It was a proud moment when we released the Q3 results two weeks ago. I took pride not only in the financial performance that we were able to report, but also in the strength of the foundations on which 5th Planet is now established and which were clear to see from the report.
To re-iterate some of the key financial highlights again here:
• Revenue – Increased by 75% from Q3 2022
• Gross profit – increased by 72% from Q3 2022
• EBITDA – increased by 258% from Q3 2022
• Cash flow – positive DKK 2.6M in Q3 compared to negative DKK 12.8M in Q3 2022
• Cash position – increased from DKK 41.0M on 30th Sept 2022 to DKK 49.8M as at 30th Sept 2023
The operating costs of the business have been broadly consistent year on year, so our improved profitability has resulted directly from the growth in revenues that we have seen over the last 12 months. With a diversified portfolio of games and our investment in Sagafilm we have also taken bold steps to mitigate the inherent risks associated with our core business, games publishing.
November also saw the eagerly awaited release of Invincible Presents: Atom Eve, the very first video game released in the Invincible universe. The game has been receiving strong reviews with a Metacritic currently standing at 79. The Invincible TV show continues to receive acclaim around the world, with Season 2 currently holding a 100% rating on Rotten Tomatoes.
As 2023 draws to a close, obviously I am focused on finishing the year as strongly as possible, delivering the financial results that we have previously announced (and reiterated in our Q3 report), and we are well progressed in planning activity and initiatives for 2024; we will announce details soon, but in broad terms our strategy will remain focused on finding great games from talented development teams and helping to bring them to a global audience in the most efficient way we can.
Finally, and in case you missed it, the first collaboration between 5th Planet Games, Skybound Galactic and Sagafilm was announced on 16th Nov, a brand new TV series based on writer Emil Hjörvar Petersen’s Survivors of Ragnarök novels; described as a thrilling saga that offers a fresh perspective on Norse mythology, Petersen’s trilogy of novels reveals the untold story of a post-apocalyptic world where gods and mortals must navigate a future fraught with challenges. Further details will be shared in due course.
Solid foundations in place and so much to look forward to.
Thanks again for the continued support,
Mark
Mark Stanger – CEO 5th Planet Games