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Earnings Call Analysis
Summary
Q2-2024
For Q2 2024, M.O.B.A. achieved a significant revenue increase of 28%, totaling SEK 82 million, while EBITDA surged by 891% to SEK 16 million. The first half of the year also showed solid growth with a 24% revenue jump to SEK 84 million and a remarkable 507% EBITDA rise. Under new CEO Anders Ribbing, the company is capitalizing on strategic partnerships and a recovering ad market. Enhancements in traffic, with an 18% increase, and the success of their flagship app, Porofessor, promise continued growth, supported by initiatives like the new Valofossor.app, aimed for Q3 launch.
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Welcome to M.O.B.A. Network's interim report 2. I'm Anders Ribbing, and I'm the company's CEO. Our company is a world-leading community and product operator and consolidator and we provide engaging experiences for gamers. We create, acquire and manage products that serve millions of passionate gamers worldwide, and we're growing with the ever-expanding gaming industry.
Our product portfolio consists of 25 top community data and form websites, pioneering game apps, YouTube creator network union for gamers. We let gamers connect, learn and share their passion and our diversified portfolio utilizes networks effects, synergies, and it's based on world-leading game titles with longevity.
We are a truly global company with massive reach in the gaming community that we enable advertisers to tap into. Traffic, user data, views on YouTube, et cetera, clearly suggests that our products are among the world's largest meeting places for gamers. We're a lean team of 10 employees, 28 full-time equivalents, and we're running the whole company.
Q2 marks a record-breaking quarter, the best second quarter in our history. We achieved this in a globally challenging economic climate and in the gaming industry that saw a recovery but in many game studios and peers still struggling.
I like to see M.O.B.A. [indiscernible] the gold rush as we have managed to thrive when many others haven't. Revenue increased SEK 82 million, up 28% compared to Q2 2023. EBITDA increased SEK 16 million, up 891%. This massive increase in EBITDA is much attributed to our acquisition of Wargraphs, but also organic growth.
EBIT amounted to SEK 10 million. Cash flow from operating activities before changes in working capital amounted to SEK 7 million. Our strong cash flow and cash position made it possible for us to repurchase corporate bonds for EUR 1 million. We now own EUR 2.9 million of the bonds outstanding nominal amount. We also paid an additional EUR 1 million for the acquisition of Wargraphs.
For the first 6 months of '24, revenue amounted to SEK 84 million, up 24%, EBITDA up SEK 26 million, up 507%. EBIT amounted to SEK 14 million, up 967%, and cash flow from operating activities before changes in working capital amounted to SEK 10 million.
I took over as CEO of M.O.B.A. in June. It's been nothing less than fantastic to join such a great team. I'm going to do everything in my power to make our company successful. Our previous CEO, Björn will continue to serve as our COO. He's a great guy, and he's got deep knowledge about our company and he's got this perfect skill set to excel in his new role.
Our strategic sales partnerships and the ad market recovery, have boosted our performance. We have a record-breaking number of creators that we have recruited to UFG, our YouTube creator network. Our website traffic increased by 18%, then we also launched Valofossor.gg website targeting Valorant players all over the world with providing data and insights. It's also the under -- serves as the underlying database for our upcoming Valofossor app, looking to launch during Q3.
Our flagship in-game app Porofessor continue to grow, both financially and in terms of app installs. So outlook just for '24 and '25. Q3 is off to a good start, leading game studios are also focusing on large titles with longevity and it matches perfectly with our product portfolio. The U.S. presidential election, we're expecting it to boost our U.S. ad inventory in Q3 and Q4, and we're working on a number of traffic-driving initiatives to also improve and increase organic search traffic and also network effects.
Our flagship product, Porofessor sales performance has been improved, but it all still has vast potential, which is a focus area for us. And we're looking into launching more in-game apps based on our current brands and products.
To sum this up, we have a record Q2, plus 28% revenue, 891% EBITDA, strong financials, robust cash flow and cash position. We have focusing -- we're focusing on growth, capitalizing on ad market recovery and also expansion into in-game apps. Thank you.