Connect with us

Technology

East Side Games Group Reports Second Quarter 2024 Financial Results

Published

on

Revenue of $20.5M in Q2 2024 and $41.3M Year to DateA-EBITDA of $2.5M in Q2 2024 and $6.6M Year to DateCheech and Chong’s: Kush Kingdom launched worldwidePOWER RANGERS: MIGHTY FORCE soft-launched in select territories

VANCOUVER, BC, Aug. 13, 2024 /CNW/ – East Side Games Group (TSX: EAGR) (OTC: EAGRF) (“ESGG” or the “Company”), today announced financial results for the second quarter of 2024. All amounts are stated in Canadian dollars on an IFRS basis unless otherwise indicated.

The Company is pleased to announce its Q2 results with a revenue of $20.5 million and adjusted EBITDA of $2.5 million, a 12% margin. YTD revenue is $41.3M with adjusted EBITDA of $6.6M. This performance underscores the company’s commitment to consistent performance and positive cash flow while investing heavily in our future titles.

ESGG has demonstrated a robust focus on sustaining the success of its long-tail games while strategically investing in new launches across both idle and match games. Significant investments were made in enhancing existing titles, notably Bud Farm: Munchie Match, which continued to excel as ESGG’s flagship match game. This title saw a nearly 50% increase in average topline revenue over the quarter, highlighting the growing importance of match games to ESGG’s future revenue streams. ESGG allocated approx. $5.7M towards user acquisition, a $900k increase over Q1. Much of this was directed towards match games, while successfully maintaining payback window targets for these titles. Despite this extra $900k investment into future quarters and spending $138k through the company’s NCIB in Q2, the cash balance increased to $7.6M.

The successful launch of Cheech and Chong’s: Kush Kingdom in Q2 marks ESGG’s second entry into the match game market. Early metrics are meeting or surpassing those of Bud Farm: Munchie Match. This repeatable success in the puzzle genre reinforces ESGG’s trajectory toward becoming a leading industry player in Match 3 games.

Another notable recent achievement was the historic brand crossover event between Star Trek Lower Decks: Mobile and Doctor Who: Lost in Time. This epic collaboration resulted in ESGG’s highest revenue day since the end of the pandemic lockdowns and set a new record for Doctor Who: Lost in Time. The event generated substantial excitement on social media, showcasing strong engagement and interest from our community. Encouraged by this success, ESGG is already planning additional brand crossover events within its diverse portfolio of titles.

Looking ahead to Q3, ESGG is excited about the worldwide launch of POWER RANGERS MIGHTY FORCE, which has shown promising early numbers. Additionally, the company is thrilled to announce its second collaboration with World of Wonder. This partnership will focus on an upcoming mobile game inspired by the popular show RuPaul’s Drag Race. ESGG’s first game in collaboration with WOW, RuPaul’s Drag Race Superstar, launched in October 2021, remains the studio’s top-grossing game with over 4.4M installs.

“Our team delivered another strong quarter with continued stability through the first half of the year. We grow stronger every quarter as we increase our cash balance, diversify our portfolio, invest heavily in our future, and, most importantly, build a strong base of knowledge and experience, which will allow us to dominate new genres with exceptional IP game launches,” said Jason Bailey, CEO of East Side Games Group.

Three Months Ended June 30, 2024 Financial highlights

For the quarter ended June 30th, 2024, revenue was $20.5M.Q2 2024 a-EBITDA of $2.5M and 12% a-EBITDA margin.Cashflow for the Company for the quarter ended June 30, 2024 increased by $350k, ending at $7.6M.Daily Active Users in Q2 were 229k, with an ARPDAU of $0.98On November 14, 2023, the Company announced a renewal of its Normal Course Issuer Bid (“NCIB”) authorizing the Company to purchase 4,076,819 of its shares. Through June 30, 2024, the Company purchased 1,430,419 shares at an average price of $0.77. The company continues to buy back stock as restrictions allow.

Certain information provided in this news release is extracted from the consolidated financial statements (the “Financial Statements”) and Management’s Discussion & Analysis (“MD&A”) of the Company for the quarter ended June 30, 2024, and should be read in conjunction with them. It is only in the context of the fulsome information and disclosures contained in the Financial Statements and MD&A that an investor can properly analyze this information. The Financial Statements and MD&A can be found under the Company’s profile on SEDAR and EDGAR.

Webcast and Conference Call Information

The Company will hold a conference call to discuss its performance with the investment community at 2:00 PM PT Aug 13th, 2024. Related earnings release materials can be found on East Side Games Group website at

https://eastsidegamesgroup.com/investors/financial-information/.

Webcast and Conference Call Details:

Webcast URL:

https://onlinexperiences.com/Launch/QReg/ShowUUID=175506B0-C0A1-4DC0-8867-41FE29A84119&LangLocaleID=1033

Toll Free Dial-In Number:       

+1 (800) 717-1738

Local Dial-In Number:             

+1 (289) 514-5100

Conference ID:                       

63202

A replay will be available by dialing +1 (888) 660-6264 or +1 (289) 819-1325 and entering passcode 63202#.

ABOUT EAST SIDE GAMES GROUP

East Side Games Group is a leading free-to-play mobile game group, creating engaging games that produce enduring player loyalty. Our studio groups entrepreneurial culture is anchored in creativity, execution, and growth through licensing of our proprietary Game Kit software platform that enables professional game developers to greatly increase the efficiency and effectiveness of game creation in addition to organic growth through a diverse portfolio of original and licensed IP mobile games that include: The Office: Somehow We Manage, Star Trek: Lower Decks – The Badgey Directive, Bud Farm Idle Tycoon, Doctor Who: Lost in Time, RuPaul’s Drag Race Superstar, AEW: Rise to The Top, Cheech and Chong Bud Farm, and Trailer Park Boys: Grea$y Money.

We are headquartered in Vancouver, Canada and our games are available worldwide on the App Store and Google Play. Additional information about the Company continues to be available under its legal name, East Side Games Group Inc., at www.sedar.com.

Forward-looking Information

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the proposed transactions described herein. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including factors beyond the Company’s control. These forward-looking statements are made as of the date of this news release.

SOURCE East Side Games Group Inc.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

EcoCharge® and Balancell Partner to Drive Energy Efficiency in Africa with Advanced and Stable Charging Technologies

Published

on

By

CHRISTCHURCH, New Zealand, Sept. 24, 2024 /PRNewswire/ — Two advanced energy solutions companies are announcing a multi-year partnership to support the growing demand for reliable and efficient charging solutions across the African market. The IDEAL Industries, Inc. brand EcoCharge by Enatel®, a global leader in battery charging technologies, is supplying charging technology to Balancell, a cutting-edge battery manufacturer and energy supplier.

Empowering Africa’s Energy Transition

Africa is experiencing a dynamic shift toward sustainable energy and electric mobility. Global banks and investors funded $76.04 billion in solar, hydropower, and wind projects across Africa from 2012 to 2021. The investments supported renewable energy developments like Kenya’s Lake Turkana Wind Power Project, a $1.095 billion wind farm that boosted their total electricity supply by 13%. Electrification is also rising; Africa’s electric vehicle market is expected to nearly double between 2021 and 2027.

However, more work remains. Africa attracts less than 5% of the world’s energy investments, using only 11% of its hydropower potential and 0.01% of its wind potential. Over 40% of Africans still lack access to electricity.

To advance battery charging solutions in Africa, Balancell will leverage charging technologies from EcoCharge to electrify the African material handling fleet. This initiative will help reduce CO2 emissions and enhance charging efficiency.

“We are thrilled to be part of the renewable energy transition in Africa,” said Enatel General Manager Mike Clifford. “By partnering with Balancell, we are matching a leading-edge battery design with an advanced charger. We’re confident this winning combination will help our customers achieve faster charging, less energy waste, and higher performance.”

Partnering for Growth and Sustainability

Under the agreement, EcoCharge will supply Balancell with a range of chargers that meet the challenging needs of the African market, such as unstable electrical grids and harsh environments. These advanced chargers will be integrated into Balancell’s advanced industrial batteries, providing the perfect match for optimal energy management and control.

“Partnering with EcoCharge allows us to offer our customers superior charging solutions that are both innovative and sustainable,” said Paul Osborne, Director and Chief Financial Officer of Balancell. “This collaboration enhances our ability to deliver comprehensive energy solutions that support Africa’s transition to cleaner, more sustainable energy sources.”

Driving Innovation

EcoCharge chargers are known for their durability, efficiency, and adaptability, making them suitable for deployment in diverse and sometimes challenging environments across Africa. This partnership with Balancell not only strengthens the product offerings available to the African market but also underscores the EcoCharge commitment to continued innovation and investment in sustainable energy solutions.

To learn more about the transition to sustainable energy, visit: https://www.EcoCharge.net/

About EcoCharge®
EcoCharge leads the battery charging market with a range of high-quality products, including single phase chargers, three phase chargers and BMM’s. They are designed and manufactured in New Zealand to ISO9001 standards and carry global compliance marks.

About Enatel®
Enatel is a world leader in power conversion and battery charging technology based in Christchurch, New Zealand. The company specializes in developing high-efficiency and sustainable charging solutions for a variety of applications.

To learn more about the transition to sustainable energy, visit: https://www.enatel.net/

About IDEAL INDUSTRIES, INC.
IDEAL INDUSTRIES, INC. is a global, diversified 108-year-old family-owned business that designs and manufactures superior products for the electrical, power management and industrial charging industries.

For more information, visit www.idealindustries.com.

About Balancell
Balancell is a leading provider of energy solutions, with a focus on lithium-ion battery technology and energy management systems. Headquartered in Cape Town, Balancell serves a diverse range of industries, including telecommunications, renewable energy, and electric vehicles.

View original content:https://www.prnewswire.com/apac/news-releases/ecocharge-and-balancell-partner-to-drive-energy-efficiency-in-africa-with-advanced-and-stable-charging-technologies-302254810.html

SOURCE IDEAL Industries

Continue Reading

Technology

Global Digital Health Leaders Converge in Seoul for HIMSS24 APAC Conference

Published

on

By

SEOUL, Korea, Sept. 24, 2024 /PRNewswire/ — The 2024 HIMSS Asia Pacific Health Conference & Exhibition, one of the most influential digital health conferences in the APAC region, will be hosted for the first time in Seoul, Korea. The conference will take place from 1 – 4 October at the Coex Convention & Exhibition Center.

The HIMSS24 APAC Conference will bring together healthcare experts and innovators from around the world to collaborate and exchange ideas and insights that will help shape the future of healthcare. 

The conference presents a unique opportunity for attendees to hear from world-renowned experts, network with leading healthcare executives and professionals, and learn about cutting-edge developments and technologies addressing critical issues such as artificial intelligence, cybersecurity, interoperability, and data analytics.

Produced in partnership with Messe Esang, Korea’s largest exhibition company, the HIMSS24 APAC Conference will feature visionary keynotes, interactive demonstrations, and a digital health technology exhibition that will illuminate cutting-edge health tech topics, enhance knowledge, and foster innovation.

Through a partnership with the Korean Hospital Association, attendees of the HIMSS APAC conference will have complimentary access to the K-Hospital + Healthtech Fair, the largest healthcare exhibition in South Korea.

Sessions catered to HIMSS24 APAC’s four learning tracks on artificial intelligence, smart hospitals, cybersecurity, and innovations will include fireside chats, real-world case studies, demonstrations, and more. Exclusive to HIMSS24 APAC, attendees can also experience advanced medical systems and management practices shaping the future of global healthcare with guided tours of leading hospitals in Korea

The HIMSS APAC Conference follows the memorandum of understanding signed by HIMSS, the Korea Hospital Association (KHA), and the Korea Health Information Services (KHIS) on May 17, 2024.

HIMSS (Healthcare Information and Management Systems Society) is a global advisor, thought leader, and member-based society committed to reforming the global health ecosystem through the power of information and technology. As a mission-driven nonprofit, HIMSS offers a unique depth and breadth of expertise in health innovation, public policy, workforce development, research, and digital health transformation to advise leaders, stakeholders, and influencers across the global health ecosystem on best practices.

Click here to register or learn more about HIMSS24 APAC.

Journalists interested in attending the conference can contact HIMSS to receive complimentary press credentials.

Contact:

Albe Zakes
HIMSS Communications Director
Email: albe.zakes@himss.org
Phone: +1.267.221.4800

Sukhjit Singh
Senior Director, HIMSS APAC
Email: Sukhjit.Singh@himss.org
Phone: 65.6664.1187

 

View original content:https://www.prnewswire.com/apac/news-releases/global-digital-health-leaders-converge-in-seoul-for-himss24-apac-conference-302256242.html

SOURCE HIMSS-HEALTHCARE INFORMATION AND MANAGEMENT SYSTEMS SOCIETY

Continue Reading

Technology

EDC expands Indo-Pacific presence with a new representation in Japan

Published

on

By

Tokyo hub in key “gateway to Asia” nation will better support Canadian exporters

OTTAWA, ON and TOKYO, Sept. 24, 2024 /PRNewswire/ — Today, Export Development Canada (EDC) announced the opening of its new representation in Tokyo, Japan. This marks EDC’s ninth Indo-Pacific representation, reaffirming the organization’s commitment to helping Canadian companies diversify into higher-growth markets.

As the world’s fourth-largest economy and fifth-largest export destination for Canada in 2023 (accounting for 1.9% of national exports), Japan presents a wealth of opportunities for Canadian exporters of all sizes. Boasting a trusted free market and a strong business and a regulatory environment supported by democratic institutions, the country serves as a strategic launchpad offering exporters easier entry into the region and subsequently into other Indo-Pacific markets. EDC’s Tokyo representation will serve as a vital hub, offering on-the-ground support, market insights and tailored financial services to Canadian companies.

Japan is a key trading partner for Canada, and our countries enjoy deep economic and trade relations spanning 95 years,” said Mairead Lavery, President and CEO, EDC. “With Japan’s reliance on imports, the opportunities for Canadian exporters— particularly in sectors like cleantech, agriculture, and bioscience—are too big to ignore. This representation will offer on-the-ground support necessary for Canadian businesses to capitalize on emerging opportunities and succeed in the Japanese market.” 

In 2023, Japanese foreign direct investment (FDI) stock into Canada reached $49.3 billion, solidifying its role as the leading source of FDI from the Indo-Pacific and third largest worldwide, according to Global Affairs Canada. Additionally, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), in force since 2018, continues to provide Canadian investors with access to Japanese markets by having eliminated or reduced tariffs on most key Canadian exports to the country.

The Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, welcomed the announcement: “Canada’s longstanding economic and trading partnership with Japan reflects the powerful collaboration between our two countries that benefits Canadian and Japanese people alike. EDC’s new Tokyo representation is a testament to the enduring economic relationship between Canada and Japan and will play a crucial role in supporting Canadian businesses in the Indo-Pacific. I look forward to seeing our trade and investment relationship advance further through these new collaborations.”

George Monize, EDC’s Managing Director and Head of the Indo-Pacific emphasized the strategic importance of Japan for Canadian companies: “Japan has many of the critical elements for Canadian exporters’ expansion in this region. But to really thrive here—strong relationships are key. And that is why we are here, getting to know the market inside and out to forge the connections Canadian companies need to grow and succeed. The Tokyo representation will work closely with our established Singapore hub—harnessing our learnings, experience and networks to ensure we have the right recipe of support in place for Canadian businesses.”

With efforts led by EDC’s Chief Representative, Jean-Bernard Ruggieri, the Tokyo office will collaborate closely with local agencies, government and partners in Japan to navigate market complexities and facilitate business opportunities for Canadian companies. Tokyo complements EDC’s existing representations in Delhi, Mumbai, Shanghai, Beijing, Sydney, Jakarta, Seoul, and Singapore.

About EDC 

Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. EDC has the financial products and knowledge Canadian companies need to confidently enter new markets, reduce financial risk and grow their business as they go from local to global. Together, EDC and Canadian companies are building a more prosperous, stronger and sustainable economy for all Canadians. For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca

Media Contact: Media | Export Development Canada, 1-888-222-4065, media@edc.ca 

Logo – https://mma.prnewswire.com/media/2513272/Export_Development_Canada_EDC_expands_Indo_Pacific_presence_with.jpg

Continue Reading

Trending