24.5.2022 16:30:01 CEST | Play Magnus AS | Half yearly financial reports and
audit reports / limited reviews

(Oslo, 24 May 2022) - Play Magnus Group, a global leader in the chess industry,
today published its financial results for the first quarter 2022 showing revenue
of USD 6.1 million, a Y/Y growth of 32 percent. Q1 2022 bookings were USD 8.1
million, a growth of 53 percent Y/Y in bookings. Adjusted EBITDA was USD -2.5
million compared to USD -2.6 million in Q1 2021 and USD -3.7 million in Q4 2021.

"We are happy to once again report continued good growth and sequential profit
improvement driven by the Champions Chess Tour. After several record months,
from February the Courses segment began performing weaker than anticipated
likely impacted by recent trends of weakening consumer digital spending.
However, in spite of this, the first quarter was our strongest ever when it
comes to bookings and we maintain our USD 100M run-rate bookings target by the
end of 2025," said CEO of Play Magnus Group Andreas Thome.

Play Magnus Group has previously communicated a target of reaching adjusted
EBITDA break-even on a run-rate basis by the end of 2022 and continue with
positive results in 2023. 

"Reaching this goal is our top priority. Since we listed on Euronext Growth in
2020 we have been focused on growing our revenue, taking out synergies and
optimizing our operations. Now in 2022 we have a strong foundation of
initiatives to ensure we will reach profitability by the end of the year", said
Andreas Thome.

During the first quarter, Play Magnus Group removed cost with an annualized
reduction of USD 2.0 million, which will have effect from the second quarter
2022. Further cost optimizations are being implemented in the second quarter and
the rest of the year.

"While optimizing our cost base and taking out synergies from the recent
acquisitions, we continue to further develop our products and services in the
most attractive segments of chess: elearning and esports. In both segments,
business models are highly scalable, and as a leading force in the
commercialization of chess globally, we have the opportunity to create great
value. More than 650 million people play chess globally, and the
commercialization is still at a very early stage," said Andreas Thome.

Play Magnus Group maintains its 2025 target of reaching a USD 100 million annual
bookings run rate, up from a Q1 2022 annual run rate of USD 32.4 million.

Financial highlights in Q1 2022:

 * Bookings USD 8.1 million (+53% Y/Y)
 * Revenue USD 6.1 million (+32% Y/Y)
 * Monthly Paying Users 62,700 (+7% Y/Y)
 * Average Revenue per Paying User (ARPPU) USD 19.1 (+8% Y/Y)
 * Adjusted EBITDA USD -2.5 million (-3.7 million in Q4 21, -2.6 million in Q1
   21)
 * Profit before tax USD -5.3 million (-5.5 million in Q4 21, -4.2 million in Q1
   21)

Please find enclosed Play Magnus Group's Q1 2022 presentation material.

CEO Andreas Thome and CFO Dmitri Shneider will present the quarterly results in
a live webcast today at 17:00 CEST immediately followed by a Q&A session.
Viewers are invited to submit written questions during the presentation and the
Q&A session.

 The live webcast can be accessed through the following channels:

- via the Investor section of the Play Magnus Group website: 
www.playmagnusgroup.com/investor - http://www.playmagnusgroup.com/investor

- or the following link: 
https://channel.royalcast.com/landingpage/hegnarmedia/20220524_5/

The presentation will be made available at www.playmagnusgroup.com/investor -
http://www.playmagnusgroup.com/investor, www.newsweb.no - http://www.newsweb.no,
and www.otcmarkets.com - http://www.otcmarkets.com.

DISCLOSURE REGULATION

This release is an announcement issued pursuant to legal information obligations
and is subject of the disclosure requirements pursuant to the Market Abuse
Regulation (MAR) Article 17 no. 1 and section 5-12 of the Norwegian Securities
Trading Act, and was submitted for publication by Arkus Fredriksson, Chief
Strategy Officer of Play Magnus Group.

CONTACTS

 * Andreas Thome, CEO, Play Magnus Group, andreas@playmagnus.com 
 * Dmitri Shneider, CFO, Play Magnus Group, dmitri@playmagnus.com 

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 elearning and entertainment services via its market leading
brands: chess24, Chessable, iChess, New In Chess, Everyman Chess, Silver
Knights, CoChess, Aimchess, the Play Magnus App Suite, and the Meltwater
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.

Play Magnus Group is listed on Euronext Growth Oslo under the ticker PMG and
OTCQX® Best Market under the ticker PMGMF. For more information visit pmg.me -
http://pmg.me/.

ATTACHMENTS

Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/16823864/1485/2026/Download%20announcement
%20as%20PDF.pdf

Play Magnus Group Q1 2022 Presentation.pdf -
https://kommunikasjon.ntb.no/ir-files/16823864/1485/2025/Play%20Magnus%20Group%2
0Q1%202022%20Presentation.pdf

Click here for more information

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