Snail Inc Q3 revenue falls 36.1% to $15.6M, net loss of $1.5M

Snail, Inc.

Revenue $15.6M ($24.4M YoY); net loss $1.5M vs net income $3.8M YoY.
ARK averaged 328,583 DAUs (up from 221,336 YoY), but units sold declined to 1.1M.
IPO on Nov 9 raised ~$15M gross; concurrent stock exchange completed.
Share repurchase program up to $5M; as of Dec 13, 1,090,877 shares bought at avg $2.98.
EBITDA loss of $1.5M vs gain of $4.6M YoY; cash $9.0M pre-IPO proceeds.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Snail, Inc. reported the quarter ended September 30, 2022 results: revenue $15.6 million, net income $1.5 million.

Period: the quarter ended September 30, 2022
Revenue: $15.6 million
Net income: $1.5 million
Result: reported results

Exact text from the filing

Revenue decreased by 36.1% to $15.6 million for third quarter of 2022 from $24.4 million over the same period in the prior year primarily as a result of a decrease in ARK units sold. ARK related revenues decreased by $8.5 million attributable to the age of the game and sales normalizing in 2022 after the initial release of Genesis II in June 2021. One off payments and revenue recognized for previous contract payments were the cause of $3.3 million of the $8.5 million decrease in ARK revenue, with reduced sales of ARK and ARK mobile responsible for the remaining $5.2 million decrease. · Net loss for the third quarter of 2022 was $1.5 million compared to net income of $3.8 million in the prior year period due to the reduced sales of ARK , static licensing fees, and increased general and administrative costs.

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8 earnings releases filed in the last 30 days. Browse all earnings releases →

Snail, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-22-127331

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