Ten Square Games ready for a new development opportunities in 2024.

25 Mar 24
Author: Nina Grabos
5 minutes

Ten Square Games (TSG) reports a 2023 record high quarterly EBITDA of over PLN 35 million  for Q4 2023, marking an improvement both quarter-over-quarter and year-over-year. This underscores the effectiveness of the strategic direction adopted by TSG in April 2023. Focused on the development of its main titles, rapid organizational adaptation to the gaming market’s conditions, and strategic priorities, TSG was able to share profits with shareholders through a dividend of over PLN 52 million for 2022 and a record buyback of shares worth nearly PLN 115 million at the start of 2024. The company’s swift response to market changes and its adaptability have also set the stage for new development projects.

“- In 2023, Ten Square Games was one of the first in the industry to decisively respond to structural market changes. We made several difficult but necessary decisions, streamlined our operational processes, and built a team of specialists who share our Company’s values. Thanks to our flexibility and innovation, we’ve established a solid foundation that ensures our organization’s financial security and allows us to look forward to the future with growing optimism. We are ready not only to face further market challenges, but also to transform them into new development opportunities for Ten Square Games.” – said Andrzej Ilczuk, CEO of Ten Square Games.

Despite lower bookings of PLN 443.7 million  in 2023 compared to 2022, mainly due to negative trends in the mobile games market faced in the first half of 2023, the Company’s adjusted EBITDA showed a systematic improvement following the strategic shift in April 2023. Q4 2023 saw the highest quarterly indicator of the year at PLN 35.3 million, surpassing Q4 2022 figures. This reflects ongoing efforts to optimize operational activities for continuous high cash flow generation, closing 2023 with a net profit of 15.2 million PLN. It’s worth underlining that the strengthening of the PLN/USD exchange rate had an adverse impact on the level of bookings expressed in PLN.

“- Despite the market challenges in 2023, Ten Square Games has proven not only its financial stability but also its ability to create shareholder value. Thanks to the resilience of our business model and the ability to quickly adapt to changing circumstances, we were able to distribute a PLN 52 million dividend for 2022 to our shareholders in June 2023. Additionally, at the beginning of 2024, we conducted a record share buyback program worth almost PLN 115 million. This distribution method serves as an alternative to paying out dividends for 2023, further proving the effectiveness of our strategy and the Company’s potential to generate free cash flow despite one-off events.” – stated Magdalena Jurewicz, CFO of Ten Square Games.

Following the strategy update in April 2023, the Board decided to discontinue two projects and realign Ten Square Games’ organizational structure to match strategic priorities and market conditions. As a result, the company incurred severance costs and write-offs related to the discontinued projects amounting to PLN 31.7 million. Additionally, due to market growth adjustments, the book value of the Company’s investment in Rortos was corrected by PLN 40.8 million. Concurrently, the estimated earnout payments obligation for Rortos was reduced by PLN 20.1 million. It’s noteworthy that Rortos’ portfolio titles have shown systematic improvement, with investments in monetization enhancements, new content additions, and social features development in Wings of Heroes resulting in key performance indicator improvements. This has led to a consistent quarter-over-quarter increase in game bookings especially in Q3 and Q4 2023, a trend that has continued into the early months of 2024. Q4 2023 also presented record results for another Rortos’ title – Real Flight Simulator since Rortos was acquired by TSG. 

“- We view 2024 as a breakthrough year for Ten Square Games’ development. With a hunger for growth, numerous innovative ideas, and the determination to explore which of them might join our main product lineup in the future, we’re embarking on a long-term perspective that supports building the Company’s value. We’re set on testing new concepts to evolve our team, our organization, and to build a competitive edge for the future.“- comments Andrzej Ilczuk.

In 2023, the Ten Square Games team introduced innovative features to its major titles – Fishing Clash and Hunting Clash, integrating solutions from other game genres like Power Score and Bingo. Additionally, both titles were strengthened by initiatives supporting their profitability – i.a. TSG Store – significantly reducing the cost of in-game item purchases and contributing to the Company’s performance improvement. Players of both main titles now have access to attractive price offers exclusively available at TSG Store, with Fishing Clash seeing daily bookings through TSG Store reaching up to 14%.

Both titles also refreshed their online sites, enhancing their reach to audiences and directing them straight to the TSG Store. Moreover, the Fishing Clash team developed a browser version of the game, further supporting development of direct to consumer channel of sales. Meanwhile, the Hunting Clash team worked intensively on systemic changes in the game expected to improve monetization and player engagement, with effects anticipated from Q2 2024 onwards. Moreover, unique marketing partnerships with global brands as Major League Fishing and Beretta – have underscored the strong market position of both titles. The year also marked an increased integration of AI solutions across product teams, aiming to further optimize operational efficiency in 2024. A good example of using AI-based tools is Gamesture Sp. z o.o., one of the companies within the Group. After testing various development opportunities, the company focused on creating titles in the social wars category, significantly accelerating their development and reducing production costs. The latest title from the company based on AI solutions is Soccer Clash, which premiered at the end of 2023.


Ten Square Games is a leading developer of free-to-play mobile games. The company employs about 330 professionals working in studios located in Wrocław and Verona. TSG’s portfolio includes titles such as Fishing Clash – one of the most popular 3D fishing simulators in the world, Hunting Clash – a realistic hunting simulator, Airline Commander – a flight simulator, and Wings of Heroes, which had its global premiere in October 2022.

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