Gaming

Q2 revenue of $29.7M , an increase of 32% over the same period last year

Announced Normal Course Issuer Bid for up to 4.1 million shares

 East Side Games Group (TSX: EAGR) (OTC: EAGRF) (" ESGG " or the " Company "), today announced financial results for the second quarter ended June 30, 2022 . All amounts are stated in Canadian dollars on an IFRS basis unless otherwise indicated.

east side games logo (CNW Group/East Side Games Group)

"Q2 was a solid quarter with 32% growth over the prior year. Total revenue for 2022 to date was $65.3M , up 43% year over year. Excluding one time revenue items in the Q1 quarter, Q2 decreased approximately 15% from Q1 of this year, in line with industry trends. RuPaul's Drag Race Superstar, which launched on October 25, 2021 and "The Office: Somehow We Manage, which launched in late January of this year in partnership with Universal Games and Digital Platforms continue to perform" said Jason Bailey , CEO of ESGG.

"Our core portfolio of active titles also performed over the quarter. These titles continued to be EBITDA drivers. This foundation is paying for the development of new titles, GameKit R&D, as well as operational cash flow." Said Mr. Bailey, "Given the slate of titles we intend to launch in the second half of this year and early 2023, including super marquee titles Star Trek Lower Decks and Doctor Who we expect to lean in and invest heavily into growth which will result in lower near-term EBITDA, but sets us up for a spectacular 2023 and beyond".

"Today we also announced a share buy-back program as the board of directors and I believe that the market price of the Company's common shares does not reflect the inherent value of the Company", said Mr. Bailey.

Three and six months ended June 30, 2022 Highlights:

  • Q2 2022 revenue was $29.7 million , a 32% increase vs Q2 2021 revenue of $22.5 million . For the six months ended June 30, 2022 , revenue was $65.3 million , a 43% increase vs the six months ended June 30, 2021 .
  • Cash for the Company at June 30, 2022 was $9.3 million compared to $9.2 million at December 31, 2021 .
  • Daily Active Users in Q1 were 347K and Monthly Active Users were 1.35M . Average Revenue per Daily Active User was $0.93 .
  • The 2022 Earnout Milestone was achieved and paid in the first quarter of 2022 as $10 million in cash and $10 million in shares as per the Share Purchase Agreement. The 2023 Earnout Milestone of $20 million , previously accrued, was reversed during Q2 2022 due to uncertainty in achieving the $150 million revenue target.
  • On August 11, 2022 , the Company announced its intention to buy back up to 4,076,819 shares under its NCIB.
  • During Q1 2022, the Company expanded its operating credit facility from $3.5 million to $7.1 million increasing its overall credit facilities to $17.1 million . During Q2 2022, the Company added a $10 million acquisition line for which a portion can be used in its NCIB. At June 30, 2022 , the Company had $0.3 Million in debt.
  • Q2 2022 Adjusted EBITDA was $0.6 million (Q2 2021 - $2.6 million ) and year to date Adjusted EBITDA was $3.6 million (YTD 2021 - $5.3 million ).
  • Q2 2022 net income was $17.3 million (Q1 2022 - $0.7 million ) and year to date net income was $17.9 million (YTD 2021 - $0.4 million ). Net income for the three and six months ended June 30, 2022 was primarily due to the reversal of the contingent payment.
  • Added four new genres to the Game Kit core offering, Merge, Match, Blitz and Master and have partnership development agreements for each.
  • Signed numerous, as yet unannounced Super MArquee IP agreements as well as multi game development agreements with GameKit partners.
  • Soft Launched Star Trek Lower Decks, Doctor Who, Milk Farm Tycoon, Trailer Park Boys Merge, Bud Farm Munchie Match, and others.

Certain information provided in this news release is extracted from the consolidated financial statements (the "Financial Statements") and Management's Discussion & Analysis ("MD&A") of the Company for the three and six months ended June 30, 2022 and should be read in conjunction with them. It is only in the context of the fulsome information and disclosures contained in the Financial Statements and MD&A that an investor can properly analyze this information. The Financial Statements and MD&A can be found under the Company's profile on SEDAR and EDGAR.

Webcast and Conference Call Information

The Company will hold a conference call to discuss its performance with the investment community at 2:00 p.m. PT today. Related earnings release materials can be found on East Side Games Group website at https://eastsidegamesgroup.com/investors/financial-information/ .

Webcast and Conference Call Details:

Webcast URL: https://app.webinar.net/Xy9WDqkl1O6
Toll Free Dial-In Number:       +1 (888) 440-2009
International Dial-In Number: +1 (438) 803-0546
Conference ID:                       8631585

A replay will be available starting at 6:30 a.m. PT August 12, 2022 until September 11, 2022 by dialing +1 (800) 770-2030 or +1 (647) 362-9199 and entering the conference ID 8631585.

ABOUT EAST SIDE GAMES GROUP

East Side Games Group (formerly operating under the name "LEAF Mobile Inc.") is a leading free-to-play mobile game group. Through our proprietary Game Kit software platform, we enable creators to successfully deliver memorable mobile gaming experiences that engage players everyday. We publish a diverse portfolio of original and licensed IP mobile games that include: The Office: Somehow We Manage, RuPaul's Drag Race Superstar, Bud Farm Idle Tycoon, Cheech & Chong Bud Farm , It's Always Sunny: The Gang Goes Mobile, Trailer Park Boys Greasy Money and other IP based and wholly owned properties.

Additional information about the Company continues to be available under its legal name, LEAF Mobile Inc., at www.sedar.com .

Forward-looking Information

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the proposed transactions described herein. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including factors beyond the Company's control. These forward-looking statements are made as of the date of this news release.

SOURCE East Side Games Group

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/August2022/11/c5416.html

News Provided by Canada Newswire via QuoteMedia

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East Side Games

The Office: Somehow We Manage Mobile Game Available Now

East Side Games Group (TSX: EAGR) (OTC: EAGRF) (" ESGG " or the " Company "), Canada's leading free-to-play mobile game group, in collaboration with Universal Games and Digital Platforms, announced today the worldwide launch of The Office: Somehow We Manage on iOS and Android. The free-to-play idle game is inspired by NBC's critically acclaimed, Emmy® Award-winning U.S. version of The Office which is now streaming exclusively on Peacock.

Watch the launch trailer here .

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Funrise, Inc. in partnership with video game developer Psyonix, has released a line of customizable and remote-controlled Rocket League replica cars.

Micro RC Competition Pack

The new Rocket League collection of replica vehicles are available now at Walmart, Target.com, Amazon, and other major retailers in the United States . The branded collection includes: Rocket League Micro RC, available in four models, the 2.75" remote control vehicles feature lights and quick acceleration, a goal, game ball, and controller that stores and charges the vehicle. The Rocket League Custom Racer RC vehicles are 8" in length, available in two models, and customizable in hundreds of ways. Fans looking to smoke the competition will love the Rocket League ZSR Smoke RC. It's an 11" 6-channel remote control vehicle with an illuminated smoke boost option and LED under-glow lighting. It includes a rechargeable Lithium-Ion battery that can be charged via USB. Perfect for play on-the-go!

Also part of the launch are two Walmart exclusive items:  the Rocket League Light Blast Racer, which is 9" in length and features working headlights and taillights, flashing lights, light-up toppers, and translucent interchangeable wheel covers, and the Rocket League Micro RC Competition Pack, which includes two fully-function 2.75" replica vehicles with working headlights and taillights, two goals, one game ball and two game ball controllers that store and charge the vehicles. This exclusive competition pack is the perfect way to replicate the fun from the video game into real life game play! Both items also include special downloadable in-game content that allows players to customize their vehicles within the Rocket League video game!

"Funrise, Inc is thrilled to finally reveal our line of replica customizable and RC cars!", said Anna Cieslak , Director of Licensing at Funrise, Inc. "Now players can take their favorite Rocket League vehicles out of the screen and into the hands of fans!"

A high-powered hybrid of arcade-style soccer and vehicular mayhem, easy-to-understand controls and fluid, physics-driven competition, Rocket League is one of the most popular and recognizable video game brands worldwide. Rocket League is free to download and available on all major video game platforms

About Funrise, Inc.

For over 30 years, Funrise has been a global innovator and industry leader in the design, manufacturing, and distribution of toys worldwide. Our mission is to create fun for kids of all ages by building impactful brands through innovation, creativity and imagination. We strive towards excellence in all we do to ensure our products are enjoyed by consumers throughout the world.

Our portfolio consists of internal brands including BFF BRIGHT FAIRY FRIENDS™, GAZILLION®, MIGHTY FLEET™, FART NINJAS™ RAINBOW BUTTERFLY UNICORN KITTY™ and more, as well as licensed properties from premier partners like Cat® and other global entertainment companies.

ABOUT ROCKET LEAGUE

Winner or nominee of more than 150 "Game of the Year" awards, Rocket League is one of the most critically acclaimed sports games of our generation. Rocket League is a high-powered hybrid of arcade-style soccer and vehicular mayhem with easy-to-understand controls and fluid, physics-driven competition. Available on Nintendo Switch™, PlayStation ® 4, PlayStation ® 5, Xbox One, Xbox Series X|S, and PC on Epic Games Store, Rocket League includes nearly endless customization possibilities, online Ranks and Competitive Tournaments, a fully featured offline season mode, multiple game types, casual and competitive online matches, and special "Mutators" that let you change the rules entirely.

To learn more about Rocket League , please visit www.RocketLeague.com , " Like " it on Facebook, and follow it on Twitter @RocketLeague for all the latest developer updates and news.

ABOUT PSYONIX

Based in San Diego, CA , Psyonix is a critically acclaimed video game developer and a leading expert in Unreal Engine technology. For more than 20 years, the studio has been a driving force behind some of the most successful games in the industry, including Gears of War , Mass Effect 3 , XCOM: Enemy Unknown , Bulletstorm , Unreal Tournament III , Unreal Tournament 2004 , and the award-winning sports-action hit, Rocket League ® . Psyonix joined the Epic Games family in 2019.

© 2015-2022 Psyonix LLC. Rocket League, Psyonix, and all related marks and logos are registered trademarks or trademarks of Psyonix LLC. All rights reserved. All other trademarks are property of their respective owners.

About IMG

IMG is a global leader in sports, fashion, events and media. The company manages some of the world's greatest athletes and fashion icons; owns and operates hundreds of live events annually; and is a leading independent producer and distributor of sports and entertainment media. IMG also specializes in licensing, sports training and league development. IMG is a subsidiary of Endeavor, a global entertainment, sports and content company.

Rocket League

Funrise Logo (PRNewsfoto/Funrise)

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/funrise-inc-and-psyonix-launch-rocket-league-replica-cars-301636116.html

SOURCE Funrise, Inc.

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