Business
Snail, Inc. Reports Second Quarter 2023 Financial Results
CULVER CITY, Calif., Aug. 14, 2023 (GLOBE NEWSWIRE) -- Snail, Inc. (Nasdaq: SNAL) (“Snail” or “the Company”), a leading, global independent developer and
About this update from Snail, Inc.
[{"type":"text","content":"CULVER CITY, Calif., Aug. 14, 2023 (GLOBE NEWSWIRE) -- Snail, Inc. (Nasdaq: SNAL) (“Snail” or “the Company”), a leading, global independent developer and publisher of interactive digital entertainment, today announced financial results for the three months ended June 30, 2023. Jim Tsai, Chief Executive Officer of Snail, commented: “Earlier last month we had to make the difficult decision to delay the release of ARK: Survival Ascended. We are expected to launch the game in October 2023. The title has passed QC and beta testing and now in the last stages of development. We are excited to bring our fans a remastered ARK game with loads of new content and world to explore.” Second Quarter 2023 and Subsequent Financial and Business Highlights Revenue was $9.9 million for the three months ended June 30, 2023, compared to revenue of $15.5 million in the prior year period, representing a decrease of $5.6 million year over year. The decrease in net revenues was due to a decrease in sales of ARK, partially attributed to a decrease in the number of days on sale in one of our primary platform partners and partially due to the upcoming release of ARK: Survival Ascended. ARK sales and in-game purchases decreased by $5.3 million. Sales of the Company’s smaller titles decreased by a collective $0.6 million. These decreases in the Company’s smaller titles were partially offset by an increase of $0.1 million in revenue related to West Hunt.ARK: Survival Evolved. In the three months ended June 30, 2023, ARK: Survival Evolved averaged a total of 240,522 daily active users (“DAUs”) versus 359,077 DAUs in the prior year period. ARK units sold decreased for the second quarter 2023 compared to the same period last year; approximately 0.9 million vs. 1.6 million, respectively.Through June 30, 2023, total playtime for the ARK franchise amounted to 3.3 billion hours with an average playing time per user of more than 162 hours and with the top 21.0% of all players spending over 100 hours in the game, according to data from the Steam platform. Net loss was $4.1 million for the three months ended June 30, 2023 as compared to a net loss of $1.0 million for the three months ended June 30, 2022, representing a decrease of $3.1 million. The decrease was primarily due to a decrease in revenue of $5.6 million, an increase in research and development expense of $1....