Q2 2023 showcases a journey of transformation and strategic recalibration in Ten Square Games (TSG) that is already demonstrating promising results. While Q2 2023 results still show challenges the company has faced, TSG’s focused efforts yield first positive outcomes with highest 2023 profitability results in July and August, positioning the company for future growth.
In response to changing market conditions, Ten Square Games announces new strategic priorities. The company focuses its activities on the development of core games, resigning from additional projects. Ten Square Games adapts the employment structure to new plans and the current market potential, focusing on the profitability. Despite the challenges that were reflected in the Group’s results in Q1 2023, Ten Square Games increased the level of cash from operations and recommended the payment of nearly 100% of the consolidated net profit generated in 2022 to shareholders.
In Q3 2022, the Ten Square Games Group improved its key financial parameters compared to Q2 2022. Thanks to the increase in bookings in the largest titles of the Group and the growing revenues of Rortos, the consolidated payments of the Group's game users increased by 11.4% to PLN 137.5 million, and total revenues amounted to PLN 130.4 million, which means an increase by 7.1% compared to the previous quarter. Adjusted EBITDA increased by 23% compared to Q2 2022, reaching PLN 35 million. Stabilization of the Group's cost base positively contributed to the results.
Ten Square Games Group in 2022: stabilization of financial results after a year full of challenges for the mobile game industry
In the first half of 2022, Ten Square Games Group's consolidated bookings from Ten Square Games Group Users amounted to PLN 266 million, while combined revenue equaled PLN 274.4 million. After difficult 5 months of 2022, the Group is observing increases in player payments. Revenues from leading titles – Fishing Clash and Hunting Clash – increased by 28% in August compared to May the same year. During this conference, the board discussed the H1 results and the factors that impacted them.
In Q1 2022, the consolidated bookings from Ten Square Games Group Users amounted to 142.6M PLN, and the combined revenue equaled 150.3M PLN. During this press conference, the board discussed the Q1 results and the factors that impacted them.
Stable bookings, consistent product diversification, as well as new companies and teams in the group – in 2021 Ten Square Games proved its ability to follow its corporate strategy even in a highly dynamic and unpredictable macroeconomic environment. During the investor conference, we discussed the financial results for 2021 and presented the developments we achieved in recent quarters when it comes to our flagship titles and the new games we are planning to launch in 2022.
Our Q3’2021 results were defined by increased product diversification, successful entry to the Chinese market, and acquisition of RORTOS. In the post-lockdown market, we managed to keep our bookings stable. At the investor conference, we discussed our commitment to further improving TSG’s existing portfolio of games and launching four exciting titles in 2022.
In Q2’2021, Fishing Clash remained TSG’s flagship game, with strong and high-quality cohort performance. Hunting Clash, driven by a successful launch of new content and features, managed to substantially contribute to the profit. The quarterly conference was also a chance to discuss new titles in the pipeline, as well as the growth of new studios and teams within the group.
TSG enters the flight simulator market by acquiring RORTOS – an Italian games studio. With this acquisition, we set out to execute on the M&A pillar of our growth strategy aimed at the long-term diversification of our portfolio. At the investor conference, we discussed the significant potential to leverage the know-how of both companies in the global gaming market.
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