HUUUGE, INC., COMPLETES Q2 2023 WITH REVENUE OF USD 69.2M AND RECORD HIGH ADJUSTED EBITDA PROFITABILITY OF NEARLY 40%
In the last quarter, adjusted EBITDA of Huuuge nearly doubled (USD 27.5m) compared to the previous year (USD 13.7m), achieving another all-time high in adjusted EBITDA profitability, after Q1 record. During the last four quarters (Q2 2022 - Q2 2023) the company has delivered combined adjusted EBITDA totalling USD 109m for the period. Adjusted net profit for Q2 2023 increased by 164%, reaching USD 22.6m.
In an industry that is continually adapting to evolving macro and market dynamics, the revenue of the Social Casino category, as reported by Eilers & Krejcik, exhibited a modest decline of 1.2% quarter-over-quarter in Q2 2023 (and 1.6% for the trailing 12 months ending June 30, 2023). In this ever-changing landscape, our foremost operational priority is the continued generation of cash flow and the sustained vitality of our core franchises. A noteworthy example of our commitment to this is the recent upgrade to our Huuuge Casino game economy, which was rolled out in early August. Initial indications are promising, and we anticipate that it will enhance revenue stability and predictability, enabling us to establish higher engagement baselines with our core franchises Huuuge Casino and Billionaire Casino.
Huuuge is intensifying efforts in VIP engagement and further elevating the player experience. The Huuuge Casino studio dedicated Q2 2023 to the development of a new Loyalty Program, which was launched in August to an enthusiastic reception, leading to positive feedback and improvements in key performance indicators. Furthermore, the Company is broadening direct-to-consumer offerings, which in recent months constituted approximately 6% of the revenue.
The increased marketing budget, combined with the new game economy and loyalty program, is anticipated to drive a reversal in topline trends during the upcoming quarters.