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MindArk Interim Report Q2 2024

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Link to press release from MindArk:
https://ir.spotlightstockmarket.com/sv/market-overview/nyheter//nyhets-artikel?id=105339

Link to actual report in pdf:
https://www.mindark.com/investor-relations/financial-reports/documents/2024/MindArk-Q2-2024-ENG.pdf

Copy paste of press release from first link above:

Press release from Companies
Publicerat: 2024-08-28 08:00:00

Mindark PE Aktiebolag: MindArk Interim Report Q2 2024​


MindArk PE AB (publ) ("MindArk", the "Company") hereby announces that the Company's interim report for Q2 2024 has been published.


Comment from acting CEO Leif Evander Andersson:
“In the second quarter of 2024, the financial performance has shown a significant improvement compared to the previous quarter, both in terms of net sales and EBITDA. The focus is on continuing to future-proof the technical infrastructure behind Entropia Universe while working to deliver engaging content to our users.

In this report, we have chosen to present a more in-depth description of MindArk's operations. The purpose of this is to enhance the market's knowledge of the company”.

Reporting period
The report covers the period April 1 – June 30, 2024 (“Q2”) and January 1 – June 30, 2024.

April 1 – June 30, 2024
Group figures. Comparative figures in parentheses refer to the same period last year.
  • Turnover amounted to 26.8 MSEK (26.3 MSEK)
  • Work in progress amounted to 5 MSEK (7.6 MSEK)
  • Operating profit amounted to 5.4 MSEK (-11.5 MSEK)
  • Profit before tax amounted to 5.7 MSEK (-14.9 MSEK)
  • Cash & cash equivalents including short-term investments 34.6 MSEK
  • No interest-bearing liabilities
  • Provision for unconsumed user holdings 34 MSEK
  • Earnings per share for the period amounted to 0.16 SEK (-0.53 SEK)
January 1 – June 30, 2024
Group figures. Comparative figures in parentheses refer to the same period last year.
  • Turnover amounted to 47.5 MSEK (52.8 MSEK)
  • Work in progress amounted to 10 MSEK (15.3 MSEK)
  • Operating profit amounted to 6.6 MSEK (-7.3 MSEK)
  • Profit before tax amounted to 5.8 MSEK (-9.2 MSEK)
  • Cash & cash equivalents including short-term investments 34.6 MSEK
  • No interest-bearing liabilities
  • Provision for unconsumed user holdings34 MSEK
  • Earnings per share for the period amounted to 0.08 SEK (-0.35 SEK)
Significant events during Q2
In April 2024, MindArk terminated the agreement with Pareto Securities AB, the liquidity provider for MindArk’s shares. MindArk’s Board of Directors concludes that the service is no longer necessary.

Significant events after the end of the reporting period​

No significant event has occurred after the end of Q2.​


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 not been reviewed by the Company’s auditor.
Financial calendar

Interim report Q3, 2024 November 28, 2024

Interim report Q4, 2024 February 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 28-08-2024 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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Thanks for sharing. I'm curious to read about UE5.
 
SoberPhil said:
Thanks for sharing. I'm curious to read about UE5.
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It says there's significant progress and that the team is hard at work but nothing concrete.
 
SoberPhil said:
It says there's significant progress and that the team is hard at work but nothing concrete.
Click to expand...

This is the paragraph on UE5:
"The development team has made significant progress in the transition to Unreal Engine5. The focus has been on optimizing client-server communication, particularly concerningplayer and monster movement. We are also working on transferring and adapting ourgame world to fully leverage Unreal Engine 5’s performance and graphical capabilities.These changes are being implemented step by step to ensure a smooth integration withoutcompromising the game’s stability and overall experience."

So seems like a lot of effort being spent on client server performance. Maybe minimising lag, ability to cope with a huge number of concurrent users?
 
GeorgeSkywalker said:
This is the paragraph on UE5:
"The development team has made significant progress in the transition to Unreal Engine5. The focus has been on optimizing client-server communication, particularly concerningplayer and monster movement. We are also working on transferring and adapting ourgame world to fully leverage Unreal Engine 5’s performance and graphical capabilities.These changes are being implemented step by step to ensure a smooth integration withoutcompromising the game’s stability and overall experience."

So seems like a lot of effort being spent on client server performance. Maybe minimising lag, ability to cope with a huge number of concurrent users?
Click to expand...

Great to hear about Unreal Engine update hope Mindark evolve this game to something more better sounds promising.
 
Korin Dante MDe said:
looking at eps? is Mindark in profit or loss? for Q2
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Comment from acting CEO Leif Evander Andersson:
“In the second quarter of 2024, the financial performance has shown a significant improvement compared to the previous quarter, both in terms of net sales and EBITDA. The focus is on continuing to future-proof the technical infrastructure behind Entropia Universe while working to deliver engaging content to our users.

In this report, we have chosen to present a more in-depth description of MindArk's operations. The purpose of this is to enhance the market's knowledge of the company”.

MindArk Interim Report Q2 2024

MindArk PE AB (publ) ("MindArk", the "Company") hereby announces that the Company's interim report
news.cision.com news.cision.com
 
I assume the big expense in Q2 is from buying RT? If so 11msek seems to be what was paid.
 
Notable:
At the end of the period, the group employed a total of 36 (62) people, including 10 (10) women. Allare employees in the parent company.
Click to expand...
 
Am I reading this right the games TT value in the players hands (unconsumed) is 34 MSEK which is like $3.3 mil USD... that seems way too low
 
James Jimbo Linehan said:
Am I reading this right the games TT value in the players hands (unconsumed) is 34 MSEK which is like $3.3 mil USD... that seems way too low
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»Unconsumed user holdings have somewhat decreased during the second quarter, from 141.7 million PED to 140.5 million PED, a decrease of 1.2 million PED.« (page 17) As explained in the report, 22.8% are considered as debt.
 
GradenFoss said:
»Unconsumed user holdings have somewhat decreased during the second quarter, from 141.7 million PED to 140.5 million PED, a decrease of 1.2 million PED.« (page 17) As explained in the report, 22.8% are considered as debt.
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Is strictly ped cash ....not item TT or even ammo included in the 1.4 mill usd?
 
Hijacker27 said:
141.7 million PED is 14.17 million USD...
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O ya haha my bad I was thinking 3.3 mill unconsumed total so had be less than that so I guess it's 3.3 mill TT and 14 mill ped then?

Edit: sorry now that I'm not driving anymore makes more sense with 14 mill total unconsumed than 3 and I guess banks only need a smaller % on hand as cash and equivalents ... hopefully they got more assets than that tho or if we all try to withdraw at same time that would not be good lol
 
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