H1 Financial Report: Trophy Games achieves an 80% revenue growth, and EBITDA surges to DKK 12.6m (+207% YoY)

Highlights

H1

• Revenue was DKK 45.5m, an 80% YoY increase.
• EBITDA was DKK 12.6m, a 207 YoY increase.
• EBT was DKK 8.0m, an 803% YoY increase.
• Unique paying users were 190,023, a 114% YoY increase.
• Total transactions were 533,743, a 98% YoY increase.  
• Total installs were 7.9m, a 67% YoY increase.

Q2

• Revenue was DKK 25.5m, an 83% YoY increase.
• EBITDA was DKK 7.7m, a 247% YoY increase.
• EBT was DKK 5.0m, a 1295% YoY increase.
• Unique paying users were 116,917, a 123% YoY increase.
• Total transactions were 298,012, a 96% YoY increase.  
• Total installs were 4.9m, a 67% YoY increase.

 
CEO Comment
We have had a historic half-year. We are not surprised that it has come, but rather that it has come so quickly, as shown by two of our guidance updates. While good improvements in marketing drove the first quarter, the second quarter was driven by the release of Energy Manager.
Energy Manager is now our second-largest game, impacting our focus on the Transport Series, where we will be allocating additional resources. We had originally thought that Energy Manager would be a smaller title, but the game's reception suggests the potential for several titles in the Transport Series with a narrower theme. Therefore, we have started working on both Farm Manager (which we believe has a large target audience) and also Gold Mining Manager.
The third quarter will be relatively uneventful in terms of new releases, so we do not expect an additional revenue boost. However, we are eagerly looking forward to the release of Truck Manager—a game that is on track to reach 2 million pre-registrations on Google Play before its expected Q4 release.

Guidance
Our 2024 guidance remains unchanged:

• Group Revenue: DKK 72 - 80m
• EBITDA: DKK 17 - 21m
• EBT: DKK 7 - 10m

We are expecting continuous growth in the second half of the year, but Q2 was impacted by one-time revenues of 1.2 million DKK and the launch of Energy Manager. We anticipate that the third quarter will not include any new releases and the initial boost from our Q1 marketing efforts is waning. Therefore, we foresee a slowdown from the 80% growth we've seen so far this year. Additionally, in Q1, we paid lower app-store fees compared to the rest of the year, which means a significant portion of our annual EBITDA and EBT is accumulated in the first half of the year. In terms of revenue, Q4 tends to be lower than other quarters because we reduced marketing efforts during the expensive periods of Black Friday and Christmas.

Thank you for your continued support. 

Sincerely, 
Søren Gleie 
CEO, Trophy Games