Huuuge, Inc. closes Q4 2022 with bookings* of USD 77.9m, representing growth of +1% QoQ and a decline of 12% YoY
• In Q4 2022 Huuuge generated preliminary bookings of USD 77.9m, representing growth of 1% QoQ and a decline of 12% YoY. In Q4 2022 we continued our strategy from previous quarters. Strong cash generation and optimization of marketing expenses remain our key focus and we expect this to be reflected in our adjusted EBITDA for the period.
• In FY2022 Huuuge generated preliminary bookings of USD 318.0m (-15% YoY). In line with our focus on cash generation, we have significantly reduced our marketing expenses and therefore despite lower revenue we expect significantly higher profitability YoY.
• Core Franchises generated USD 73.2m of bookings in Q4 2022, -6% compared to the same quarter last year and a 4% increase vs Q3 2022. Thanks to the major game economy update we rolled out in August, as well as a shift towards optimizing user acquisition, our flagship titles generated higher bookings vs Q3 2022 despite lower marketing spend.
• Traffic Puzzle generated bookings of USD 4.0m in Q4 2022 (-58% YoY and -28% QoQ). The decline was the result of significantly lower user acquisition spend on the game. As declared earlier this year, we have reduced marketing spend for Traffic Puzzle while the game undergoes significant architectural changes necessary in order to build out new features and a multi-SKU franchise. Traffic Puzzle has recorded a positive sales margin in each month of the fourth quarter.
According to Anton Gauffin, Founder and co-CEO of Huuuge: “We have a lot of confidence in the long term outlook of the gaming industry. As we head into a new year, the world is still experiencing turbulent times from an economic perspective. We believe one of our main advantages at Huuuge is our ability to quickly adapt to changing market realities. The resilience of our Q4 2022 bookings exemplifies this. Huuuge is generating increasingly sizable profits, and has fuel to invest in the future, positioning the company well to cope with periods of economic stress.“
According to Rod Cousens, co-CEO of Huuuge: “Huuuge is bucking the trend within a very tough market and the early initiatives we embarked on in 2022 are delivering over performance which we believe to be sustainable in 2023. We are maximizing returns on reduced revenues, and demonstrating the efficiencies of our strategies where we achieve more from less. We will continue to be cost disciplined and we anticipate our product enhancement strategy will lead to more monetisation opportunities in the future.“
* All numbers (USDm) refer to bookings excluding deferred revenues.