Nexters’ Q1 2022 financial results show record high quarterly revenues and profits

Proposed changes to critical roles are expected to be accepted by shareholders.
Nexters characters pose in front of a background with the company's logo
Nexters is very pleased with the results of this year.

Cyprus-based Nexters, known for its Hero Wars game and one of the top 10 publishers in the EMEA region, shared its financial results for the first quarter of this year, which ended on March 31, 2022. The company also included changes in the board of directors for sustainability and empowerment purposes in this report.

Related: Take-Two and Zynga share combined Q1 earnings

Nexters’ first quarter revenue grew substantially compared to last year. The company announced a 45% growth rate and broke its own record by reaching $126 million in revenue. In addition, the company announced a net profit of $ 23 million this year, instead of the $ 12 million loss from last year, and earned $ 18 million from its operating activities.

The company’s quarterly net bookings grew 13% year-over-year. One of the most critical drivers of this growth was the nexters’ 375,000 monthly paying users. These users grew by 18% compared to last year and pleased the company. Nexters also invested $100 million to acquire mid-core games developers Cubic Games, RJ Games, and Royal Ark. One of the main drivers of this investment was the company’s vision to expand into the mid-core genre.

The platforms that enable the company to obtain this data show that the mobile platform accounts for 64% of the revenues. On the PC platform, while the situation is 36%, it turns out there is a 1% change on both platforms compared to last year. In addition, the largest share of the company’s revenues is in America with 31%, followed by Asia with 28%, Europe with 21%, FSU and other regions with 10%.

Changes made to increase sustainability

The company proposed changes in the board of directors to its shareholders and requested approval of these proposals. Among the changes are critical roles. Dmitri Bukhman, whom we know from Playrix, and Andrey Fadeev, the founder of Nexters, will continue to sit on the board of directors. But,  Ivan Tavrin will not intervene in the company’s management by leaving the board of directors and chairman of the board. The new president will be appointed to the task by the board.

Andrey Fadeev, co-founder and CEO of Nexters, made the following statements in the financial report:

“Recent months have been one of the most challenging periods in the Company’s history. Changes to operations, optimization, and other initiatives, including this reinforcement of the Board were the steps needed to set our Company on the right track. And with these measures in place, we look forward to Nexters’ further growth as an international public company.”

Three new experienced names will join the company’s board of directors; Tal Shoham, who has mastered advertising technology, growth, and monetization at big companies such as SuperSonic, ironSource, and Huuuge, Marie Holive, who has held executive positions at companies such as General Electric and Comcast, and Olga Loskutova, who has 20 years of experience in companies such as SABMiller and Whirlpool.

To access the company’s financial report and possible staff changes, click here to go to Nexters’ website.

Leave a Reply

Your email address will not be published. Required fields are marked *