East Side Games Group Reports Second Quarter 2024 Financial Results
-
Revenue of
$20.5M in Q2 2024 and$41.3M Year to Date -
A-EBITDA of
$2.5M in Q2 2024 and$6.6M Year to Date -
Cheech and Chong's:
Kush Kingdom launched worldwide -
POWER RANGERS:
MIGHTY FORCE soft-launched in select territories
The Company is pleased to announce its Q2 results with a revenue of
ESGG has demonstrated a robust focus on sustaining the success of its long-tail games while strategically investing in new launches across both idle and match games. Significant investments were made in enhancing existing titles, notably
The successful launch of Cheech and Chong's:
Another notable recent achievement was the historic brand crossover event between Star Trek Lower Decks: Mobile and Doctor Who: Lost in Time. This epic collaboration resulted in ESGG's highest revenue day since the end of the pandemic lockdowns and set a new record for Doctor Who: Lost in Time. The event generated substantial excitement on social media, showcasing strong engagement and interest from our community. Encouraged by this success, ESGG is already planning additional brand crossover events within its diverse portfolio of titles.
Looking ahead to Q3, ESGG is excited about the worldwide launch of POWER RANGERS
"Our team delivered another strong quarter with continued stability through the first half of the year. We grow stronger every quarter as we increase our cash balance, diversify our portfolio, invest heavily in our future, and, most importantly, build a strong base of knowledge and experience, which will allow us to dominate new genres with exceptional IP game launches," said
Three Months Ended
- For the quarter ended
June 30th, 2024 , revenue was$20.5M . - Q2 2024 a-EBITDA of
$2.5M and 12% a-EBITDA margin. - Cashflow for the Company for the quarter ended
June 30, 2024 increased by$350k , ending at$7.6M . - Daily Active Users in Q2 were 229k, with an ARPDAU of
$0.98 - On
November 14, 2023 , the Company announced a renewal of its Normal Course Issuer Bid ("NCIB") authorizing the Company to purchase 4,076,819 of its shares. ThroughJune 30, 2024 , the Company purchased 1,430,419 shares at an average price of$0.77 . The company continues to buy back stock as restrictions allow.
Certain information provided in this news release is extracted from the consolidated financial statements (the "Financial Statements") and Management's Discussion & Analysis ("MD&A") of the Company for the quarter ended
Webcast and Conference Call Information
The Company will hold a conference call to discuss its performance with the investment community at
https://eastsidegamesgroup.com/investors/financial-information/.
Webcast and Conference Call Details:
Webcast URL: |
|
Toll Free Dial-In Number: |
+1 (800) 717-1738 |
Local Dial-In Number: |
+1 (289) 514-5100 |
Conference ID: |
63202 |
A replay will be available by dialing +1 (888) 660-6264 or +1 (289) 819-1325 and entering passcode 63202#.
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Forward-looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the proposed transactions described herein. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including factors beyond the Company's control. These forward-looking statements are made as of the date of this news release.
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