Nexters makes a comeback from net loss in H1 2021 to record-high net income for H1 2022

$56 million in H1 and $33 from Q2

Nexters makes a comeback from net loss in H1 2021 to record-high net income for H1 2022

International mobile games firm Nexters has released its Q2 financial results – ended June 30 2022 – as well as results for the first half of the year.

The developer saw net income reach a record high of $56 million in H1 with $33 million of this coming from the second quarter. By comparison, the company had net losses of $32 million in the first half of 2021.

Its Board of Directors recently intensified its relocation initiative to Cyprus, Armenia and other countries, fully divesting Russian operations; the share of Russian operational assets in Nexters had amounted to 3.7 per cent up to June 30 2022.

Rising revenue

In terms of pure revenue, Nexters has grown 28 per cent year-on-year with H1 2022 revenues of $252 million. In line with the percentage growth, platform commissions also rose 28 per cent year-over-year in the first half of 2022. As for the second quarter, Nexters equalled its Q1 revenues with $126 million in each.

The adjusted EBITDA for the first half of the year was $73 million, a notable increase compared to the $22 million for the same period in 2021.

"We are proud of our performance in the second quarter of 2022," said Nexters co-founder and CEO Andrey Fadeev. "Despite an extremely unfavourable macro and geopolitical environment, challenges in user acquisition and player behaviour, as well as both organisational and corporate changes, Nexters demonstrated the sustainability of its business and managed to complete the quarter with record high net income.

"Looking ahead to the second half of the year, we will continue to focus on operational execution and key product roadmap development, allowing us to navigate the changing environment."

Compared to the same period last year, Nexters’ game operations saw a 74 per cent increase (by $3 million) in H1 – in part the result of increased production scale. Game operation costs in the second quarter increased by $2 million, again a result of increased operation scale.

In the last three months of its 2021 financial year, Nexters reported a 65 per cent year-over-year revenue rise to $123 million. Then, this January, the company revealed it had invested $100 million into the acquisition of three mobile game studios.

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