5th Planet Games (5PG) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached DKK 5.8M, up 31% year-over-year; EBITDA was DKK 2.5M, a significant increase from DKK 17k in H1 2023.

• Cash reserves as of June 30, 2024, were DKK 43.5M, compared to DKK 32.2M a year earlier.

• The company made key announcements, including co-financing "Closer The Distance," joining Games Denmark, and a distribution partnership for Funko Fusion.

• Despite industry headwinds, the company delivered another profitable period and adjusted its release schedule and guidance for a more conservative short-term outlook.

Financial highlights

• H1 2024 revenue: DKK 5.8M (+31% YoY); gross profit: DKK 5.7M (+33% YoY).

• EBITDA for H1 2024: DKK 2.5M (vs. DKK 17k in H1 2023); EBIT: DKK -1.4M (vs. -2.1M in H1 2023).

• Net profit for H1 2024: DKK -3k (vs. -4.8M in H1 2023); financial income: DKK 1.5M, financial expenses: DKK 93k.

• Cash flow from operations: DKK -7.3M (vs. +DKK 1.1M in H1 2023); cash position: DKK 43.5M at June 30, 2024.

• Equity as of June 30, 2024: DKK 85.6M.

Outlook and guidance

• Updated 2024 guidance: net revenue DKK 14.23M, EBITDA DKK 2.95M.

• Short-term outlook is more conservative due to industry challenges and a revised release schedule, but long-term outlook remains positive.