In Q4 2024, Ten Square Games Group (TSG) achieved quarter-on-quarter growth in both Adjusted EBITDA and net profit. TSG closed 2024, once again proving the resilience of its business model, its strong cash-generating capacity, and presenting a well-defined vision for the future. 2024 was a year of strategic transformation, focused on laying a solid foundation for rebuilding TSG’s growth potential. A deep analysis of challenges, a clear roadmap to turn them into competitive advantages, strong momentum in the flight simulation segment, and advanced testing of two prototypes have set the course for 2025.
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.
Despite a challenging market environment, Ten Square Games S.A. (TSG, the Company) reported a stable result with adjusted EBITDA at PLN 27.3 million. The Group’s strong cash generation potential remains a key strength. The Group’s net profit for Q2 2024 amounted to PLN 22 million, reflecting significant improvement both year-on-year and quarter-on-quarter. The Company also made substantial progress in executing its plan to enhance the performance of its main products, Fishing Clash and Hunting Clash, and accelerate the development of Wings of Heroes. Additionally, Rortos has joined the Group’s development initiatives, including the testing of new game prototypes, further increasing the prospects for future growth.
Despite a challenging first quarter of 2024 for the Company’s two main titles, Ten Square Games (TSG) has made significant strides forward. Wings of Heroes has caught the wind, improving all metrics and surpassing short-term targets, and is expected to accelerate its growth even faster in the coming months. The growth dynamics of the TSG Store are accelerating, contributing to the Company’s financial efficiency. TSG’s 2023 discovery projects, resilience, and ability to adapt have helped the Company shape a clear roadmap to unlock the potential of its current portfolio and seize the opportunities presented by the evolving gaming landscape. As the industry shifts, TSG is committed to testing 2 new prototypes for cutting-edge games targeting a new generation of players, setting the stage for sustained growth and innovation.
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.
Ten Square Games Group (TSG) reported in Q3 2023 record high quarterly Adjusted EBITDA in 2023 of PLN 33.7 million (up 53.4% q/q) and a 9.1% q/q increase in bookings to PLN 110.4 million. The Group’s focus on strategic goals and consistent approach to further growth have resulted in a robust improvement in results and proved the resilience of TSG’s business model in the rapidly changing mobile gaming environment.
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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