Huuuge Games generated $140.934 million in revenue in the first half of 2023, representing a 13.76% fall from the same period in 2022, according to the company’s latest financial report.
Despite this fall, the company saw a significant rise in operating profit, which increased 123.71% from $21.859 million to $48.902 million over the same period.
EBITDA also rose significantly, increasing 97.9% from $27.073 million in H1 2022 to $53.589 million in H1 2023. The company’s EBITDA margin also increased 21 percentage points from 16.6% to 38% over the same timeframe.
The company also saw a 32.5% year-on-year increase in sales profit, which rose from $64.495 million to $85.442 million.
“I am delighted to present to you our comprehensive report, showcasing the extraordinary progress we have achieved in the first half of 2023,” wrote Huuuge Games president and CEO Anton Gauffin. “In both the last quarter and in the first half of the year, our adjusted EBITDA nearly doubled in comparison to the previous year, setting yet another all-time high in adjusted EBITDA profitability. This milestone marks an unparalleled achievement for Huuuge.”
Breaking down success
The company saw significant success from its core franchises, Huuuge Casino and Billionaire Casino, which accounted for 96% of total revenue in the second quarter of 2023, with Huuuge Casino alone accounting for 63%, and $1.2 billion in lifetime revenue.
Billionaire Casino, first launched in October 2016, accounts for a further 32% of Q2 revenue, with lifetime revenue of $560 million. Despite a 1.2% quarter-on-quarter decline in the social casino genre, the company remains bullish about the future prospects of the genre.
“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),” wrote Gauffin. “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.”
We listed Huuuge Games as one of the top 50 mobile game makers of 2023.
