- Video game developer PlaySide Studios (PLY) has released its first half-yearly report as an ASX-listed company
- The company tabled $5.85 million in revenue, a 90 per cent increase over the prior corresponding period (pcp)
- This was highlighted by the growth in revenue from original games, which accounted for $2.98 million
- Unfortunately, PlaySide recorded an earnings before interest, tax, depreciation and amortisation (EBITDA) loss of $1.63 million
- When not including one-off expenses such as IPO listing fees and employee share option plan expenses, the EBITDA loss was only $730,000
- PlaySide listed on the ASX in mid-December after a successful $15 million initial public offering
- The company has begun work on next-generation console games, such as PlayStation 5 and Xbox Series X, with games set to be released at the end of the year
- For the remainder of the 2021 financial year, PlaySide will continue to form strategic partnerships and develop original intellectual property titles
- PlaySide has ended the day 6.82 per cent in the red with shares trading at 41 cents
Video game developer PlaySide Studios (PLY) has released its first half-yearly report as an ASX-listed company.
The company tabled a total revenue of $5.85 million, a 90 per cent increase over the prior corresponding period (pcp).
This was highlighted by the growth in revenue from original games, which accounted for $2.98 million – up $2.2 million over the pcp.
The revenue rise was driven by the successful launch of Animal Warfare, which achieved more than six million downloads from launch in August to December 31.
PlaySide also credits the increase to work-for-hire revenue, which was up $130,000 over the pcp to $2.05 million.
This was pleasing for Playside as many overseas companies tightened spending on game development due to COVID-19.
PlaySide recorded an earnings before interest, tax, depreciation and amortisation (EBITDA) loss of $1.63 million.
When not including one-off expenses such as IPO listing fees and employee share option plan expenses, the EBITDA loss was only $730,000.
“The company has generated a lot of momentum during the half, with both its sales growth and its level of recruitment and increased operational capability, and the focus is now firmly on developing high-quality games for a variety of platforms and genres,” CEO and Managing Director Gerry Sakkas commented.
Operations
ASX listing
PlaySide listed on the ASX in mid-December after a successful $15 million initial public offering (IPO).
PlaySide stated it would use the IPO funds to develop new games, expand its development team and open a business office in Los Angeles.
Game development
Looking forward, PlaySide has begun work on next-generation console games, such as PlayStation 5 and Xbox Series X, with games set to be released at the end of the year.
In August, PLY launched Animal Warfare, which has accrued 6.03 million downloads as of December 31 – well above expectations.
It bodes well with customers, having an average rating of 4.7/5.
Partnerships
In early February, pre-orders began for multiplayer online adventure game, World of Pets.
First announced last December, the company’s “World of Pets” game has been created in collaboration with YouTube channel Norris Nuts.
Outlook
For the remainder of the 2021 financial year, PlaySide will continue to form strategic partnerships and build on existing ones.
It will also continue to develop original intellectual property titles.
As of December 31, the company had a cash position of $16.1 million.
“This is an exciting time for the company. PlaySide has always been at the forefront of mobile games development and with our evolution platforms coupled with the recent IPO, I feel we are well placed to capitalise on these growth opportunities over the next 12-18 months,” Gerry concluded.
PlaySide has ended the day 6.82 per cent in the red with shares trading at 41 cents in a $161.2 million market cap.