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May 6, 2022 Finance, Results

Q1 2022 results for PLAYSTUDIOS, Inc reveals $70.5m in revenue

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The developer of the playAWARDS loyalty platform revealed the numbers for the quarter ending on March 31.

During the first quarter of 2021 PLAYSTUDIOS posted $74.1m in revenue. This year, the number has dropped to $70.5m and the company states that the change is due, in part, to the market impact of Covid-related stimulus checks on player engagement monetization behaviors.

Net loss was $25.2m during Q1 of 2022, the company notes that this is mainly due to certain non-cash charges, compared to net income of $5.9m during Q1 of 2021.

AEBITDA, a non-GAAP financial measure, was $9.1m in Q1 this year, compared to $14.5m during the same time in the prior year.

Chief Executive Officer of PLAYSTUDIOS, Andrew Pascal said: "Entering 2022, our focus was on enhancing the value proposition of our playAWARDS loyalty platform, preparing to offer it as a stand-alone service to select third-party developers, while adding new capabilities, new partners, and new benefits to our own myVIP program."

The playAWARDS loyalty platform purchases were up 54% year-over-year, with the retail value of purchases going up 80% year-over-year. 

He continued: "We also focused on expanding our capacity by adding some amazing new talent, enhancing the capabilities of our European and Asian studios. On the games front, we acquired the full rights to myVEGAS Bingo and assumed the ongoing development and operations of the product."

Later in the statement, Pascal said: "Our strategic priorities remain unchanged. As traditional leisure and retail businesses become more dependent on digital platforms to reach their audiences, we believe we are well-positioned to deliver the scalable, cost-efficient consumer engagement they’re seeking."

PLAYSTUDIOS has increased the collection of playAWARDS partners and benefits, adding national and international options. 

The company is a developer of the playAWARDS loyalty platform and the developer of free-to-play mobile and social games.

A conference call to discuss the details of the Q1 financial report for 2022 along with a Q&A was held on May 5 and is available for replay.

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