iCandy Interactive makes it a 7x rally on latest revenue results

Gaming company iCandy Interactive (ASX:ICI) has continued its impressive run with another 15pc rally this morning.

The gains followed a trading update, where ICI said its putting revenue runs on the board with its new gaming title Masketeers: Idle Has Fallen.

From 2.4c at the start of September, shares in iCandy Interactive rose to 18.5c this morning — an increase of almost 7x.

Rise of the Masketeers

iCandy, which has Chinese internet company Baidu on its share register, also announced a $1.25m share placement in mid-September at 2c per share which was managed by Melbourne-based Peak Asset Management.

Peak then brought in another investors Acorn Managed Investments Pty Ltd, which invested an additional $1.2m — this time priced at 4.5c per share.

Most of the iCandy Interactive rally appears to have been based around news flow in connection with the rollout of its Masketeers game.

The game is available on the Google Play app store and was officially launched on October 6.

Shares in the company spiked on September 22, after it announced strong growth in pre-orders and said trial versions of the game were indicative of material in-game purchases.

From a monetisation perspective, the Masketeers game is free to download with a revenue model based on in-game purchases and mobile advertising.

This morning, iCandy said actual revenues from the game amounted to $668,000 in its first month of operation.

That followed a trading update on October 19 where it said revenues received in the first 10 days amounted to $265,000.

Extrapolated across a 30-day timeframe, maintenance of that 10-day growth rate would’ve resulted in indicative monthly revenues of $795,000.

Over the full 2019 financial year, (ending 31 December), the company booked audited revenues of $2.2m.

iCandy Interactive said the game is currently in operation across 70 countries.

In addition, the management team said it’s now exploring “potential publishing partnership in major non-English markets such as China, which has been identified as a priority market”.