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Nexters announces results for the first quarter 2022 and proposes changes to the board of directors

Developers of Hero Wars and Throne Rush will aim to finish the year strongly after new appointments
Nexters announces results for the first quarter 2022 and proposes changes to the board of directors
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The game development company Nexters has released its unaudited financial and operational results for the first quarter of the year, ending on March 31 2022. Nexters also announced proposed changes to the board of directors, aiming to strengthen the company’s corporate governance and sustainability.

Nexters' Q1 report revealed some strong results. The Cyprus-based game development company had a record high quarterly revenue of $126 million, growing by 45 per cent year-over-year. The firm also saw a record high quarterly net profit of $23 million, compared to $12 million in the respective period of 2021. Furthermore, Nexters now has 375 thousand monthly paying users, growing by 18 per cent year-over-year.

Additionally, the report informed us that Igor Bukhman and Boris Gertsovskiy are resigning as directors. However, they will remain major shareholders at Nexters, continuing to consult the company and manage several directions. Ivan Tavrin will leave the board and the position of chairman. The board of directors will vote and elect a new chairman.

The firm saw further changes to the board of directors. Tal Shoham, a director with over 10 years of business development and marketing experience at Supersonic, ironSource and Huuuge Games, Marie Holive, a former CFO and Managing Director at General Electric and Comcast NBCUniversal, and Olga Loskutova, a former Managing Director at Nestle and SABMiller, now VP Product & Brand Marketing at Whirlpool EMEA, are all joining the board.

“Recent months have been one of the most challenging periods in the company," said Nexters co-founder and CEO, Andrey Fadeev. “Changes to operations, optimization and other initiatives, including this reinforcement of the board were the steps needed to set our company on the right track. And with these measures in place, we look forward to Nexters’ further growth as an international public company.”

Last year, as reported in March, Nexters saw record high revenues of $434 million in 2021. Nexters will be aiming to break those numbers after acquiring Cubic Games, publisher of popular mobile first-person shooter Pixel Gun 3D, RJ Games, developer of puzzle RPG Puzzle Breakers and Royal Ark, developer of Dawn of Zombies and Shelter Wars, all for $100 million.