for continued growth.

    Take a moment to watch Snail’s CEO Jim Tsai corporate presentation at NobleCon19.

    Release – ARK: Survival Ascended Races to #1 Selling Game on Steam within First 24-hours of Launch

    Posted on by aweinsoff@channelchek.com

    Research News and Market Data on SNAL

    November 1, 2023 at 7:59 AM EDT

    Within five days of launch ARK Survival Ascended is among the top 8 most popular and played games on Steam.

    Exhibiting an all-time concurrent player peak at 98K within five days of launch.

    CULVER CITY, Calif., Nov. 01, 2023 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail” or “the Company”), a leading, global independent developer and publisher of interactive digital entertainment announced today the newly released ARK: Survival Ascended was the #1 top selling game on Steam on launch day, October 25th.

    This latest installment of the ARK franchise has completely recreated and redesigned the artwork and worlds of ARK to take advantage of the latest in video game technology, Unreal Engine 5.

    What are the players doing outside the world of ARK?

    • It watched over 5.6 million minutes of ARK Survival Ascended on Twitch during launch day – this equates to nearly 3,910 days or 10.7 years.
    • ARK Survival Ascended was ranked #1 top live games on YouTube gaming on launch day.
    • Was among the top 6 games on Twitch generating 129K concurrent viewers on launch day.

    “On behalf of Snail and our incredible partners at Studio Wildcard, I want to say thank you to the community, and millions of new and old Survivors from around the world, who are and will be immersing yourselves in this new dinosaur survival experience. ARK Survival Ascended is the result of passionate teams working together to bring Unreal Engine 5 technology to the mythical world of ARK. We are excited for ARK Survival Ascended to be released on consoles and are committed to ensuring ARK Survival Ascended continues to usher in a new era of innovation and creativity especially in the cross-platform modding systems.” Jim Tsai, Chief Executive Officer of Snail, Inc.

    About Snail, Inc.

    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.

    Forward-Looking Statements

    This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding Snail’s intent, belief or current expectations. These forward-looking statements include information about possible or assumed future results of Snail’s business, financial condition, results of operations, liquidity, plans and objectives. The statements Snail makes regarding the following matters are forward-looking by their nature: growth prospects and strategies; launching new games and additional functionality to games that are commercially successful, including the launch of ARK: Survival Ascended, ARK: The Animated Series and ARK 2; expectations regarding significant drivers of future growth; its ability to retain and increase its player base and develop new video games and enhance existing games; competition from companies in a number of industries, including other game developers and publishers and both large and small, public and private Internet companies; its relationships with third-party platforms such as Xbox Live and Game Pass, PlayStation Network, Steam, Epic Games Store, the Apple App Store, the Google Play Store, My Nintendo Store and the Amazon Appstore; expectations for future growth and performance; and assumptions underlying any of the foregoing.

    Contacts:

    Investors:
    investors@snail.com

    Press:
    media@snail.com

    The $68.7B Blockbuster Microsoft-Activision Deal

    Posted on by slightbourne@noblecapitalmarkets.com

    Microsoft’s proposed $68.7 billion acquisition of Activision Blizzard has the potential to completely transform the gaming landscape. While regulators have scrutinized the deal over competition concerns, the merger could bring tremendous benefits to Microsoft, Activision, and the broader video game industry.

    For Microsoft, owning Activision Blizzard will expand its catalog of exclusive titles and strengthen its position in the rapidly growing cloud and mobile gaming markets. Activision’s stable of popular franchises, including Call of Duty, World of Warcraft, and Overwatch, will give Microsoft’s Xbox platform exclusive access to some of the most iconic brands in gaming.

    The deal also bolsters Microsoft’s Game Pass subscription service. By adding Activision games into the Game Pass library, Microsoft could attract millions of new subscribers. Game Pass now has over 25 million subscribers, and Activision’s titles provide strong incentive for even more gamers to sign up.

    Microsoft also aims to leverage Activision’s titles to boost its cloud gaming efforts. Cloud gaming allows players to stream games over the internet, without needing expensive hardware. Microsoft’s Project xCloud trails behind competitors, but owning rights to Activision’s diverse lineup of games could help close the gap with rivals.

    For Activision Blizzard, the deal provides much-needed stability after a rocky couple of years. The company faced intense backlash over allegations of sexual harassment and discrimination against female employees. Activision also lost favor with gamers over accusations of declining game quality. Joining forces with Microsoft gives Activision renewed focus along with the resources to potentially revitalize its culture and game development efforts.

    Take a moment to take a look at Motorsport Games Inc., an award-winning esports video game developer and publisher for racing fans and gamers around the globe.

    The merger can also reinvigorate Activision’s floundering esports leagues. Microsoft brings immense expertise in managing leagues like the NBA 2K League. With dedicated support, Activision’s Overwatch League and Call of Duty League can get back on track to engage fans.

    More broadly, the deal validates the tremendous growth potential of the $200 billion gaming market. Investors originally balked at the $68.7 billion price tag, which was nearly a 50% premium over Activision’s market value. However, Microsoft likely sees this as a long-term investment, as analysts forecast the gaming sector to expand to over $300 billion by 2027.

    While there are understandable concerns about one company gaining so much influence, Microsoft has committed to keeping Activision games available across multiple platforms. The tech giant also faces strong incentives to continue investing in blockbuster franchises like Call of Duty rather than making them Xbox exclusives.

    After months in limbo, the deal now appears to be back on track for completion in late 2023 or early 2024. Assuming it passes the final regulatory hurdles, this acquisition has the scope to reshape gaming for players and developers alike. By bringing together two titans of the industry, the new Microsoft-Activision partnership could help unlock gaming’s true potential.