informa
Press Release

Nexters Continues to Demonstrate Substantial Growth in Q3 2021

Impressive growth shown during Q3 of 2021, onwards and upwards from there.
[This unedited press release is made available courtesy of Game Developer and its partnership with notable game PR-related resource Games Press]

November 17, 2021 – Limassol, Cyprus – Nexters Inc. (NASDAQ: GDEV), an international game development company which strives to introduce the joy of core gaming experiences to casual players, today announced its unaudited financial and operational results for the third quarter of 2021.
 
Third Quarter 2021 Highlights

Financial:

  • Record high quarterly revenues of $115 million, growing 77% year-over-year
  • Non-cash non-recurring listing expense of $125 million caused a net loss in the third quarter of 2021, which amounted to $104 million vs. $11 million in the respective period of 2020
  • Adjusted Net Profit in the amount of $8 million in Q3 2021 vs. an Adjusted Net Loss of $11 million in the respective period of 2020
  • Сash flow generated from operating activities of $51 million, growing 59% year-over-year
  • Our cash and cash equivalents totaled $105 million as of September 30, 2021
Operational:
  • Q3 2021 bookings of $151 million, growing 29% year-over-year
  • Bookings from Asia nearly doubled year-over-year, now constituting 26% of total bookings
  • Bookings from Desktop platforms grew 55% year-over-year, now constituting 30% of total bookings, taking platform commissions down to 27% of revenues in Q3 2021, declining 1 p.p. year-over-year
  • Monthly paying users of 371 thousand in Q3 2021, growing 30% year-over-year
  • Average Bookings per Paying User of $128, broadly stable compared to $132 in Q3 2020
  • Advertisement sales of $9 million, more than doubling year-over-year, now constituting 6% of total bookings
Products & M&A:
  • Chibi Island, a new casual adventure game officially released on iOS and Android with total install base approaching 1.5 million.
  • Throne Rush, a strategy game, launched on Web
  • Hero Wars mobile version recently celebrated its 5th anniversary, with the title’s lifetime bookings surpassing a milestone of $1 billion
  • Nexters launched Boost program as one of the M&A initiatives to provide independent developers with expertise and funds needed to launch their games and build successful international businesses.
 
Quote by CEO and Co-founder, Andrey Fadeev:
 
“The third quarter has been quite significant for Nexters as within this period we reached two milestones which will influence our further long-term development and growth.
 
In accordance with our organic growth strategy, we see casual games as an opportunity to significantly expand into a larger audience of casual players. We’ve been quite successful with casual titles on social; and now, with the traction we have on mobile with Hero Wars, our plan is to use all our knowledge, experience and best practices to deliver successful casual games on mobile platforms. Chibi Island, a new casual adventure game which was officially released in July this year, is the first title of that genre with more to follow in the coming months.
 
On the non-organic side of our growth strategy, in September we launched the Boost program to support the indie game development scene. While our broader mergers and acquisitions strategy encompasses gaming companies and studios of various size, this program targeting the smaller indie market is our first officially announced initiative. Boost will focus on talented teams with innovative games and is intended to help them build a successful international business on a global scale thanks to Nexters’ expertise in various genres and on various platforms that we have accumulated within our years of growth.
 
So besides positive financial metrics, we set strategic vectors in the third quarter, the effects of which will, we believe, positively contribute to Nexters’ long-term performance.”

Please go here for the full release: https://www.globenewswire.com/en/news-release/2021/11/17/2336220/0/en/Nexters-Continues-to-Demonstrate-Substantial-Growth-in-Q3-2021.html 

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