Stockholm, Sweden (August 29, 2024) - Maximum Entertainment AB (Nasdaq: MAXENT B) today released its interim report for the second quarter of 2024.
Maximum Entertainment's Q2 results show the benefits we continue to reap on our newly integrated operations and stable portfolio, with numbers that compare well to an exceptionally strong prior year base. We remind readers that Q2 2023 included the full launch impact of two of our most popular Owned IP titles to-date, Smalland: Survive the Wilds and Bramble: The Mountain King. Our year-to-date Adjusted EBITDA remains up 15% to KEUR 3,201 against the same period last year, despite a seemingly softer Q2 2024 at KEUR 1,428 compared to Q2 2023's exceptional KEUR 2,335. Much of this year-to-date uplift comes from margin improvements, with gross margin up 34% in Q2 2024 vs 29% for prior year.
Net Sales for the quarter amounted to KEUR 17,354 down from KEUR 23,884 from prior year due to the different launch calendar, as our 2024 Net Sales will reflect the packed launch schedule in the second half of the year. This impact is also reflected in the share of Owned IP which is at 14% in Q2 2024 v 19% for Q2 2023. The number of employees at the end of the period is 192, a decrease of 19% year-on-year. Additional reductions in overall costs and capital expenditures will continue as the company manages within its cash constraints.
SUMMARY APRIL - JUNE 2024
- Net sales for the quarter amounted to KEUR 17,354 (KEUR 23,884 in Q2 2023)
- Share of revenue derived from Owned IP amounted to 14% (19% in Q2 2023)
- Gross margin as a percentage of Net sales amounted to 34% (29% in Q2 2023)
- Adjusted EBITDA for the quarter amounted to KEUR 1,428 (KEUR 2,335 in Q2 2023)
- EBIT for the quarter amounted to KEUR 2,305 (KEUR 1,185 in Q2 2023)
HIGHLIGHTS DURING THE SECOND QUARTER OF 2024
Launches
- Double Dragon Gaiden: Rise of the Dragons free DLC "Sacred Reunion"
- Hammerwatch II on PS4 and Xbox Series X|S
- Whisker Waters on PC, Nintendo Switch, and PlayStation 5.
- Smalland: Survive the Wilds VR on Meta Quest.
- Morbid: The Lords of Ire on all major platforms.
- Sunnyside on PC.
- Until Then on all major platforms.
Updates
- Announcement of Wild Bastards launch on September 12.
- Steam Next Fest launched with demos for Maximum Football, Diesel Legacy: The Brazen Age, Wild Bastards, and Selfloss.
Other
- Change of liquidity provider to Pareto Securities AB.
- Maximum Entertainment publishes 2023 Annual Report.
- Board resolution on two directed share issues as earn-out payments for Maximum Games and Merge Games.
- Annual General Meeting held:
- Bart Reefman was elected as a new member of the Board of Directors.
- Petter Hjertstedt was elected as the new Chairman of the Board.
- The Board of Directors' resolutions on directed share issues to the sellers as earn-out payments for Maximum Games and Merge Games were not approved.
HIGHLIGHTS AFTER THE QUARTER
Launches
- Launch of Hot Lap Racing on PC and consoles.
Updates
- Partnership with Brimstone to publish Overthrown.
- Maximum Entertainment heads to Gamescom with highly anticipated lineup.
- Partnership with Mob Entertainment to sub-publish Poppy Playtime Triple Pack to retail.
Other
- Chairman Petter Hjertstedt announces intention to resign.
- Announcement of Extraordinary General Meeting to be held on September 9, 2024.
This report, together with previously published reports, is available on the Maximum Entertainment webpage: https://maximument.com/investor-relations/
For more information about Maximum Entertainment, please visit: www.maximument.com.
This information is information that Maximum Entertainment is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-08-29 07:30 CEST.
For More Information, please contact:
Christina Seelye, CEO
E-mail: ceo@maximument.com | Tel: +46 8 490 094 98
Deborah Bellangé, CFO
E-mail: cfo@maximument.com | Tel: +46 8 490 094 98
For more information regarding the company and investments, please contact ir@maximument.com.
Certified Adviser
Augment Partners AB, info@augment.se, tel +46 (0) 8 604 22 55, is Maximum Entertainment AB's Certified Adviser.
About Maximum Entertainment
Maximum Entertainment is a global entertainment company dedicated to crafting indie to AA video game experiences through original content and licensed partnerships.?A fully integrated group with a broad portfolio of content, the company emphasizes collaboration and inclusivity in its partnerships to produce the highest level of interactive entertainment. With more than 300 titles in its catalog, Maximum Entertainment has joined forces with talented creators and renowned franchises around the globe to deliver magic to the gamer in everyone. Maximum Entertainment employs experienced professionals across the entire value chain of video games including development, publishing, transmedia, sales, and operations. Visit Maximum Entertainment at?www.maximument.com.
