PMG-ME – Play Magnus Group Q3 2020: Strong growth in Q3 2020 with bookings up 123% Y/Y and revenue up 112% Y/Y
Play Magnus Group, a global leader in the chess industry, today published its financial results for the third quarter 2020. On a pro-forma basis, bookings grew by 123 percent year over year to USD 1.95 million and revenue grew by 112 percent to USD 1.98 million compared to Q3 2019. This was driven by 68 percent growth in the number of monthly paying users and 24 percent growth in revenue per paying user.
“We are a high growth company and Q3 confirms our ability to continue improving our key metrics,” said Andreas Thome, CEO of Play Magnus Group.
In Q3 2020 Play Magnus Group had on average 35,600 paying users, up from 21,200 one year earlier. Average revenue per paying user was USD 14.4, up from USD 11.6 one year earlier.
In Q3 2020 Play Magnus Group had a negative Adjusted EBITDA of USD 1.5 million, as the company invested significantly into growth initiatives and incurred additional costs related to the listing on Merkur Market.
YTD 2020 bookings were USD 5.53 million, up 137% compared to the same period in 2019. Play Magnus Group provides a full year 2020 bookings guidance of USD 8 million and a 2021 bookings guidance of USD 14-16 million with a 2025 long-term target of USD 60 million in bookings.
“We are continuing to invest in our products and the 2021 season of the Champions Chess Tour. We are confident in our portfolio of services and that the digital chess market will continue to grow. Chess is extremely popular on a global basis, yet it is still in the early stages of commercialization,” said Andreas Thome.
Play Magnus Group today also announced the acquisition of the US-based chess content company iChess LLC which operates iChess.net. With this acquisition, Play Magnus Group builds upon its industry leading position in e-learning, driven by its Chessable platform.
Financial highlights in Q3 2020
- Q3 Bookings USD 1.95 million (+123% Y/Y)
- YTD Bookings USD 5.53 million (+137% Y/Y)
- Q3 Revenue USD 1.98 million (+112% Y/Y)
- YTD Revenue USD 4.95 million (+91% YoY)
- Q3 Average Monthly Paying Users 35,600 (+68% Y/Y)
- Q3 Average Revenue per Paying User (ARPPU) USD 14.4 (+24% Y/Y)
- FY 2020 guidance of Bookings USD 8 million
- Adjusted EBITDA USD -1.5 million
- Raised NOK 299.5 million (~USD 32 million) in new equity in the private placement in September ahead of the Merkur Market listing
Pro forma numbers include chess24 and Chessable financials for the full year 2019. chess24 was acquired in February 2019 and Chessable in August 2019.
Please find enclosed Play Magnus Group’s Q3 2020 presentation.
A presentation and a Q&A session will be hosted by CEO Andreas Thome and CFO Dmitri Shneider today, 18 November at 08:00 CET.
The webcast is available on https://playmagnusgroup.com/investor or on https://bit.ly/32OkUcS.
Viewers are encouraged to send in questions in writing during and after the presentation through the form in the webcast window. A recording of the webcast will be available on the same link shortly after the end of the presentation.
Disclosure regulation
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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About Play Magnus AS
Play Magnus Group is a global leader in the chess industry focused on providing premier digital experiences for millions of chess players and students. The company offers e-learning and entertainment services via its market leading brands: chess24, Chessable, CoChess, the Play Magnus App Suite, and the Champions Chess Tour. The Group’s mission is to grow chess to make the world a smarter place by encouraging more people to play, watch, study, and earn a living from chess.
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