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Artifex Mundi achieves higher revenues and recurring profits

18.05.2023

In the 1st quarter, the publicly listed game developer and publisher earned revenues of PLN 15.9 million, 44% more than the year before. The company’s operating profit increased from PLN 3.3 million, achieved in the 1st quarter of 2020, to PLN 4.1 million in the 1st quarter of the current year. The reason for the dynamic increase in Artifex Mundi’s results is the Unsolved application, whose revenues from commercialization increased in the past quarter by 110% YoY.

In the last quarter, the company generated adjusted EBITDA (operating profit plus amortization, including the amortization of the capitalized expenses of games, stripped of the influence of one-time items) of PLN 5.7 million, compared to PLN 5.0 million in the previous year. The company’s net result was equal to PLN 4 million, compared to PLN 4.9 million the year before when the results included dividends of PLN 2.5 million from a liquidated subsidiary.

In the last quarter, the largest of Artifex Mundi’s operating segments, both in terms of revenues and generated operating profit, was the free-to-play segment. In the 1st quarter, its revenues increased by 80%, reaching PLN 12.8 million, which was possible thanks to Unsolved, which provides players with free-to-play access to some of the best HOPA games available in the Artifex Mundi’s portfolio. The revenues from its commercialization increased from PLN 5.8 million, achieved in the 1st quarter of 2022, to PLN 12.3 million in the 1st quarter of 2023. The EBIT of the free-to-play segment increased by 84% YoY, reaching PLN 3.2 million. In the 1st quarter of the current year, the segment of HOPA games, commercialized as premium products, generated revenues of PLN 3.0 million and EBIT of PLN 2.3 million.

“We’ve had a successful quarter, which, in our view, was the first act of an equally successful year. The consistent implementation of the Unsolved application’s development plan translates into the improvement of our commercial potential. The considerable improvement of the application’s KPIs recorded in the last month does not exhaust the potential of Unsolved. We hope that its further modifications, for example, the expansion of available content, will pave the way for a further increase in investments in its popularization, and as a consequence – for the increase of the profits that it generates,” says Przemysław Błaszczyk, President of the publicly listed company.

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