In the third quarter of 2024, Ten Square Games Group recorded q-o-q growth in bookings, driven by increases across all of the Group’s main titles. This reflects the consistent execution of initiatives to improve the performance of core games and accelerate the growth of Wings of Heroes. Higher bookings, combined with effective cost base management and financial efficiency projects, resulted in stable Adjusted EBITDA performance. The Group once again demonstrated its ability to generate cash from operating activities, achieving its highest quarterly result in 2024. 

“We view the development of Ten Square Games Group with a long-term perspective, understanding that short-term fluctuations in the performance of individual titles are natural for this market. To ensure sustained growth, we are executing a clear plan focused on improving game quality, player engagement, and monetization. We are adapting our approach to game development so that our products can effectively respond to shifting market dynamics and diverse player needs. With the Group’s future growth in mind, we take a cautious, low-risk approach to selecting projects with the highest market potential.” –  commented Andrzej Ilczuk, TSG’s CEO.

Bookings Growth Across Core Titles

TSG’s total bookings rose from PLN 96.2 million in Q2 2024 to PLN 102.3 million in Q3 2024, reflecting q-o-q growth of 6.3%. This performance was driven by the Group’s four main titles—Fishing Clash, Hunting Clash, Wings of Heroes, and Real Flight Simulator. In Fishing Clash, bookings increased by 4.3% compared to the previous quarter, reaching PLN 62.2 million, supported by new gameplay features and the execution of an anti-churn strategy focused on improving player experience. The Fishing Clash team experimented with the frequency of adding new fisheries and prepared new monetization tools and a progression system for Q4 implementation. Hunting Clash also saw a 3.9% increase in bookings, totaling PLN 23.0 million, with enhancements to gameplay in each new location despite ongoing LiveOps challenges. The Hunting Clash team maintained their anti-churn strategy while testing new mechanics and game modes to expand engagement and monetization options. Wings of Heroes achieved remarkable growth, with bookings increasing by 61.4% from Q2 2024, driven by feature updates and content additions that deepened the players’ engagement. The team prepared a robust pipeline of new features for Q4, including the introduction of plane traits and rarities, which are expected to further boost growth. Real Flight Simulator recorded its highest-ever quarterly bookings, up 14.9% from Q2 2024, with growth fueled by an expanding subscription base.

Cost Discipline and Operational Efficiency

In 2024, TSG continued its disciplined approach to cost management. The Group successfully maintained lower production costs, achieved primarily by aligning its staffing structure with the scale of its operations. As of the end of October 2024, the TSG Group’s team comprised over 330* people. Additional savings were realized through renegotiated office leases and operational consolidation, including the closure of some international offices.

The only cost area that increased q-o-q was marketing. Marketing expenses in Q3 2024 amounted to PLN 24.7 million, representing a 28% increase compared to Q2 2024 (PLN 19.4 million). TSG made a strategic decision to invest in user acquisition (UA), taking advantage of favorable market conditions preceding an unpredictable advertising environment in Q4. This investment, aimed at driving future revenue potential for TSG’s games, contributed to an increase in selling costs q-o-q.

Q3 Financial Results

TSG reported an adjusted EBITDA of PLN 26.5 million in Q3, bringing the cumulative adjusted EBITDA for the first nine months of 2024 to PLN 81.3 million. Net profit for the third quarter was PLN 12.5 million, contributing to a year-to-date net profit of PLN 52.5 million – a substantial increase from PLN 16.9 million in the same period last year. The Group’s disciplined approach to cost management and strategic focus enabled consistent quarterly stability in financial results, with an almost even distribution of adjusted EBITDA across quarters.

TSG Store Growth

TSG Store continued its growth initiatives in Q3 2024, contributing 14% of the Group’s total bookings by October and reinforcing the company’s commitment to financial efficiency, driving down the cost of provisions. Currently, two main products—Fishing Clash and Hunting Clash—are available through the TSG Store. In Q3, TSG Store collaborated with product teams to explore new ways of presenting its offerings to a broader audience, ensuring a seamless purchase experience. By October, TSG Store accounted for 19.3% of Fishing Clash bookings, marking significant progress toward its 25% target. Hunting Clash was the second title to be added to TSG Store, and strategic integration along with enhanced marketing efforts have already driven incremental growth, with purchases reaching 11% of Hunting Clash bookings by the end of October. The ongoing expansion of TSG Store highlights its long-term potential, focusing on communication, improving player experience and facilitating direct purchases within TSG’s ecosystem.

Future Outlook and Game Prototypes

Prototyping is core to TSG’s future growth strategy, enabling the company to validate game concepts before committing to full-scale investment. This approach ensures that only projects with the strongest KPIs move forward, positioning them for market success. By testing these concepts with real players early on, TSG minimizes financial risk and sources the best ideas in a cost-effective manner. Recently, TSG decided to discontinue work on Fishing Champions due to insufficient market metrics, allowing resources to be redirected to two promising prototypes currently in development: Trophy Hunter, led by TSG, and another prototype being developed by Rortos. Further decisions will be guided by the monetization potential of the projects. This process demonstrates TSG’s adaptability to a rapidly changing market and evolving player needs, showcasing an agile approach that supports financial efficiency and optimizes resource management. Each prototyping cycle builds the company’s expertise and maximizes the likelihood of future successes.

*Ten Square Games S.A. and Rortos.

About Ten Square Games S.A.
Founded in 2011 in Wrocław, Poland, Ten Square Games is a leader in free-to-play mobile gaming. The Company has been listed on Warsaw Stock Exchange since 2018. Known for titles like Fishing Clash and Hunting Clash, the company is committed to crafting engaging, realistic experiences that captivate millions of players globally. In 2021, Ten Square Games expanded its portfolio by acquiring the Italian studio Rortos, known for realistic flight simulators, and launched its latest game, Wings of Heroes, in October 2022. The TSG team of over 330 professionals remains dedicated to pushing the boundaries of mobile gaming, combining adventure and strategic gameplay for an unparalleled experience.