Animoca Brands records A$10.5m Revenue in first four months of 2020

Animoca Brands (Animoca Brands Corporation Limited) has announced its unaudited management accounts for the first four months of 2020, ending April 30 2020.

The results included contributions from recently acquired businesses such as nWay Inc., Quidd Inc. and Gamee Limited. The key takeaways were as follows:

• Total unaudited revenue for the 4 months ending 30 April of A$10.5 million
• Unaudited revenue for April of A$4.3 million resulting in an unaudited EBITDA of approximately A$380,000 for the month of April
• Net unaudited operating cash outflow for the 4 months ended 30 April of approximately A$525,000
• Total cash and cryptocurrency on hand as at 30 April of A$8.7 million
• Major titles launching in the second half of 2020 including F1® Delta Time and The Sandbox

The COVID-19 pandemic has a global effect on businesses such as Animoca brands who are headquartered in Hong Kong. The pandemic began to affect Animoca’s Asian operations in January and quickly followed to its global operations in late February. Hong Kongs effective and early response to the pandemic lead to the company being able to operate in a normal manner.

The lockdown has had an obvious positive effect of increasing the amount of available time that gamers have to engage with video games. Companies like Animoca have thus seen increases in downloads, revenue generation and engagement. 

As a result of this trend, Animoca’s business grew during the pandemic with record quarterly and monthly revenues over the first four months of the year.

The Company’s cash and cryptocurrencies on hand as of the end of April amounted to A$8.7 million, which includes A$1.1 million in Bitcoin (BTC) and Ether (ETH), A$1.6 million in other cryptocurrencies, and A$6 million in cash. The significant increase in BTC and ETH holdings came from growth in the Company’s blockchain gaming activities, which involved various sales of non-fungible tokens (NFTs) including LAND for The Sandbox, racecar and crate sales for F1® Delta Time, and collectible hero cards for Crazy Defense Heroes.

Recently, the Company announced a number of notable developments including the planned public listing of its subsidiary OliveX Holdings Limited, a company focused on AI-driven health and fitness technology;  the commencement of trading of Animoca Brands shares on the PrimaryMarkets secondary share trading platform; and a capital raise of approximately A$6 million from strategic investors including M7 Asia and Mind Fund.

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The Company looks forward to the commercial releases of a number of major gaming titles later in the year, including F1®️ Delta Time and The Sandbox.

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