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Snail, Inc. Reports Fourth Quarter & Full Year 2024 Financial Results
SNALSnail(SNAL) GlobeNewswire·2025-03-26 20:01

Core Insights - Snail, Inc. reported a decrease in net revenues for Q4 2024 compared to Q4 2023, primarily due to reduced sales of the ARK franchise, although this was partially offset by deferred revenue recognition from ARK: Survival Ascended DLCs [3][4] - For the full year 2024, net revenues increased significantly by 38.7% to 84.5million,drivenbydeferredrevenuerecognitionrelatedtotheARKfranchiseandincreasedsalesofBellwright[4][7]−Thecompanyachievedanetincomeof84.5 million, driven by deferred revenue recognition related to the ARK franchise and increased sales of Bellwright [4][7] - The company achieved a net income of 1.8 million for the year, a substantial recovery from a net loss of 9.1millionin2023,attributedtoincreasedrevenuesandreducedadministrativeexpenses[7][11]FinancialPerformance−Q42024netrevenueswere9.1 million in 2023, attributed to increased revenues and reduced administrative expenses [7][11] Financial Performance - Q4 2024 net revenues were 26.2 million, down from 28.6millioninQ42023,reflectingadecreaseinARKsales[3]−Fullyear2024netrevenuesreached28.6 million in Q4 2023, reflecting a decrease in ARK sales [3] - Full year 2024 net revenues reached 84.5 million, up from 60.9millionin2023,markinga60.9 million in 2023, marking a 23.6 million increase [4] - Q4 2024 net income was 1.1million,downfrom1.1 million, down from 2.4 million in Q4 2023, due to increased R&D costs [5] - Full year 2024 net income was 1.8millioncomparedtoanetlossof1.8 million compared to a net loss of 9.1 million in 2023, representing a 10.9millionimprovement[7]ProductandBusinessUpdates−ThelaunchofARK:SurvivalAscendedonOctober25,2023,wasasuccess,selling3.4millionunitsandachievingapeakof308,000dailyactiveusers[6]−ThecompanyexpandeditsgameportfoliowiththereleaseofARKUltimateMobileEdition,whichgarneredover2milliondownloadsinitslaunchmonth[6]−SnailGamesshowcaseditsindiecatalogatSteamScreamFest,enhancingitspresenceintheindiegamingspace[6]BookingsandEBITDA−Q42024bookingswere10.9 million improvement [7] Product and Business Updates - The launch of ARK: Survival Ascended on October 25, 2023, was a success, selling 3.4 million units and achieving a peak of 308,000 daily active users [6] - The company expanded its game portfolio with the release of ARK Ultimate Mobile Edition, which garnered over 2 million downloads in its launch month [6] - Snail Games showcased its indie catalog at Steam Scream Fest, enhancing its presence in the indie gaming space [6] Bookings and EBITDA - Q4 2024 bookings were 17.0 million, a significant decrease from 52.6millioninQ42023,attributedtothestrongprioryearreleaseofARK:SurvivalAscended[8]−Fullyear2024bookingstotaled52.6 million in Q4 2023, attributed to the strong prior year release of ARK: Survival Ascended [8] - Full year 2024 bookings totaled 75.7 million, down from 85.7millionin2023,influencedbyhigheraveragesellingpricesfrompreviousreleases[9]−Q42024EBITDAdecreasedby55.685.7 million in 2023, influenced by higher average selling prices from previous releases [9] - Q4 2024 EBITDA decreased by 55.6% to 1.6 million, while full year EBITDA improved to 3.2millionfromalossof3.2 million from a loss of 9.7 million in 2023 [10][11] Cash Position - As of December 31, 2024, unrestricted cash was 7.3million,downfrom7.3 million, down from 15.2 million at the end of 2023 [12]