BoomBit Group financial results for Q3 2021
- Record level of revenue from games*: USD 45.2M in Q1-Q3 2021
- Dynamic development of all 3 business lines
- USD 14.8M revenue in Q3 2021, second best quarter in history
- Adjusted net profit increased 40% from USD 0.6M in Q3 2020 to USD 0.9M in Q3 2021
- Cash increased 148% from USD 3.6M at the end of Q3 2020 to USD 9.0M at the end of Q3 2021
- 177.8M downloads in Q1-Q3 2021, reaching 1B lifetime downloads
BoomBit, one of the fastest growing mobile gaming companies, summarizes Q3 2021.
– We are satisfied with the results achieved due to the consistent implementation of our strategy based on three pillars of diversified revenues. We keep revenues from games at a stable and high level, and in six months this year we exceeded USD 5 million in gaming revenues. At the end of the third quarter of 2021, we exceeded the symbolic barrier of 1 billion downloads of our games in the history of the Group, which is a great reason for us to be proud and a lot of satisfaction with how the BoomBit Group works and develops. An important event for our shareholders was the payment of PLN 3.2M in dividend advance from the profit for 2021. We are optimistic about the coming months. We are a globally recognized brand on the gaming market, we dynamically increase our results and have diversified sources of income based on three business lines, within which we are intensively working on new games. We see further development opportunities for the BoomBit Group and we do not stop at taking actions that enable us to achieve this goal – says Marcin Olejarz, Co-CEO of BoomBit S.A.
In Q1-Q3 2021 the revenues from games of the BoomBit Group amounted to USD 45.2M (+68% y/y), and in Q3 USD 14.8M (+55% y/y), which is the second best result in history of the Group, after the record-breaking Q2 2021. First of all, the revenues generated by Hyper-Casual games increased, which account for over 60% of the Group’s revenues and are monetized primarily through advertising. Ad revenue increased by 66% y/y, while micropayments increased by 20% y/y, mainly due to Hunt Royale.
In Q3 2021, the Group had USD 1.9M adjusted EBITDA (+8% y/y) and the adjusted net profit amounted to USD 0.9M (+40% y/y).
In Q3 2021, the BoomBit Group allocated USD 8,4M for investments in User Acquisition, which means that the expenses were lower by nearly USD 2.5M compared to Q2 2021. As in previous quarters, most of the marketing campaigns concerned Hyper-Casual games (over USD 6M), which accounted for approx. 75% of total expenditure on User Acquisition. The remaining USD 2M was invested in scaling the Mid-Core games, mainly in Hunt Royale.
The number of downloads of the BoomBit Group amounted to 177.8M in Q1-Q3 2021, and at the end of Q3 2021, the total number of game downloads in the history of the BoomBit Group exceeded the 1B threshold. This year, the Group released 22 games for iOS and Android platforms, prepared by all 3 business lines, including 20 Hyper-Casual titles (incl. Shoe Race, Make It Fly, SuperHero Race, Kiss in Public, Construction Ramp Jumping) and 2 Mid-Core games (incl. Hunt Royale).
– Our recent results show that the BoomBit strategy is bringing the expected results. BoomHits and Joint Ventures are doing really well. BoomHits is still our investment startup, but already having its first publishing successes, and at the same time it is a well-functioning vehicle to create Joint Ventures with the best studios. This year, we have already established two JVs with studios responsible for the best games released by BoomHits: PlayEmber with ADC Games, the creator of Hyper Cards and SuperHero Race, and Skyloft with Cappuccino, who is responsible for Shoe Race. Developing our publishing activity, we invest heavily in searching and cooperation with studios from around the world. Our assumption is that it will translate into better results in the future and further development of the Group – adds Hannibal Soares, Co-CEO of BoomBit S.A.
*Including revenue from soft launch, which according to Groups’ accounting policy are capitalised as development costs.