iCandy confirms record quarterly growth as cash receipts surge by almost 300pc
Link copied to
Special Report: The strong growth was driven by the successful release of ICI’s new mobile game Masketeers: Idle Has Fallen.
The December quarter was a big one for mobile games developer iCandy Interactive (ASX:ICI).
And this morning the company confirmed that it has converted its run of positive news flow and new game releases into a huge lift in cash receipts.
Cash receipts from operations – the core metric for business performance – surged to $1.3m in Q4 – a gain of 274pc from the September quarter ($475,000).
It marked a new record for the company, and the $1.3m total exceeded cash receipts from the previous three quarters ($1.1m) combined.
The top-line figure flowed through to positive net operating receipts of $314,000.
ICI said the key driver of its Q4 performance was the successful release of its highly anticipated game title Masketeers: Idle Has Fallen.
After launching in early October, the game generated $1m of revenue in just its first two months of operations.
Investor enthusiasm surrounding the game’s release was evidenced by a strong appreciation in ICI’s share price throughout the December quarter.
And today’s trading update validates that excitement, confirming that ICI has successfully executed on the launch of a popular game title which has the capacity to drive further revenues.
The company has also expanded its distribution footprint for the game, launching it onto the Samsung Galaxy Store for the US market.
ICI has identified North America as a key global market, based on retention and monetisation data collected in earlier trials.
And in more positive news flow to kick off the new year, it recently inked a separate distribution partnership into key Asia-Pacific markets with Ohayoo, a subsidiary of global tech giant Bytedance (owner of TikTok).
Across its product suite and distribution footprint, ICI’s Q4 data demonstrates the company is now positioned to drive further revenue growth from a low cost base in the year ahead.
This article was developed in collaboration with iCandy Interactive, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.