GameOn posts $74.8m in adjusted net income for December
The company attributed its end-of-year results to several new deals with its partners.
GameOn Entertainment Technologies has released its December profitability report. The game technology company says it achieved several milestones during the last half of 2022 that it says were “fueled by a flurry of new deals and based on adjusted net income.”
The company reported “accelerated growth” during the last six months. GameOn concluded 11 new deals during the year that included agreements with Karate Combat, YOOM and Gaming Society.
In its deal with Karate Combat, the two partnered to release both a fantasy game and playable digital fighter NFTs. GameOn said the digital fighters are scheduled to release during this year’s first quarter.
The company ended the month of October, breaking even in its adjusted net income. GameOn ended December with an adjusted net income that reached more than $74.8m.
CEO Matt Bailey spoke about the company’s results and said closing several deals during the second half of 2022 helped GameOn surpass its year-end goals.
He commented: “We’re thrilled with GameOn’s cash flow in Q4. We’ve closed revenue-generating deals at a faster rate than projected, realizing profitability in December ahead of our 2023 target.”
Bailey went on to add that the company is seeking new ways to ensure its financial success in the future.
He concluded by saying: “In an unpredictable market, management continues to find ways to thrive by optimizing resources, driving new sales, and exploiting non-dilutive revenue. Cash flow is king. We’re thrilled to be profitable in December and expect to continue the upward trend in 2023.”
GameOn partners with global entertainment, sports and media IPs for the purpose of launching, operating and monetizing various web3 games.
Tags/Keywords
Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.
Latest News
