Nexters continues to maintain its record performance in the first quarter of this year. The company reported a 15% increase in revenues compared to last year’s Q2 2022 financial report.
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The company reported a net loss of $20 million in the same period last year and achieved a record net income of $33 million in Q2 2022. It also adjusted the company’s EBITDA to $73 million in the first half of this year and $46 million in the second quarter. These numbers are high compared to the $22 million in the first half of last year and the $15 million in the second quarter.
| US$ million | Q2 2022 | Q2 2021 | Change (%) | H1 2022 | H1 2021 | Change (%) |
| Revenue | 126 | 110 | 15% | 252 | 196 | 28% |
| Platform commissions | (35) | (30) | 20% | (69) | (54) | 28% |
| Game operation cost | (3) | (2) | >100% | (7) | (4) | 74% |
| Selling and marketing expenses | (35) | (91) | 61% | (91) | (155) | (41%) |
| G&A expenses | (7) | (3) | >100% | (14) | (5) | >100% |
| Net Income/(Loss) | 33 | (20) | >100% | 56 | (32) | >100% |
| Adjusted EBITDA | 46 | (15) | >100% | 73 | (22) | >100% |
| Cash flows generated from operating activities | 21 | (8) | >100% | 40 | 11 | >100% |
Revenues in the first half of 2022 were announced as 252 million dollars and 126 million dollars in the second quarter. These numbers mean 28% and 15% year-on-year increases, respectively, compared to last year.
The company seems to have generated a relatively high inflow of money from its operating activities. Nexters reported an operating profit of $39 million in the first half and $21 million in the second quarter.
Board changes took place
The Q1 2022 financial report published by the company last month stated that there would be changes in the board of directors. Noting that Nexters made these changes to increase sustainability, the company announced that Ivan Tavrin would resign from the board of directors and chairman of the board.
The board changes announced by Nexters in its latest report were as follows:
- Marie Holive, Olga Loskutova, and Tal Shoham were elected as the new Independent Directors at the general meeting.
- Natasha Braginsky Mounier has been named Chairperson of the Board by the newly composed Board of Directors.
Andrey Fadeev, Co-Founder and CEO of Nexters, states the following in the financial report:
“We are proud of our performance in the second quarter of 2022. Despite an extremely unfavorable macro and geopolitical environment, challenges in user acquisition and player behavior, as well as both organizational and corporate changes, Nexters demonstrated the sustainability of its business and managed to complete the quarter with record-high net income.
Looking ahead to the second half of the year, we will continue to focus on operational execution and key product roadmap development, allowing us to navigate the changing environment.”
With these changes, all Nexters committees are made up of independent directors only. You can access the full report by clicking here.
