Devolver Digital (DEVO) H2 2024 TU earnings summary

Executive summary

• Achieved double-digit revenue growth for FY24, surpassing $100m and meeting management guidance.

• Returned to positive Adjusted EBITDA, in line with market expectations.

• Performance driven by strong back catalogue sales and successful new releases, including The Plucky Squire and Neva.

• System Era acquisition contributed positively, with Astroneer and its new PDLC boosting revenues.

Financial highlights

• Revenue exceeded $100m for FY24, reflecting double-digit year-on-year growth.

• Adjusted EBITDA expected to be $5.2m, in line with analyst consensus.

• Non-cash title impairments of $1.7m included in 1H 2024 results.

• Net cash position of approximately $42m as of 31 December 2024.

Outlook and guidance

• Anticipates further profit improvement in 2025, supported by a strong release pipeline.

• Continued focus on cost management and operational efficiencies into 2025.