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MindArk Interim Report Q4 2024

GeorgeSkywalker

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Link to press release from MindArk:
https://news.cision.com/mindark-pe-ab/r/mindark-interim-report-q4-2024,c4112108

Link to actual report in pdf:
https://www.mindark.com/investor-re...ments/2025/MindArk-Interim-Report-Q4-2024.pdf

Copy paste of press release from first link above:

MindArk Interim Report Q4 2024​

Fri, Feb 28, 2025 08:00 CETReport this content
MindArk PE AB (publ) ("MindArk", the "Company") hereby announces that the Company's interim report for Q4 2024 has been published.

Comment from acting CEO Leif Evander Andersson:
"During the fourth quarter of 2024, MindArk continued to navigate a challenging yet transformative period. Our operations have been marked by both progress and hurdles. Despite lower revenues compared to the previous year, we have implemented important changes that lay the foundation for a future-proof and innovative Entropia Universe.

We close the year with a strong balance sheet and a solid financial position. Moving forward, our focus is on continuing to create innovative solutions for our users and expanding to new audiences. We kicked off 2025 by launching the Howling Universe update, introducing an expansion within the universe featuring stunning graphics, exciting content, and advanced gameplay mechanics. This update has been very well received by users, who are now gradually being welcomed into a more modern, refined, and epic Entropia Universe.

We are excited about 2025 and look forward to gradually unveiling an Entropia Universe in an entirely new form."

Reporting period
The report covers the period October 1 – December 31, 2024 (“Q4”) and January 1 – December 31, 2024.

October 1 – December 31, 2024
Comparative figures in parentheses refer to the same period last year.

  • Turnover amounted to 23.7 MSEK (46.3 MSEK*)
  • Capitalized work amounted to 5.4 MSEK (4.8 MSEK)
  • Operating profit amounted to 3 MSEK (26 MSEK)
  • Profit before tax amounted to -845 KSEK (32 MSEK)
  • Cash & cash equivalents including short-term investments 33.5 MSEK
  • No interest-bearing liabilities
  • Provision for unconsumed user holdings 35.2 MSEK
  • Earnings per share for the period amounted to 0.02 SEK (0.89 SEK)
January 1 – December 31, 2024
Comparative figures in parentheses refer to the same period last year.

  • Turnover amounted to 90.7 MSEK (122 MSEK*)
  • Capitalized work amounted to 20.8 MSEK (26.2 MSEK)
  • Operating profit amounted to 9.5 MSEK (20.3 MSEK)
  • Profit before tax amounted to 6 MSEK (24.4 MSEK)
  • Cash & cash equivalents including short-term investments 33.5 MSEK
  • No interest-bearing liabilities
  • Provision for unconsumed user holdings 35.2 MSEK
  • Earnings per share for the period amounted to 0.15 SEK (0.60 SEK)
*In Q4 2023, a non-cash one-time income of 11.7 MSEK was recognized. This was due to a policy change regarding the accounting of unconsumed user holdings.

Significant events during Q4
The liquidation of all subsidiaries has been completed. Going forward, MindArk will no longer constitute a group and will not be subject to consolidated financial reporting.​

Significant events after the end of the reporting period
No significant event has occurred during the quarter.​

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​

Annual report 2024 March 26, 2025​

Annual General Meeting April 23, 2025​

Interim report Q1, 2025 May 28, 2025​

Interim report Q2, 2025 August 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 28-02-2025 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.
 
Overall, a weak report, below expectations etc, to be honest, I'll probably wait to add more shares, I need more positive news for that. So definitely room for improvement, but fully convinced that these improvements will come and the game will reap success in the coming year as a consequence of the implementation of UE5 and the launch on the Epic Games Store and all the buzz that comes with it, with a hopefully growing player base and scalability towards the stars...

Personally I hope that MA will solve the CEO issue and appoint a permanent one, in the near future, well that's something I would have liked to see anyway.

Thanks for sharing @GeorgeSkywalker :beerchug:
 
Chuggin said:
add shares :D the company is going bancrupt :ROFLMAO::ROFLMAO:
Click to expand...
Yes, you convinced me, it's probably worth adding a little post after all...we love this game passionately, don't we, otherwise we would have spent this time on something else...and there's nothing like this...
 
GeorgeSkywalker said:

Significant events during Q4​

The liquidation of all subsidiaries has been completed. Going forward, MindArk will no longer constitute a group and will not be subject to consolidated financial reporting.​

Significant events after the end of the reporting period​

No significant event has occurred during the quarter.​

Click to expand...
Someone smarter than me, does this mean that this is the final “we legally must post our financials” report???
 
flowerbranch said:
Yes, you convinced me, it's probably worth adding a little post after all...we love this game passionately, don't we, otherwise we would have spent this time on something else...and there's nothing like this...
Click to expand...
But there is. There’s thousands of games similar/like this now.
 
Angela Draniie Cloud said:
Someone smarter than me, does this mean that this is the final “we legally must post our financials” report???
Click to expand...

They have liquidated their subsidiaries (companies that fall under the umbrella of MindArk) and therefore they no longer have to consolidate their financial reporting.
Consolidated reporting basically means combining the statements of all companies into one report.

MindArk must still publish their financial reports.
 
BruuD said:
They have liquidated their subsidiaries (companies that fall under the umbrella of MindArk) and therefore they no longer have to consolidate their financial reporting.
Consolidated reporting basically means combining the statements of all companies into one report.

MindArk must still publish their financial reports.
Click to expand...
Cool thanks.

Percent changes - Comparing October 1 – December 31, 2024 to October 1 - December 31 2023
Comparative figures in parentheses refer to the same period last year.

  • Turnover amounted to 23.7 MSEK (46.3 MSEK*) = 48.81% decrease which accounts all of Halloween mayhem and 19/37 days for Merry Mayhem
  • Capitalized work amounted to 5.4 MSEK (4.8 MSEK) = 12.5% increase
  • Operating profit amounted to 3 MSEK (26 MSEK) = 88.46% decrease in operating profit
  • Profit before tax amounted to -845 KSEK (32 MSEK) = 1026% decrease in profit before tax
  • Cash & cash equivalents including short-term investments 33.5 MSEK
  • No interest-bearing liabilities
  • Provision for unconsumed user holdings 35.2 MSEK
  • Earnings per share for the period amounted to 0.02 SEK (0.89 SEK) 97.75% decrease in earning per share (dividend payout/stock pricing?)


Percent changes - comparing January 1 – December 31, 2024 to January 1- December 31 2023
  • Turnover amounted to 90.7 MSEK (122 MSEK*) = 25.66% drop in "cycling" approximately
  • Capitalized work amounted to 20.8 MSEK (26.2 MSEK) = 20.61% decrease
  • Operating profit amounted to 9.5 MSEK (20.3 MSEK) = 53.2% drop in operating profit
  • Profit before tax amounted to 6 MSEK (24.4 MSEK) = 75.41% decrease in profit before tax amount.
  • Earnings per share for the period amounted to 0.15 SEK (0.60 SEK) = 75% drop in earning per share (dividend payout/stock pricing?)


Looking at my comparison numbers from Entropia life (going week by week recording total amount of globals/ globals in ped thats recorded) shows that the numbers are rather similar and not far off at all showing that Entropia Life, although not perfect, continues to show an accurate representation of the health of the cycling in the game.

Mindark obviously NEEDS people to cycle. And people aren't doing it. And Space Hunting loot 2.0 did not help anymore than having a quick 2 weeks of up tick in cycling.

This is a fundamental issue as more and people people are withdrawing and we're seeing a company who profitted less in the last quarter, than what BIG industries claims they are worth with their selling of land areas.

That's not a good thing. Although 99% of land areas are completely useless, having people run them who actually try and run with fun events, not hemmoraging people with taxes etc. They should just be areas with fun events/competitions and the good owners know that.

So how do we get to a point that people want to cycle in this game? Because they aren't. And they aren't at a very drastic rate, even when ONLY looking at post covid numbers. We can keep saying UE5 and Epic Game Store will help, but to what extent? The game is in a state where even the biggest MMORPG streamers, if they play, they will absolutely fucking roast this game to oblivion. They'll make fun of the graphics (still fucking ugly) they'll make fun of the horrible in game movement and gameplay, they'll make fun of "I just spent $10 in 5 minutes and I got $1 back of shit I can't even sell". It 100% will happen and there needs to be some fundamental changes like some that have been suggested to try and right this ship.


I still think there could be a world where instances have completely different in game mechanics so you pay a say "5/10/100/250/500/1000/5000 ped entry fee" to get into the instance, and as you go through it with actual movement, abilities, special attacks, etc. you just loot a chest in the end. Where they are a "Get to the end in under 20/30/60/120/180 minutes" or "Find 12 special plants while surviving monsters attacking you"
I mean the sky is the fucking limit with how you can incoprate fun, engaging and meaningful gameplay that, yes would impact the overall non instanced gameplay, but isn't that what we want? Cause cycling, economy, mu is already in the toilet.

Essentially how instances are now, but make them an entry fee based instance with actual game play mechanics. Make it take some type of skill that these old farts are too bad at coding/programming to make a bot to solve them easily.



All this to say, is we need some more effort being made from the top to the bottom of Mindark because it's a game we all love and want to succeed, but it seems like we want that to be the case more than the company themselves at this point.
 
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Their operating profit plummeted by 88% in the last quarter, and their earnings per share collapsed by 97%, showing that their financial model is rapidly deteriorating.

To make matters worse, the company does not have a permanent CEO
 
Chuggin said:
Their operating profit plummeted by 88% in the last quarter, and their earnings per share collapsed by 97%, showing that their financial model is rapidly deteriorating.

To make matters worse, the company does not have a permanent CEO
Click to expand...

Definitely a worrying quarter, the fallout from the mismanagement of Mayhem must be one of the biggest sudden drops in turnover in the companies history.
 
NevadaJake said:
Maybe they could revert to the legacy UI for those of us who still play during these end times. The new UI/UX does not appear to have attracted any new players.
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The U.I is still so bad. The Icons are still difficult to see, they don't really make sense. The Buff Icons are pointless visually. Still the Space map issues, Regular planet map issues. You still can't zoom in and out from item details from the overview so a lot of items are too small or too big and you can't even see what they look like.

Things i do like . Everything is the same font and color design. It looks like it's all from the same game. Huge improvement there. Seeing all the codexs on every planet no matter what planet or space you're in is great. Them removing the gold shiny "depo" button was removed from the intial update. Good, was very tacky looking.

So they know they can improve and fix these things, they just need to now.
 
This thread:

index.php
 
Chuggin said:
Their operating profit plummeted by 88% in the last quarter, and their earnings per share collapsed by 97%, showing that their financial model is rapidly deteriorating.

To make matters worse, the company does not have a permanent CEO
Click to expand...

And wasn't the goal dividends? Truly a joke of a stock and nobody should own it 😂
 
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