Animoca Brands reports record revenue of A$10.5m in first four months of 2020
8 July 2020: Animoca Brands Corporation Limited (“Animoca Brands” or the “Company”) is pleased to report its unaudited management accounts for the four months ended 30 April 2020. These results include contributions from the recently acquired businesses nWay, Inc., Quidd, Inc., and Gamee Limited. Some of the key highlights of the management accounts include:
Total unaudited revenues for the 4 months ended 30 April of A$10.5 million
Unaudited revenue for April of A$4.3 million resulting in unaudited EBITDA of approximately A$380,000 for the month of April
Net unaudited operating cash outflows for the 4 months ended 30 April of approximately A$525,000
Total cash and cryptocurrency on hand as at 30 April of A$8.7 million
Major titles launching in the second half of 2020 include F1® Delta Time and The Sandbox
The first four months of 2020 have been tumultuous as the COVID-19 pandemic affected businesses globally, and Animoca Brands - headquartered in Hong Kong - was no exception. The pandemic impacted the Company’s Asian operations beginning in January, followed by its operations in the rest of the world in late February. Thanks to Hong Kong’s early and effective response to the pandemic, the Company’s head office has been able to operate in a manner similar to normality in recent months.
The impact of lockdowns around the world has had the positive externality of increasing the amount of available time that gamers have to engage with video games, and gaming companies have seen increases in downloads, revenue generation and engagement. As a result, Animoca Brands’ business has grown during the pandemic, with record quarterly and monthly revenues over the first four months of the year and a positive EBITDA in April.
In the first 4 months of the year ended 30 April the Company recognised unaudited revenue of A$10.5 million; A$6.2 million of this was recognised in the first quarter of 2020 (a record quarter and an increase of 44% over the same quarter last year) followed by another record A$4.3 million in unaudited revenues during the month of April alone, which led to approximately A$380,000 in unaudited EBITDA in April. The Company’s cash and cryptocurrencies on hand as of the end of April amounted to A$8.7 million, which includes A$1.1 million in Bitcoin (BTC) and Ether (ETH), A$1.6 million in other cryptocurrencies, and A$6 million in cash. The significant increase in BTC and ETH holdings came from growth in the Company’s blockchain gaming activities, which involved various sales of non-fungible tokens (NFTs) including LAND for The Sandbox, racecar and crate sales for F1® Delta Time, and collectible hero cards for Crazy Defense Heroes.
Recently, the Company announced a number of notable developments including: the planned public listing of its subsidiary OliveX Holdings Limited, a company focused on AI-driven health and fitness technology; the commencement of trading of Animoca Brands shares on the PrimaryMarkets secondary share trading platform; and a capital raise of approximately A$6 million from strategic investors including M7 Asia and Mind Fund.
The Company looks forward to the commercial releases of a number of major gaming titles later in the year, including F1®️ Delta Time and The Sandbox.
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About Animoca Brands
Animoca Brands is a leader in the field of digital entertainment, specializing in blockchain, gamification, and artificial intelligence technologies to develop and publish a broad portfolio of mobile products including games such as The Sandbox, Crazy Kings, and Crazy Defense Heroes as well as products utilizing popular intellectual properties such as Formula 1®, Marvel, Garfield, Snoopy, Thomas & Friends™, Power Rangers, MotoGP, and Doraemon. Animoca Brands’ portfolio of blockchain investments and partnerships includes Lucid Sight, Dapper Labs (creators of CryptoKitties), WAX, Harmony, and Decentraland. The Company is based in Hong Kong, United States, South Korea, Finland, Argentina, and the Czech Republic. For more information visit www.animocabrands.com or get updates by following Animoca Brands on Facebook or Twitter.