The East Side Games Group (TSX: EAGR) (OTC: EAGRF) (“ESGG” or “Company”) today announced its first quarter financial results ending March 31, 2022. Unless otherwise stated, all amounts are displayed in Canadian dollars on an IFRS basis.
“The first quarter was another record quarter for ESGG as we saw growth from the latest hit titles. RuPaul’s Drag Race Superstar, Launched to October 25, 2021 .. This game has become the best performing title ever. This property has an international reach and an enthusiastic fan base. It’s featured in the app store as Apple’s “Game of the Day,” as well as another featured game list on both iOS and the Google Play store. We continue to market and grow this game and will continue to contribute to growth and ultimately EBITDA over the next few years. ” Jason Bailey ESGG’s newly appointed CEO.
“Office: Somehow we manage, Launched in late January of this year in partnership with Universal Games and Digital Platforms, we are also a star in our growth portfolio. We plan to make a substantial investment in the game in the second and third quarters, “Bailey continued.
“Our core portfolio of active titles also ran this quarter. These titles continued to be EBITDA drivers. The Foundation is paying for new title development, GameKit R & D, and operational cash flow. “Given the slate of the titles we plan to launch this year and early 2023, we expect growth-focused and large investments to lower short-term EBITDA,” Bailey said. We believe that current growth will generate significantly greater cash flow. As these titles mature and become a very attractive use of shareholders’ equity, they will become a stream. Consider our strong balance sheet. We can then take advantage of our existing liquidity and raise sufficient funds to achieve significant organic growth in 2022/2023 without access to the equity capital market. Since its inception, we have never been so enthusiastic about the future-looking growth prospects of the East Side. ”
Highlights of the first quarter of 2022:
● Revenue $ 35.6 million 55% increase in revenue for the first quarter of 2021 $ 23 million And it is 24% higher than the fourth quarter of 2021.
● Company cash March 31, 2022 was $ 6.2 million compared to $ 9.2 million so December 31, 2021 ..
● Earned milestones have been achieved and paid as follows: $ 10 million With cash $ 10 million In stock according to the stock purchase contract.
● In the first quarter of 2022, we will open the credit line of the bank. $ 3.5 million To $ 7.1 million Overall credit line $ 17.1 million ..so March 31, 2022 The company had $ 1.9 million In debt.
● Adjusted EBITDA for the first quarter $ 3 million ..
● First quarter net income $ 500,000 Also $ 0.01 Based on common stock.
● Daily Active Users (DAU) increased 47% year-on-year to 407,222 in the first quarter, and Monthly Active Users (MAU) recorded a player audience of 1,751,205, up 74% over the same period.
● Acquisition Funko Pop!Blitz N3TWORK mobile game.
● Expanded partnership with Mighty Kingdom. Australia For mobile games based on 3 additional game kits.
● We have added four new genres, Merge, Match, Blitz, and Master, to the core offering of the game kit, and have signed partnership development contracts for each.
Subsequent important events March 31 2022:
● 2011, Co-founder and former CEO of East Side Games, Chief Executive Officer, Chairman of the Board, Jason Bailey ,Succeeded Darcy Taylor As Chief Executive Officer of ESGG.
● Announced that Dragon Up mobile games will only be playable on Netflix May 2022 ..
The specific information provided in this news release has been extracted from our consolidated financial statements (“Financial Statements”) and management discussions and analysis (“MD & A”) over the last three months. March 31, 2022 You need to read along with them. Investors can properly analyze this information only in the context of the wealth of information and disclosure contained in financial statements and MD & A. Financial statements and MD & A are under the company’s profile on SEDAR and EDGAR.
Webcast and conference call information
We hold conference calls to discuss our performance with the investment community. 2:00 pm PT today. Related revenue release materials can be found on the East Side Games Group website. https://eastsidegamesgroup.com/investors/financial-information/ ..
Webcast and conference call details:
Webcast URL: https://app.webinar.net/Xy9WDqkl1O6
Toll-free number: +1 (888) 440-2009
International dial-in number: +1 (438) 803-0546
Meeting ID: 8631585
Replays will be available below 6:30 am PT May 13, 2022 Until then June 12, 2022 Dial +1 (800) 770-2030 or +1 (647) 362-9199 and enter the conference ID 8631585.
About East Side Game Group
East Side Games Group (formerly known as “LEAF Mobile Inc.”) is the leading mobile gaming group that can be played for free. Through its unique game kit software platform, creators can provide a memorable mobile gaming experience that captivates players every day. We publish a diverse portfolio of original and licensed IP mobile games, including: Office: For some reason we manage, RuPaul Drag Racing Superstar, Badminton Idol Tycoon, Cheech & Chongbad Farm It’s always sunny: Gangsters will be mobile, Trailer Park Boys Gee Money And other IP-based and fully owned properties.
Additional information about us will continue to be available under its official name, LEAF Mobile Inc. www.sedar.com ..
Information about future prospects
The specific statements in this release are forward-looking statements and reflect management’s expectations regarding the proposed transactions described here. Forward-looking statements consist of statements that are not purely historical, including statements about future beliefs, plans, expectations, or intentions. Such statements are subject to risks and uncertainties where actual results, performance, or development may differ materially from those contained in the statements. There is no guarantee that the forward-looking statements will cause or will benefit from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates, and assumptions that may turn out to be inaccurate. Due to many risks and uncertainties, our actual results may differ materially from those expressed or implied by forward-looking statements, including factors beyond our control. These forward-looking statements have been made as of the date of this news release.
Source East Side Game Group
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