PlayStudios has released its third quarter 2022 financial report. The company reported year-on-year growth during the last three months.
Overall company revenue reached $72.1m during Q3, an increase of almost $2m when compared to the previous year’s third quarter. Net income totaled $3.6m, while adjusted EBITDA climbed to $9.8m.
PlayStudios CEO Andrew Pascal said the company’s quarterly results reflect recent and year-long success.
He commented: “We had a strong third quarter and I’m proud of how our team performed. Results showed both annual and quarterly momentum, with many of our recent initiatives beginning to bear fruit. Against an economic and industry backdrop that remains challenging, we believe our performance is particularly noteworthy.
“We made substantial progress in our two new gaming initiatives, Tetris and myVegas Bingo, and are encouraged about how they are positioned for 2023. Updated versions of the games will be available in the new year, with playAwards fully integrated into both products. Similar to its impact on our core suite of games, we expect a loyalty lift in both Tetris and myVegas Bingo. playAwards continued to grow in the quarter and currently includes nearly 600 unique awards for our millions of connected users.”
In addition to its fiscal strength during the quarter, PlayStudios recently announced the acquisition of casual games publisher, Brainium, for $70m. The payment will consist of a cash payout with “contingent consideration” linked to Brainium’s performance from now until the transaction’s close date, which is scheduled for December 31, 2022.
Pascal said about the upcoming transaction: “We view Brainium as an excellent complement to our existing game portfolio and significant for our playAwards expansion. It’s early days, but integration is going smoothly, and we couldn’t be happier.
“Even after this impactful acquisition, we maintain a very healthy balance sheet, no borrowings, and full access to our revolving credit facility.”
