East Side Games Group (TSX:EAGR) (OTC:EAGRF) Reports First Quarter 2022 Financial Results Including Record Revenue
- East Side Games Group announced record revenue of $35.6 million for the first quarter of 2022
- The Company achieved several milestones during the first quarter, including reaching record daily and monthly active users across its game portfolio
- Other highlights include the acquisition of the Funko Pop! Blitz mobile game and an expanded partnership with Australian company Mighty Kingdom
- East Side Games Group, formerly LEAF Mobile, is a leading free-to-play mobile game group
- Shares in East Side Games Group are trading at CA$2.16 per share on the TSX and US$1.67 per share on the OTCQB
East Side Games Group has announced its financial results for the first quarter of 2022, reporting record revenue at $35.6 million.
The quarterly revenue represents a 55% increase compared to Q1 2021 and is 24% higher compared to Q4 of the previous year. The Company ended the quarter with $6.2 million in cash compared to $9.2 million at the end of Q4 2021, and reported adjusted EBITDA of $3.0 million.
“Q1 was another record quarter for ESGG as we saw growth from our latest hit title, RuPaul’s Drag Race Superstar,” said East Side Games Group’s newly appointed CEO Jason Bailey.
“Our core portfolio of active titles also performed over the quarter,” he added. “These titles continued to be EBITDA drivers. This foundation is paying for the development of new titles, GameKit R&D, as well as operational cash flow.”
The Company achieved several milestones during the first quarter, including reaching a record player audience with 407,222 daily active users and over 1.75 million monthly active users as of March 31, 2022.
East Side also added new games to its lineup, acquiring the Funko Pop! Blitz mobile game from N3TWORK and expanding its partnership with Australian company Mighty Kingdom for three additional Game Kit based mobile games.
Since the end of the first quarter, the Company has announced a new game, the Dragon Up Mobile Game, which will be available to play exclusively on Netflix in May 2022.
East Side Games Group, formerly LEAF Mobile, is a leading free-to-play mobile game group, creating engaging games that produce enduring player loyalty.
The Company’s growing portfolio of original and licensed mobile games includes its latest titles RuPaul’s Drag Race Superstar and The Office: Somehow We Manage. These and other games are available worldwide on the App Store and Google Play.
Shares in East Side Games Group are trading at CA$2.16 per share on the TSX and US$1.67 per share on the OTCQB.
To learn more about East Side Games Group and its portfolio, visit the Company’s website. To read the full press release, click here.
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