Fourth quarter 2024 financial highlights:
Revenue of $98 million declined by 12% quarter-over-quarter and 11% year-over-year.
Selling and marketing expenses of $47 million declined by 14% year-over-year driven by a shift in our user acquisition strategy to focus on higher margin audience.
We continue to adhere to our disciplined approach towards costs: game operation cost declined by 5% year-over-year, enhancing our operating margins.
Profit for the period, net of tax, of $2 million in Q4 2024 decreased vs. $11 million in Q4 2023, mostly due to the increase in finance expenses and share of loss of equity-accounted associates.
Adjusted EBITDA1 of $12 million, representing a robust 22% increase year-over-year.
European market expansion strategy delivered exceptional results with regional bookings share growing by 5 percentage points to 32%, reflecting our successful targeted user acquisition campaigns and growing brand strength in the region.
Average Bookings Per Paying User (ABPPU) increased by 10% year-over-year to $102, highlighting improved monetization and the high quality of our engaged player base.
PC platform continued to strengthen our diversified distribution strategy, maintaining a solid 43% of bookings and supporting our lower commission structure.
Cash flows from operating activities remained positive at $5 million, supporting our strong cash position of $1512 million and providing substantial resources for potential future strategic investments3.
Fourth quarter and full year 2024 financial performance in comparison4
US$ million
Q4 2024
Q45 2023
Change (%)
FY6 2024
FY 2023
Change (%)
Revenue
98
109
(11
%)
421
465
(9
%)
Platform commissions
(21
)
(25
)
(16
%)
(91
)
(109
)
(16
%)
Game operation cost
(13
)
(14
)
(5
%)
(51
)
(56
)
(9
%)
Selling and marketing expenses
(47
)
(54
)
(14
%)
(209
)
(226
)
(8
%)
General and administrative expenses
(8
)
(8
)
5
%
(32
)
(31
)
0
%
Profit for the period, net of tax
2
11
86
%
26
46
(45
%)
Adjusted EBITDA
12
10
22
%
42
43
(1
%)
Cash flows generated from operating activities
5
10
(51
%)
29
18
59
%
Fourth quarter 2024 financial performance
In the fourth quarter of 2024, our revenue declined 11% year-over-year to $98 million, reflecting a $12 million decrease. This decline was primarily driven by a $9 million reduction in revenue recognized from bookings made in prior periods, as a larger portion of historical bookings contributed to revenue in the fourth quarter of 2023 than in the fourth quarter of 2024, amplified by a decrease in the portion of revenue recognized from current-quarter bookings, reflecting a $12 million decrease in bookings in the fourth quarter of 2024 compared with the same period in 2023.
Platform commissions decreased by $4 million (or 16%) in the fourth quarter of 2024 compared to the same period in 2023, driven by a 10% decrease in revenues generated from in-game purchases, and amplified by growth of revenues derived from PC platforms which are associated with lower commissions.
Game operation cost remained relatively stable at the level of $13 million in the fourth quarter of 2024 vs. $14 million in the fourth quarter of 2023.
Selling and marketing expenses in the fourth quarter of 2024 decreased by $8 million vs. the same period in 2023, amounting to $47 million. The decrease is attributable to a shift in user acquisition strategy focused on enhancing efficiency.
General and administrative expenses remained stable at $8 million in both the fourth quarter of 2024 and the same period in 2023.
As a result of the factors above (together with, among other things, a share of loss of equity-accounted associates of $8 million in the fourth quarter of 2024 vs. ...
