Ten Square Games reports results after Q1 2021.

28 May 21
4 minutes

EUR 38 million in revenue was recorded by Ten Square Games in the first quarter of 2021. ‘Another very strong quarter is behind us. With the launch of our new title – Football Elite – we are entering a new segment of sports-themed slot games. We also continue to work on further development of Fishing Clash and Hunting Clash,’ says Maciej Zużałek, the CEO of Ten Square Games.

In Q1 2021, TSG’s revenue was up by 83 percent on the same period last year. The largest bookings were generated by players from the North American region (45 percent) and Europe (37 percent), while Asian markets were responsible for 13 percent. Adjusted EBITDA amounted to EUR 14 million (+69 percent y/y), while net profit reached EUR 12 million (+49 percent y/y).

The key driver for the company’s revenues continues to be its blockbuster game Fishing Clash, in which bookings amounted to EUR 29 million (+55 percent y/y). In parallel to that, TSG’s other Clash franchise game, Hunting Clash, which in just eight months after release has become the fourth largest First-Person Shooter game in the US in terms of revenue, is seeing dynamic growth. With bookings amounting to EUR 6 million, the company’s rising new title reached a 16 percent share in the Group’s revenues. Wild Hunt and Let’s Fish also generated stable results despite the lack of marketing support.

‘We closed the first three months of this year with very robust results and a strong equity position. This is the result of hard work of the whole TSG team, constant improvement of titles offered to our players and skillful response to changing market conditions. Our flagship games, in particular Fishing Clash and Hunting Clash, reached new stages of development in the previous quarters, significantly ahead of their natural growth cycles. Both titles will be developed very intensively in the coming months to fully realize their long-term growth potential,’ states Maciej Zużałek, the CEO of Ten Square Games.

Already after the end of the first quarter, the technical launch of a new title – Football Elite – started. It is the first sports-themed slot game in the Ten Square Games portfolio. The newest game is dedicated to American football fans, whose number is estimated at around 150 million in the US alone. The soft launch of the title is planned for H2 2021. At the same time, a decision was made to discontinue Golf Royale.

‘With the technical launch of Football Elite, we are entering a new, very dynamically growing segment of sports-themed slot games. This move represents part of our strategy, announced in mid-last year, which includes product and segment-wise revenue diversification. After seven months of intensive work, we are ready to make Football Elite available to the first players while we continue to work intensively on further development of the game. To focus on our most important titles, we are freeing up the potential of our teams previously engaged in other projects. We are very happy that half of Golf Royale team will strengthen Fishing Clash while the rest will join our other projects’ Maciej Zużałek adds.

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Ten Square Games is one of the largest and fastest-growing Polish mobile game developers, with headquarters in Wrocław and two additional studios in Warsaw and Berlin. The company focuses on the production of hobby games distributed in a free-to-play model. Since 2018, its shares have been traded on the Warsaw Stock Exchange (WSE: TEN).

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