Snail, Inc. Posts Strong Financial Results for Q3 2024

Culver City, CA – November 13, 2024 – Snail, Inc. (NASDAQ: SNAL) unveiled its financial outcomes for the third fiscal quarter ending on September 30, 2024. The company, known as a prominent global independent developer and publisher of interactive digital entertainment, displayed robust performance during this period.

Tony Tian, the Co-Chief Executive Officer of Snail, expressed enthusiasm regarding the business’s evolution under his leadership, remarking on the team’s dedication and innovative strides. Notable successes included the releases of “Aberration,” “Bobs Tall Tales Part Two,” and developments within the Ark franchise. The company’s strategic focus remains on delivering cutting-edge gaming experiences that surpass customer expectations worldwide.

Operational Highlights for Q3 2024:

– Noteworthy success of the “ARK: Survival Ascended” and “ARK: Survival Evolved” games.
– Introduction of “Ark: Ultimate Survivor Edition” on iOS and Android devices.
– Strategic acquisition of publishing rights for games like “The Cecil,” “Chasmal Fear,” “Castle of Secrets,” and “Stoneguard” under Wandering Wizard.
– Announcement of a new AAA title, “For The Stars,” set to launch on PC, PS5, and Xbox Series X|S.
– Acquisition of publishing rights for “Honeycomb: The World Beyond” to expand the sandbox survival portfolio.

Financial Highlights for Q3 2024:

– Net revenue reached $22.5 million, marking a significant 150.9% increase compared to the same quarter in 2023.
– Net income surged to $0.2 million from a net loss of $4.4 million in Q3 2023, driven primarily by new title releases.
– Bookings for the quarter amounted to $16.1 million, up by 53.6% from Q3 2023.
– Earnings before interest, taxes, depreciation, and amortization (EBITDA) turned positive at $0.5 million compared to a loss of $5.1 million in the prior year.

The company showcased sound financial management with unrestricted cash amounting to $10.6 million as of September 30, 2024. Noteworthy repayments were made on the revolving loan, notes payable, and convertible notes outstanding from the previous year.

The financial statements were reported alongside a detailed analysis of Bookings and EBITDA, providing insights into the company’s operational performance and growth indicators. Snail, Inc. continues to leverage its position in the gaming industry, emphasizing creative innovation and customer-centric gaming experiences.

For further details on Snail, Inc.’s financials and strategic developments, interested parties can join a webcast scheduled for 4:30 PM ET today accessible via the company’s investor relations website.

Forward-looking statements included in the report underscore the company’s intent, growth strategies, and initiatives for sustained market leadership in the interactive entertainment domain. Concerns surrounding risk factors and uncertainties are detailed in filings with the Securities and Exchange Commission.

About Snail, Inc.: Snail is a leading independent developer and publisher in the interactive digital entertainment sphere, dedicated to delivering premier gaming experiences across various platforms globally. For additional information, inquiries can be directed to [email protected].

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Snail’s 8K filing here.

About Snail

Snail, Inc, together with its subsidiaries, researches, develops, markets, publishes, and distributes interactive digital entertainment for consumers worldwide. It offers games, content, and support for various platforms, including game consoles, personal computers, mobile phones, and tablets. Snail, Inc was founded in 2009 and is headquartered in Culver City, California.