LOS ANGELES – MAY 17, 2023 – Netmarble Corp, a leading developer and publisher of mobile games, reported $472.47 million in revenue and $15.75 million in EBITDA in the first quarter of 2023. Overseas sales accounted for 84% ($395.40 million) of total global sales.
Net loss narrowed QoQ as non-operating income increased – a result of impairment loss on intangible assets being recognized in the previous quarter.
“This year’s first quarter financial performance was a result of several factors, including an absence of new game releases and declining sales of existing titles,” said Young-sig Kwon, CEO of Netmarble. “Netmarble plans to recapture its competitive position in the games business throughout the rest of the year by launching a lineup of nine new multiplatform games, including Tower of God: New World, Solo Leveling: ARISE, and Arthdal Chronicles, as well as releasing five games that have already received service license in China."
Netmarble’s Q1 2023 results include:
- North America led revenues (48%) with diversification across other key territories as follows: Korea (16%), Europe (13%), Southeast Asia (10%), and Japan (7%), and other regions (6%).
- Top performing genres for the first quarter included: Casual Game (47%), RPG (27%), MMORPG (16%), and other genres (10%).
- Top performing titles included: Jackpot World (10%), Marvel Contest of Champions (9%), Cash Frenzy (9%), Lotsa Slots (9%), The Seven Deadly Sins: Grand Cross (7%), Ni no Kuni: Cross Worlds (5%), Lineage 2 Revolution (5%), and Blade & Soul Revolution (4%). Other games contributed to 42% of the company’s earned revenue.
A breakdown of the total financial earnings is below:
1/1/23 - 3/31/23 actuals YoY Changes QoQ Changes
Total Sales $472.47 million -4.6% -12.3%
EBITDA $15.75 million -56.0% -43.7%
Operating Loss $22.10 million - -
Net Loss $35.90 million - -
For details on Netmarble’s quarterly performance and to listen to the earnings call, please visit the company’s Investor Relations page.
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About Netmarble Corporation
Established in Korea in 2000, Netmarble Corporation is a leading developer and publisher of top-grossing mobile games worldwide. Through powerful franchises and collaborations with acclaimed IP holders, Netmarble strives to elevate the gaming experience and entertain audiences globally. As a parent company of Kabam and SpinX Games, and a major shareholder of Jam City and HYBE (formerly Big Hit Entertainment), Netmarble’s diverse portfolio includes Lineage 2: Revolution, MARVEL Future Fight, Ni no Kuni: Cross Worlds, The King of Fighters ALLSTAR, The Seven Deadly Sins: Grand Cross, and forthcoming PC games like Paragon: The Overprime. More information can be found at http://company.netmarble.com.
Media Contacts:
Netmarble HQ Global PR (Korea)
Ryan Lee
hlee2033@netmarble.com
Netmarble US Global PR
Jennifer Reiss
jreiss@kabam.com
R&CPMK (for Netmarble US)
netmarble@rcpmk.com