MindArk Interim Report Q3 2023

[GeorgeSkywalker]

Link to press release from MindArk:
https://spotlightstockmarket.com/en/market-overview/news//news-article?id=100445

Link to actual report in pdf:
https://mb.cision.com/Main/22102/3883857/2457800.pdf

Copy paste of press release from first link above:

Press release from Companies

Published: 2023-11-28 08:00:00

Mindark PE Aktiebolag: MindArk Interim Report Q3 2023​

MindArk PE AB (publ) ("MindArk", the "Company") hereby announces that the Company's interim report for Q3 2023 has been published.


Reporting period
The report covers the period July 1 – September 30, 2023 and January 1 - September 30, 2023.

July 1 – September 30, 2023
Group figures. Comparative figures in parentheses refer to the same period last year.

• Turnover amounted to 22.9 MSEK (21.4 MSEK)
• Capitalized work amounted to 6.1 MSEK (7 MSEK)
• Operating profit amounted to 1.8 MSEK (3.4 MSEK)
• Profit before tax amounted to 1.7 MSEK (-1.8 MSEK)
• Cash & cash equivalents including short-term investments 27.7 MSEK
• No interest-bearing liabilities
• Provision for unspent user funds 50.4 MSEK
• Earnings per share for the period amounted to 0.07 SEK (-0.05 SEK)
  

January 1 – September 30, 2023
Group figures. Comparative figures in parentheses refer to the same period last year.

• Turnover amounted to 75.7 MSEK (63.7 MSEK)
• Capitalized work amounted to 21.4 MSEK (19.6 MSEK)
• Impact of restructuring costs on profit - 14 MSEK* (0 MSEK)
• Operating profit amounted to -5.5 MSEK (11 MSEK)
• Profit before tax amounted to -7.5 MSEK (-0.7 MSEK)
• Cash & cash equivalents including short-term investments 27.7 MSEK
• No interest-bearing liabilities
• Provision for unspent user funds 50.4 MSEK
• Earnings per share for the period amounted to -0.29 SEK (-0.02 SEK)

*In the second quarter, approximately SEK 14 million has been reserved for restructuring costs, which mainly refers to costs for salary and severance pay in connection with the reorganization. This 14 million SEK is thus a non-recurring cost.

Significant events during Q3

• MindArk announced changes in the management team as part of the reorganization. Magnus Eriksson resigned as COO.
• MindArk’s previously communicated reorganization and AI implementation is highlighted in several nationwide news stories.

Significant events after the end of the reporting period

• The company announces a new strategy for the development of Entropia Universe in Unreal Engine 5.
• As a result of the reorganization, Mats Kling has changed his role from CTO (Chief Technology Officer) to CIO (Chief Information Officer). Magnus Ryme is appointed CTO (Chief Technology Officer) and Terrence Verlander is appointed as CAIO (Chief Artificial Intelligence Officer).

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.

Financial calendar
Interim report Q4 2023 February 28, 2024
Interim report Q1 2024 May 28, 2024

This information is such that MindArk PE AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (EU No 596/2014). The information was submitted for publication, through the agency of the contact person indicated, at 08:00 CET on November 28, 2023.

Contact person
Henrik Nel Jerkrot
CEO, MindArk PE AB (publ)
hennel@mindark.com
Tel: 031 607 260

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.

 

[Thorns Rose]

Thank You George for information.

Sharing with community is very important .

 

[Yquem]

You can do the translation your self

Mindark ökar omsättning men minskar rörelseresultat​

28.11.2023 08.08 • Finwire Smallcap •

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Gamingbolaget Mindark redovisar ökande omsättning under tredje kvartalet jämfört med samma period året innan. Rörelsevinsten minskade.

Omsättningen steg 7,0 procent till 22,9 miljoner kronor (21,4).
"Den positiva trenden med omsättningsökning som Mindark har levererat hittills i år fortsätter även i Q3 2023 - omsättningen har ökat med 7% jämfört med samma period föregående år, där 2,5% av ökningen kan hänföras till en starkare dollarkurs. Resterande del beror på en ökad användaraktivitet i Entropia Universe", säger vd Henrik Nel Jerkrot i en kommentar.
Rörelseresultatet blev 1,8 miljoner kronor (3,4), med en rörelsemarginal på 7,9 procent (15,9).
Resultatet efter skatt blev 2,2 miljoner kronor (-1,6).
Likvida medel uppgick till 18,1 miljoner kronor (30,3).
#
Mindark, Mkr Q3-2023 Q3-2022 Förändring

---

Nettoomsättning 22,9 21,4 7,0%
Rörelseresultat 1,8 3,4 -47,1%
Rörelsemarginal 7,9% 15,9%
Nettoresultat 2,2 -1,6
Likvida medel 18,1 30,3 -40,3%

 

[Pete Longmorn]

Source: borsdata.se

 

[GeorgeSkywalker]

Mindark increases turnover but decreases operating profit
28.11.2023 08.08 • Finwire Smallcap •

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Gaming company Mindark reports increasing turnover during the third quarter compared to the same period the year before. Operating profit decreased.

Turnover rose 7.0 percent to SEK 22.9 million (21.4).
"The positive trend of revenue growth that Mindark has delivered so far this year continues in Q3 2023 - revenue is up 7% compared to the same period last year, with 2.5% of the increase attributable to a stronger dollar. The remainder is due to an increased user activity in Entropia Universe", says CEO Henrik Nel Jerkrot in a comment.
Operating profit was SEK 1.8 million (3.4), with an operating margin of 7.9 percent (15.9).
The profit after tax was SEK 2.2 million (-1.6).
Cash and cash equivalents amounted to SEK 18.1 million (30.3).
#
Mindark, MSEK Q3-2023 Q3-2022 Change

Net sales 22.9 21.4 7.0%
Operating profit 1.8 3.4 -47.1%
Operating margin 7.9% 15.9%
Net profit 2.2 -1.6
Cash and cash equivalents 18.1 30.3 -40 .3%

The decrease in operating profit is probably due to the increase in operating expenses, which is explained in page 17 of the report:
"The increase is mainly due to increased external costs in marketing and consulting services. During the quarter, a number of final salaries related to
the reorganization were also booked and paid."

Makes me wonder what exactly were the marketing and consulting services.


Also worth noting is the number of employees has decreased from 62 (page 20 from last report) to 39 (page 19 of this report).

 

[~ Cirrus ~]

I'm not really into numbers.
This kind of financial stuff makes me nauseous..

Can someone summarize it in simple words for idiots like me ?

The big drop on the graph for Q2 2023 is the reason why my returns have been so pitiful for some time, and why I feel like a pathetic cash cow ingame lately ?..

Mindark needs my money that much ?

 

[jwestonmoss]

I'm not really into numbers.
This kind of financial stuff makes me nauseous..

Can someone summarize it in simple words for idiots like me ?

The big drop on the graph for Q2 2023 is the reason why my returns have been so pitiful for some time, and why I feel like a pathetic cash cow ingame lately ?..

Mindark needs my money that much ?

with so many people tracking their returns, if there was some statistically significant shift downwards that cut across the player base i think it would get noticed. but who knows, maybe not

i have to wonder if MA is jumping on the AI bandwagon a little prematurely, as someone who works in an industry that uses AI a lot, i don't think it's going to be practical to replace 40% of their workforce with AI.

 

[Korin Dante MDe]

Is MA going low on cash reserves after this? -

SEK 14 million has been reserved for restructuring costs, which mainly refers to costs for salary and severance pay in connection with the reorganization. This 14 million SEK is thus a non-recurring cost.