DoubleDown Interactive posts $88.1m in Q1 revenue, boosted by SuprNation
For the supplier, this was the first full quarter of operations from SuprNation.
DoubleDown Interactive has released its financial figures for the first quarter of 2024, highlighting the impact of the SuprNation acquisition.
Revenue during the quarter reached $88.1m, up 13.5% year-over-year. The revenue contributed by SuprNation totaled $8.3m, meaning DoubleDown revenue grew 3% excluding SuprNation.
Average monthly revenue per payer for the social casino/free-to-play games was $281 during the opening quarter of 2024, up from $221 during the first quarter of last year and even from the $279 recorded in the fourth quarter of 2023.
In January of last year, the company signed a share purchase agreement to buy SuprNation AB for an estimated cash consideration of $35m, with the deal at the time subject to a final 2022 financial review.
As a result, this was DoubleDown’s first full quarter of operations of SuprNation and has seen the company make significant gains.
The inclusion of SuprNation operations did, however, contribute to operating expenses increasing to $57.1m from $52.2m in the same period last year. This rise in operating expenses was also put down to lower sales and marketing and research and development expenses.
2023
2024
Meanwhile, net income rose 28.3% year-over-year to $30.4m and adjusted EBITDA increased 25.6% to $31.9m.
DoubleDown CEO Keuk Kim gave some thoughts on the results: “Our DoubleDown Casino’s performance is benefitting from the recently introduced meta features that are further advancing our ability to improve monetization and generate strong engagement metrics.
“The first quarter represented our first full quarter of operations of SuprNation, a European iGaming operator, which is off to a strong start as we begin to implement our initiatives to grow the business by leveraging our marketing and player engagement and monetization strategies and expertise. We intend to continue to focus on driving revenue growth for SuprNation for the next several quarters.
“Our operating strategies that drive strong free cash flow, combined with our balance sheet, provides the Company with significant financial flexibility to evaluate opportunities to deploy capital to pursue both organic and accretive acquisition-related growth in related gaming categories to generate attractive profitable growth and additional cash flow thereby creating new value for our shareholders.”
In other results-based news, Light & Wonder has released its first quarter results for 2024, showing a 13% increase in consolidated revenue.
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