East Side Games Group Reports First Quarter 2024 Financial Results
-
Revenue of
$20.8M in Q1 2024 -
A-EBITDA of
$4.1M in Q1 2024 - Launched AEW: Rise to the Top
-
Cash Balance increased to
$7 .25M
The Company is delighted to announce a strong start to 2024, with revenue of
Notably, the first quarter also marked the worldwide release of the IdleKit-based mobile game 'AEW: Rise to the Top'. This has set the stage for an exciting year ahead for ESGG within the idle genre as well as new MatchKit-based games. In '23, ESGG launched the Match-3 game, 'Bud Farm Munchie Match', which exceeded industry standards with over 60% Day-One player engagement and Day-Thirty retention exceeding 15%. Building on its success, ESGG has now launched 'Cheech & Chong's:
ESGG is also thrilled to announce its collaboration with HASBRO on the upcoming mobile game 'Power Rangers
ESGG remains dedicated to creating compelling IP-driven games that resonate with engaged and passionate audiences.
Three Months Ended
- For the quarter ended
March 31, 2024 , revenue was$20.8M . - Q1 2024 a-EBITDA of
$4.1M and 19.65% A- EBITDA Margin. - Cashflow for the Company for the quarter ended
March 31, 2024 increased by$2.05M , ending at$7.25M . - Daily Active Users in Q1 were 228k, with an ARPDAU of
$0 .99 - 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. ThroughMarch 31, 2024 , the Company purchased 1,258,019 shares at an average price of$0.76 . 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: https://onlinexperiences.com/Launch/QReg/ShowUUID=85ACACE9-1D4D-4A2C-B157-C763D7FF9BE9&LangLocaleID=1033
Toll Free Dial-In Number: +1 (800) 717-1738
Local Dial-In Number: +1 (289) 514-5100
Conference ID: 15180
A replay will be available by dialing +1 (888) 660-6264 or +1 (289) 819-1325 and entering passcode 15180#.
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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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