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 ofUSD 6.1 million , a Y/Y growth of 32 percent. Q1 2022 bookings wereUSD 8.1 million , a growth of 53 percent Y/Y in bookings. Adjusted EBITDA wasUSD -2.5 million compared toUSD -2.6 million in Q1 2021 andUSD -3.7 million in Q4 2021. "We are happy to once again report continued good growth and sequential profit improvement driven by the ChampionsChess 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 ourUSD 100M run-rate bookings target by the end of 2025," said CEO of Play Magnus GroupAndreas Thome . PlayMagnus 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", saidAndreas Thome . During the first quarter,Play Magnus Group removed cost with an annualized reduction ofUSD 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," saidAndreas Thome . PlayMagnus Group maintains its 2025 target of reaching aUSD 100 million annual bookings run rate, up from a Q1 2022 annual run rate ofUSD 32.4 million . Financial highlights in Q1 2022: * BookingsUSD 8.1 million (+53% Y/Y) * RevenueUSD 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 EBITDAUSD -2.5 million (-3.7 million in Q4 21, -2.6 million in Q1 21) * Profit before taxUSD -5.3 million (-5.5 million in Q4 21, -4.2 million in Q1 21) Please find enclosedPlay Magnus Group's Q1 2022 presentation material. CEOAndreas Thome and CFODmitri Shneider will present the quarterly results in a live webcast today at17:00 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 thePlay 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 theNorwegian Securities Trading Act, and was submitted for publication byArkus Fredriksson , Chief Strategy Officer ofPlay Magnus Group . CONTACTS *Andreas Thome , CEO,Play Magnus Group , andreas@playmagnus.com *Dmitri Shneider , CFO,Play Magnus Group , dmitri@playmagnus.com ABOUTPLAY 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 PlayMagnus App Suite , and the Meltwater ChampionsChess 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. PlayMagnus 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.pdfPlay Magnus Group Q1 2022 Presentation.pdf - https://kommunikasjon.ntb.no/ir-files/16823864/1485/2025/Play%20Magnus%20Group%2 0Q1%202022%20Presentation.pdf
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