Huuuge’s boasts 25% revenue growth in Q1 to record $96 million

Revenues from the company’s flagship games (“Huuuge Casino” and “Billionaire Casino”) increased by 16%.

Huuuge’s adjusted EBITDA fell 43 percent in Q1 2021 (versus year-earlier) to USD 10.4 million – the company said in the report. The result is 1.6 percent higher than the average of analysts’ expectations.

The adjusted net result reached USD 4.2 million and was 73 percent lower than last year. The profit turned out to be 43 percent worse than analysts’ expectations. The company recorded a loss of $ 2.7 million on a forward contract in the past quarter and a loss of $ 1.6 million on foreign exchange differences.

The reported net loss was USD 37.5m vs. USD 12.8m profit a year earlier. The decrease in the result was mainly due to the accounting revaluation of the preferred shares (non-cash finance cost of $ 39 million). These shares were converted into equity just before the company’s IPO, so the revaluation will no longer affect the results in the following periods.

Huuuge’s revenue grew 26 percent year-on-year in the first quarter to a record 95.7 million USD. The company informed about their estimated amount at the beginning of April.

Revenues from the company’s flagship games (“Huuuge Casino” and “Billionaire Casino”) increased by 16%. In turn, revenues from new games have tripled compared to the first quarter of 2020 and were by 28% higher than in the fourth quarter of 2020.

Average revenue per active daily gaming user of the company (the so-called ARDAU) increased by over 41% year-on-year, up to $1.20. For the two largest games, the ratio increased to $1.72 from $ 1.1 a year earlier.

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