Business
East Side Games Group Reports Second Quarter 2023 Financial Results
East Side Games Group Reports Second Quarter 2023 Financial Results Canada NewsWire ...
About this update from East Side Games Group Inc
[{"type":"text","content":"\n \n \n \n East Side Games Group Reports Second Quarter 2023 Financial Results\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n Revenue of\n \n $21.3M\n \n in Q2 2023\n \n \n \n \n A-EBITDA of\n \n $2.5M\n \n in Q2 2023\n \n \n \n \n New C-Suite delivers on cost optimizations\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Aug. 10, 2023\n \n \n /CNW/ - East Side Games Group (TSX: EAGR) (OTC: EAGRF) (\"\n \n ESGG\n \n \" or the \"\n \n Company\n \n \"), today announced financial results for the second quarter ended\n \n June 30th, 2023\n \n . All amounts are stated in Canadian dollars on an IFRS basis unless otherwise indicated.\n \n \n \n \n \n \n \n \n \n The Company is continuing a strong 2023 with revenue of\n \n $21\n \n .3 million and\n \n A-\n \n EBITDA of 11.8%. This brings H1 of 2023 to\n \n $45.6\n \n million revenue and\n \n $5.1 million\n \n A-EBITDA. Q2 saw no new game releases but heavy investment in our pipeline of new titles. ESGG has seven LiveOps titles which generate 95% of our revenue with no one title comprising more than 25%. We have six titles in active development which are slated for worldwide launch in the next year, as well as several projects with longer time horizons.\n \n \n \n Three months ended\n \n June 30th, 2023\n \n Highlights:\n \n \n \n \n For the quarter ended\n \n June 30th, 2023\n \n , revenue was\n \n $21.3 million\n \n .\n \n \n \n \n Q2 2023 A-EBITDA was\n \n $2.5 million\n \n , a margin of 11.7%. The 3rd consecutive quarter over\n \n $2.5M\n \n .\n \n \n \n \n Cash for the Company at\n \n June 30, 2023\n \n was\n \n $2.8 million\n \n compared to\n \n $5.7 million\n \n at\n \n December 31, 2022\n \n . The decrease was due to the timing of Apple's monthly payments and there is a corresponding increase in accounts receivable. In addition, payables decreased due to the timing of minimum guarantee IP payments.\n \n \n \n \n Daily Active Users in Q2 were\n \n 273K\n \n . Average Revenue per Daily Active User was\n \n $0.92\n \n .\n \n \n \n \n On\n \n August 11, ...