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MindArk Interim Report Q3 2024

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MindArk PE AB (publ) ("MindArk", the "Company") hereby announces that the Company's interim report for Q3 2024 has been published.

Comment from acting CEO Leif Evander Andersson:
"We have closed the books for a quarter that has been relatively calm in terms of content releases, which has been reflected in a certain revenue shortfall. At the same time, we have been working intensively on events planned for Q4 and the turn of the year. We know from experience that content releases and events tend to act as revenue catalysts, but we must also be cautious about how frequently such content is released to avoid oversaturating Entropia Universe and its users.

During the third quarter of 2024, we have recruited new talent to our marketing team to enhance organic growth. Moving forward, we will work more methodically and strategically to attract new players. These players, in turn, can expect a significantly smoother onboarding process, as we have now integrated AI functionality into the NPCs that guide new users. We believe this will lead to substantial improvements in both acquisition costs and retention rates for new users.

I also want to highlight that, although the third quarter did not deliver impressive results, we remain well-capitalized with a strong balance sheet and no external loans. This solid foundation makes us resilient to occasional revenue dips, allowing us to continue future-proofing Entropia Universe through innovation and forward-thinking initiatives."

Reporting period
The report covers the period July 1 – September 30, 2024 (“Q3”) and January 1 – September 30, 2024.

July 1 – September 30, 2024
Group figures. Comparative figures in parentheses refer to the same period last year.

  • Turnover amounted to 19.4 MSEK (22.9 MSEK)
  • Work in progress amounted to 5.4 MSEK (6.1 MSEK)
  • Operating profit amounted to -87 TSEK (1.8 MSEK)
  • Profit before tax amounted to 1.1 MSEK (1.7 MSEK)
  • Cash & cash equivalents including short-term investments 33.6 MSEK
  • No interest-bearing liabilities
  • Provision for unconsumed user holdings 32.5 MSEK
  • Earnings per share for the period amounted to 0.05 SEK (0.07 SEK)

January 1 – September 30, 2024
Group figures. Comparative figures in parentheses refer to the same period last year.

  • Turnover amounted to 66.9 MSEK (75.7 MSEK)
  • Work in progress amounted to 15.4 MSEK (21.4 MSEK)
  • Operating profit amounted to 6.5 MSEK (-5.5 MSEK)
  • Profit before tax amounted to 6.9 MSEK (-7.5 MSEK)
  • Cash & cash equivalents including short-term investments 33.6 MSEK
  • No interest-bearing liabilities
  • Provision for unconsumed user holdings 32.5 MSEK
  • Earnings per share for the period amounted to 0.13 SEK (-0.29 SEK)

  Significant events during Q3
No significant event has occurred during the quarter.  

Significant events after the end of the reporting period
The liquidation of all subsidiaries has been completed according to plan.

Financial reports
The Company's financial statements, including the forthcoming report, are available on the Company's website, www.mindark.se/investor-relations/financial-reports/. It is available in a Swedish and an English version.

Auditor
This financial statement has been reviewed by the Company’s auditor.

Financial calendar
Interim Report Q4, 2024                February 28, 2025
Annual Report 2024                       March 26, 2025
Annual General Meeting 2025       April 16, 2025
Interim Report Q1, 2024                May 28, 2025

This disclosure contains information that Mindark PE AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 28-11-2024 08:00 CET.

For more information, please contact:

Gunilla Krogh
CFO, MindArk PE AB (publ)
gunkro@mindark.com
Tel: +46 31 607 260
MindArk PE AB (publ) 
Org. nr. 556640-4769
Masthamnsgatan 5
413 29 Gothenburg
www.mindark.com

About MindArk

MindArk PE AB (publ) (“the Company” or “MindArk”) develops and operates Entropia Universe, the world's first MMORPG (Massive Multiplayer Online Role-playing Game) with a “Real-Cash-Economy”, and Entropia Platform. Entropia Universe is a virtual universe consisting of a number of planets with different themes and activities. The software is provided globally and free of charge with the possibility to spend money in the virtual universe for anyone with access to PC and the internet. Entropia Universe consists of a digital economy where resources, materials, land, and buildings are represented as digital assets with an underlying base value. Entropia Platform is the technology platform that powers Entropia Universe. The platform is shared with partners who develop their own unique game content for their planets in Entropia Universe.

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