24.5.2022 16:30:01 CEST | Play Magnus AS | Half yearly financial reports and audit reports / limited reviews
(Oslo, 24 May 2022) – Play Magnus Group, a global leader in the chess industry, today published its financial results for the first quarter 2022 showing revenue of USD 6.1 million, a Y/Y growth of 32 percent. Q1 2022 bookings were USD 8.1 million, a growth of 53 percent Y/Y in bookings. Adjusted EBITDA was USD -2.5 million compared to USD -2.6 million in Q1 2021 and USD -3.7 million in Q4 2021.
“We are happy to once again report continued good growth and sequential profit improvement driven by the Champions Chess Tour. After several record months, from February the Courses segment began performing weaker than anticipated likely impacted by recent trends of weakening consumer digital spending. However, in spite of this, the first quarter was our strongest ever when it comes to bookings and we maintain our USD 100M run-rate bookings target by the end of 2025,” said CEO of Play Magnus Group Andreas Thome.
Play Magnus Group has previously communicated a target of reaching adjusted EBITDA break-even on a run-rate basis by the end of 2022 and continue with positive results in 2023.
“Reaching this goal is our top priority. Since we listed on Euronext Growth in 2020 we have been focused on growing our revenue, taking out synergies and optimizing our operations. Now in 2022 we have a strong foundation of initiatives to ensure we will reach profitability by the end of the year”, said Andreas Thome.
During the first quarter, Play Magnus Group removed cost with an annualized reduction of USD 2.0 million, which will have effect from the second quarter 2022. Further cost optimizations are being implemented in the second quarter and the rest of the year.
“While optimizing our cost base and taking out synergies from the recent acquisitions, we continue to further develop our products and services in the most attractive segments of chess: elearning and esports. In both segments, business models are highly scalable, and as a leading force in the commercialization of chess globally, we have the opportunity to create great value. More than 650 million people play chess globally, and the commercialization is still at a very early stage,” said Andreas Thome.
Play Magnus Group maintains its 2025 target of reaching a USD 100 million annual bookings run rate, up from a Q1 2022 annual run rate of USD 32.4 million.
Financial highlights in Q1 2022:
Bookings USD 8.1 million (+53% Y/Y)
Revenue USD 6.1 million (+32% Y/Y)
Monthly Paying Users 62,700 (+7% Y/Y)
Average Revenue per Paying User (ARPPU) USD 19.1 (+8% Y/Y)
Adjusted EBITDA USD -2.5 million (-3.7 million in Q4 21, -2.6 million in Q1 21)
Profit before tax USD -5.3 million (-5.5 million in Q4 21, -4.2 million in Q1 21)
Please find enclosed Play Magnus Group’s Q1 2022 presentation material.
CEO Andreas Thome and CFO Dmitri Shneider will present the quarterly results in a live webcast today at 17:00 CEST immediately followed by a Q&A session. Viewers are invited to submit written questions during the presentation and the Q&A session.
The live webcast can be accessed through the following channels:
– via the Investor section of the Play Magnus Group website: www.playmagnusgroup.com/investor
– or the following link: https://channel.royalcast.com/landingpage/hegnarmedia/20220524_5/
The presentation will be made available at www.playmagnusgroup.com/investor, www.newsweb.no, and www.otcmarkets.com.
Disclosure regulation
This release is an announcement issued pursuant to legal information obligations and is subject of the disclosure requirements pursuant to the Market Abuse Regulation (MAR) Article 17 no. 1 and section 5-12 of the Norwegian Securities Trading Act, and was submitted for publication by Arkus Fredriksson, Chief Strategy Officer of Play Magnus Group.
Contacts
Andreas Thome, CEO, Play Magnus Group, andreas@playmagnus.com
Dmitri Shneider, CFO, Play Magnus Group, dmitri@playmagnus.com
About Play Magnus AS
Play Magnus Group is a global leader in the chess industry focused on providing premier digital experiences for millions of chess players and students. The company offers elearning and entertainment services via its market leading brands: chess24, Chessable, iChess, New In Chess, Everyman Chess, Silver Knights, CoChess, Aimchess, the Play Magnus App Suite, and the Meltwater Champions Chess Tour. The Group’s mission is to grow chess to make the world a smarter place by encouraging more people to play, watch, study, and earn a living from chess.
Play Magnus Group is listed on Euronext Growth Oslo under the ticker PMG and OTCQX® Best Market under the ticker PMGMF. For more information visit pmg.me.
Attachments
Download announcement as PDF.pdf
Play Magnus Group Q1 2022 Presentation.pdf
24.5.2022 16:30:01 CEST | Play Magnus AS | Halvårsrapporter og revisjonsberetninger/uttalelser om forenklet revisorkontroll
(Oslo, 24. mai 2022) – Det globale sjakkselskapet Play Magnus Group offentliggjorde i dag sine resultater for første kvartal 2022. Selskapet leverte driftsinntekter i kvartalet på 6,1 millioner dollar, en vekst på 32 prosent sammenliknet med samme kvartal i fjor. Ordreinngangen endte på 8,1 millioner dollar, en vekst på 53 prosent sammenlignet med samme periode i fjor. Justert EBITDA endte på -2,5 millioner dollar sammenlignet med -2,6 millioner i første kvartal 2021 og minus -3,7 millioner dollar i fjerde kvartal 2021.
– Vi er glade for nok en gang å kunne rapportere fortsatt god vekst og sekvensiell resultatforbedring drevet av Champions Chess Tour. Etter flere måneder med stadig nye rekorder, så vi fra februar en svakere utvikling enn forventet for e-læring-segmentet. Til tross for dette var det første kvartalet selskapets sterkeste noensinne når gjelder ordreinngang, og vi opprettholder vårt mål en ordreinngang på 100 millioner dollar innen utgangen av 2025, sier administrerende direktør i Play Magnus Group, Andreas Thome.
Play Magnus Group har tidligere kommunisert et mål om break-even run-rate for justert EBITDA innen utgangen av 2022 og fortsette med positive resultater i 2023.
– Vår viktigste prioritet er å nå målet om lønnsomhet. Siden vi ble notert på Euronext Growth i 2020 har vi fokusert på å øke inntektene våre, ta ut synergier og optimalisere driften. Nå i 2022 tar vi en rekke initiativer for å sikre at vi når lønnsomhet innen utgangen av året, sier Andreas Thome.
I løpet av første kvartal har Play Magnus Group redusert kostnadsnivået med 2,0 millioner dollar på helårsbasis. Kostnadsreduksjonen vil ha effekt fra andre kvartal 2022. Ytterligere kostnadsoptimaliseringer iverksettes i andre kvartal og gjennom resten av året.
– Samtidig som vi optimaliserer kostnadsbasen vår og tar ut synergier fra de nylige oppkjøpene, fortsetter vi å videreutvikle produktene og tjenestene våre i de mest attraktive segmentene innen sjakk: e-læring og esport. I begge segmenter er forretningsmodellene svært skalerbare. Vi er ledende i utviklingen i kommersialiseringen av sjakksporten globalt, og vi har muligheten til å skape store verdier. Mer enn 650 millioner mennesker spiller sjakk globalt, og kommersialiseringen er fortsatt på et veldig tidlig stadium over hele verden, sier Andreas Thome.
Play Magnus Group opprettholder sin målsetting for ordreinngang på 100 millioner dollar i årlig run-rate ved utgangen av 2025. I første kvartal 2022 er tilsvarende årlig run-rate på 32,4 millioner dollar.
Finansielle hovedpunkter første kvartal 2022
Ordreinngang: 8,1 millioner dollar (+53 % å/å)
Driftsinntekter: 6,1 millioner dollar (+32 % å/å)
Månedlig betalende brukere: 62.700 (+7 % å/å)
Gjennomsnittlig inntekt per betalende bruker (ARPPU): 19,1 dollar (+8 % å/å)
Justert EBITDA: -2.5 millioner dollar (-3.7 millioner i Q4 21, 2.6 millioner i Q1 21)
Resultat før skatt, – 5,3 millioner dollar (-5.5 millioner i Q4 21, -4.2 million i Q1 21)
Vedlagt er Q1 2022-presentasjonen for Play Magnus Group.
Administrerende direktør Andreas Thome og finansdirektør Dmitri Shneider vil presentere kvartalsresultatene under en direktesendt webcast i dag klokken 17:00 (CET), etterfulgt av en Q&A-sesjon. Seerne kan sende inn skriftlige spørsmål under og etter presentasjonene.
Webcasten er tilgjengelig på
www.playmagnusgroup.com/investor
– eller på følgende link: https://channel.royalcast.com/landingpage/hegnarmedia/20220524_5/
Presentasjonen vil bli gjort tilgjengelig på www.playmagnusgroup.com/investor, www.newsweb.no og www.otcmarkets.com
Informasjonspliktig opplysning
This release is an announcement issued pursuant to legal information obligations and is subject of the disclosure requirements pursuant to the Market Abuse Regulation (MAR) Article 17 no. 1 and section 5-12 of the Norwegian Securities Trading Act, and was submitted for publication by Arkus Fredriksson, Chief Strategy Officer of Play Magnus Group.
Kontakter
Andreas Thome, CEO, Play Magnus Group, andreas@playmagnus.com
Dmitri Shneider, CFO, Play Magnus Group, dmitri@playmagnus.com
Om Play Magnus AS
Play Magnus Group is a global leader in the chess industry focused on providing premier digital experiences for millions of chess players and students. The company offers elearning and entertainment services via its market leading brands: chess24, Chessable, iChess, New In Chess, Everyman Chess, Silver Knights, CoChess, Aimchess, the Play Magnus App Suite, and the Meltwater Champions Chess Tour. The Group’s mission is to grow chess to make the world a smarter place by encouraging more people to play, watch, study, and earn a living from chess.
Play Magnus Group is listed on Euronext Growth Oslo under the ticker PMG and OTCQX® Best Market under the ticker PMGMF. For more information visit pmg.me.
Vedlegg
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