Play Magnus Group (PMG) - Q3 2022: Increased Revenue Growth and Continued Improvement in EBITDA
30.11.2022 16:30:29 CET | Play Magnus AS | Half yearly financial reports and
audit reports / limited reviews
(Oslo, 30 November 2022) - Play Magnus Group, a global leader in the chess
industry, today published its financial results for the third quarter 2022
showing revenue of USD 6.6 million, a Y/Y growth of 20 percent. Adjusted EBITDA
was USD -1.6 million, an improvement from USD -3.7 million in Q3 2021 and USD
-2.0 million in Q1 2022.
"The Champions Chess Tour continued its success and together with improved
trends in elearning, Play Magnus Group had accelerated revenue growth in the
third quarter. At the same time, market conditions remain challenging, and we
continue to execute on our comprehensive program to reduce our cost base. Our
adjusted EBITDA loss was significantly reduced in the third quarter, and we
remain committed to continue to improve our adjusted EBITDA moving forward,"
said CEO of Play Magnus Group Andreas Thome.
The average monthly revenue per paying user in Play Magnus Group was USD 20.7 in
Q3, 14 percent higher than in the same period last year. At the same time, the
number of monthly paying users declined 8 percent year over year.
"All in all, the third quarter was positive for our main elearning platform
Chessable. We are set for continued improvement now with successful Black Friday
campaigns and many upcoming activities approaching the holiday season," said
Third quarter bookings was USD 4.8 million, a decline of 21 percent compared to
the same period in 2021. Year to date, bookings increased 10 percent.
"Sales of elearning courses continued to see improvement, whereas we experienced
extended sales processes for Tour partnerships compared to last year. However,
the Tour partnership pipeline remains promising," said Andreas Thome.
As announced in Q3, Chess Growthco LLC (Chess.com - http://chess.com) has issued
an offer to acquire all outstanding shares in Play Magnus Group at a price of
NOK 13.00 per share. Reference is made to the Settlement Notification published
on November 30.
Financial highlights in the third quarter 2022:
* Revenue USD 6.6 million (+20% Y/Y)
* Bookings USD 4.8 million (-21% Y/Y)
* Monthly Paying Users 55,300 (-8% Y/Y)
* Average Revenue per Paying User (ARPPU) USD 20.7 (+14% Y/Y)
* Adjusted EBITDA USD -1.6 million (-3.7 million in Q3 21 and -2.0 million in
Please find enclosed Play Magnus Group's Q3 2022 presentation. Note that there
will be no webcast presentation of the Q3 results.
This release is an announcement issued pursuant to legal information obligations
and is subject of the disclosure requirements pursuant to the Market Abuse
Regulation (MAR) Article 17 no. 1 and section 5-12 of the Norwegian Securities
Trading Act, and was submitted for publication by Arkus Fredriksson, Chief
Strategy Officer of Play Magnus Group.
* Dmitri Shneider, CFO, Play Magnus Group, [email protected]
* Investor Relations, [email protected]
ABOUT PLAY MAGNUS AS
Play Magnus Group is a global leader in the chess industry focused on providing
premier digital experiences for millions of chess players and students. The
company offers elearning and entertainment services via its market leading
brands: chess24, Chessable, iChess, New In Chess, Everyman Chess, Magnus
Academy, Aimchess, the Play Magnus App Suite, and the Meltwater Champions Chess
Tour. The Group's mission is to grow chess to make the world a smarter place by
encouraging more people to play, watch, study, and earn a living from chess.
Play Magnus Group is listed on Euronext Growth Oslo under the ticker PMG and
OTCQX® Best Market under the ticker PMGMF. For more information visit pmg.me -
Download announcement as PDF.pdf -
Play Magnus Group Q3 2022 Presentation.pdf -