Vivid Games has reported preliminary financial results for 2023. The Company has faced many obstacles but is optimistic about the future.
24.01.2024
Vivid Games has reported preliminary financial results for 2023.
The Company has faced many obstacles but is optimistic about the future.
The Company generated PLN 21 million in sales revenue and PLN 3.4 million in EBITDA in 2023. Vivid Games' net loss was PLN 0.18 million. The results were affected in 2023 by, among other things, the withdrawal of funding for a technology project by the NCBiR and problems in cooperation with the developer of the Knight Fights 2 game. The Company is pursuing an updated strategy, in which, in addition to further business partnerships, the development of new projects, led by Real Boxing 3, is a priority.
"The results for 2023 are below our expectations. They were significantly affected by the withholding, and ultimately withdrawal, of NCBiR funding for our Blast technology project. This resulted not only in the need to dynamically modify the budget of the entire Company but also in the pace of development and efficiency of Eroblast and LoveNest, for which we had ambitious assumptions. Nevertheless, I consider 2023 as an important year for preparing the Company for effective work in the following years. We have paid off the last bond installments, cleaned up our portfolio, focused on profitable productions, and set ambitious, realistic goals for the coming years. We acquired our first business partners and made significant progress on the production of the biggest game in our history - Real Boxing 3. This year we intend to significantly strengthen our financial stability and establish new strategic business partnerships. In parallel, we plan to continue the far-reaching development of the Real Boxing series universe" - emphasizes Piotr Gamracy, CEO of Vivid Games.
"Our plans also include the development of smaller titles, which are an important part of diversifying our revenue sources. We want to remain flexible and adapt to changing market trends. I don't rule out that we will start operations in another market segment, which we are currently studying closely" - Gamracy adds.