GDEV Inc., an international gaming and entertainment company, released its unaudited financial and operational results for the third quarter and nine months ended September 30, 2023. The company reported a profit of $24 million for the period, a decrease compared to the previous year. GDEV highlighted its efforts to adapt to challenges in the gaming industry and its investments in new players, resulting in a 23% year-over-year growth in monthly paying users. The company's flagship franchise, Hero Wars, celebrated its anniversaries and has accumulated significant bookings. GDEV's revenue decreased by $7 million in the third quarter of 2023, primarily due to a decrease in bookings. The company also reported changes in platform commissions, game operation costs, selling and marketing expenses, and general and administrative expenses. Total comprehensive income for the third quarter of 2023 was $24 million. Cash flows generated from operating activities decreased compared to the previous year. In the first nine months of 2023, GDEV's revenue decreased by $25 million, primarily due to a decrease in bookings. The company reported changes in platform commissions, game operation costs, selling and marketing expenses, and general and administrative expenses. Total comprehensive income for the first nine months of 2023 was $36 million. Cash flows generated from operating activities also decreased compared to the previous year. GDEV highlighted the decline in bookings in the third quarter and first nine months of 2023, but expects an increase in bookings in the future due to increased marketing investments and an increase in monthly paying users. The company also mentioned the increase in the share of advertisement sales and the share of PC versions of its games. GDEV is a gaming and entertainment company with a diverse range of subsidiaries and popular franchises. The article includes a disclaimer regarding forward-looking statements and provides additional financial information.
GrowGeneration Holdings (GrowGen) has disclosed its financial outcomes for the fourth quarter and the entire year of 2023, revealing a mix of achievements and setbacks. The company surpassed its full-year net revenue guidance with $226 million but reported a decline in Q4 revenue by 9% compared to the previous year. Despite the challenges, GrowGeneration is optimistic about its expansion plans in the home gardening market and aims for profitability in 2024. The company has also engaged Lake Street Capital to explore strategic options for its Storage Solution segment. Full-year net revenue exceeded guidance, reaching $226 million. Adjusted EBITDA for the year reported a loss of $5.6 million, within guidance. January 2024 saw a 19% increase in gardening and cultivation sales compared to December. Private label sales contributed to over 20% of revenue. GrowGeneration is restructuring, focusing on brand portfolio expansion and profitability. 2024 revenue is projected to be between $205 million and $215 million, with adjusted EBITDA ranging from a $2 million loss to a $3 million profit. The company is seeking strategic opportunities for its Storage Solution segment with Lake Street Capital's assistance. GrowGen expects positive same-store sales and commercial sales growth in 2024. The company is focusing on balance sheet management and expense optimization. Strategic opportunities for the Storage Solution segment are being explored. Q4 revenue declined by 9% year-over-year. The full year saw a $52 million decrease in net sales to $226 million. Gross profit for the full year decreased to $61.3 million. January 2024 showed a significant improvement in sales over December 2023. The company has seen benefits from its private label products and new distribution partnerships. GrowGeneration is optimistic about potential growth supported by governmental changes. Q4 2023 gross profit margin was at 23.5%, a 600 basis point increase from the previous year, yet revenue declined. Same-store sales for the Gardening and Cultivation segment decreased by 3.6% year-over-year. Executives expressed confidence in the company's restructuring and potential for future acquisitions in the lawn and garden sector.
GrowGeneration Corp. has announced its inaugural share repurchase program, with the approval of its Board of Directors to buy back up to $6 million of its outstanding common stock. The repurchase program will begin on April 1 and may extend for up to one year. The repurchases will be conducted on the open market, subject to stock price, trading volume, market conditions, and regulatory considerations. The CEO of GrowGeneration, Darren Lampert, expressed confidence in the company's business fundamentals and described the share repurchase as an element of their strategy to enhance shareholder value. GrowGeneration is the largest chain of specialty retail hydroponic and organic garden centers in the US, offering a diverse range of products for indoor and outdoor gardening enthusiasts.