Snail Games announced its financial results for the first quarter of 2024: a loss of US$1.8 million

DoNews May 16 news, Snail, Inc. (Nasdaq: SNAL) (hereinafter referred to as "Snail" or the "Company") is a leading global independent developer and publisher focusing on interactive digital Entertainment, today announced financial results for the first quarter ended March 31, 2024.

2024 First quarter business highlights:

ARK: Survival Ascended. On October 25, 2023, the company launched a remastered version of the flagship Ark series using the excellent image quality of Unreal Engine 5, and introduced a cross-platform modification system that changed the game, opening a new era of creativity. Since the game's launch, Ark: Survival Ascend has sold approximately 2 million units and has an average of 121,000 daily active users ("DAUs"), with a peak of 308,000. In the first quarter of 2024, the company launched premium game mods on the PC platform, with plans to expand the availability of premium game mods to other platforms in the coming months. ARK: Survival Evolved. In the three months ended March 31, 2024, Ark: Survival Evolved had an average of 133,000 daily active users. Ark: Survival Evolved will sell approximately 600,000 units in the first quarter of 2024.

Net income for the three months ended March 31, 2024 was $14.1 million, compared with $13.5 million for the three months ended March 31, 2023. The increase in net income was primarily due to an increase in total sales of Ark games of $5.1 million, an increase in revenue related to previously deferred settlements of $1.2 million, and an increase in sales of the company's other games of $0.7 million, partially driven by Ark mobile games. The $0.6 million decrease in sales was offset by a $5.5 million increase in deferred revenue related to the Ark series.

Net loss for the three months ended March 31, 2024 was $1.8 million, compared with a year-over-year net loss of $3.0 million for the three months ended March 31, 2023. The decrease in net loss was due to an increase in net income of $600,000, a decrease in general and administrative expenses of $2.2 million, and an increase in the company's other income of $200,000, partially driven by an increase in research and development expenses of $400,000, an increase in cost of revenue of $1.2 million, and a decrease in income taxes. offset by $300,000.

Bookings (Bookings) were US$19.6 million for the three months ended March 31, 2024, compared with US$13.3 million for the three months ended March 31, 2023. The increase in bookings is due to the strong launch of Ark: Survival Ascension in the fourth quarter of 2023. In addition to higher sales of Ark: Survival Ascension, the company deferred approximately $5.5 million in revenue in the three months ended March 31, 2024 from the unreleased DLC expansion pack for Ark: Survival Ascension.

Earnings before interest, taxes, depreciation and amortization ("EBITDA") for the three months ended March 31, 2024 was a loss of $1.9 million, compared with a year-over-year loss of $3.4 million for the three months ended March 31, 2023 The U.S. dollar has declined. The decrease was primarily due to a decrease in net loss of $1.2 million and a decrease in income tax benefits of $0.3 million.

Unrestricted cash as of March 31, 2024 was $16.1 million.

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