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Business

First quarter 2022 results released and changes to the board of directors announced

04.08.2022

In the first quarter of 2022 Nexters reached record high quarterly revenues of $126 million which is 45% up from the same period last year, and a record high quarterly net profit of $23 million, while cash and cash equivalents amounted to $84 million as of March 31, 2022. 

The number of monthly paying users grew by 18% year-to-year and increased to 375 thousand, and the share of advertisement sales, as a percentage of total bookings, increased to 4.7% from 3.5% in the respective period of 2021.

In January 2022, Nexters made its first-ever series of acquisition and investment deals as a publicly traded company in relation to Cubic Games, RJ Games, and Royal Ark. The company invested around $100 million to expand in midcore genres.

Besides other financial and operational metrics and updates on recent developments, in this report we also announce the changes to the board of directors.

Andrey Fadeev and Dmitri Bukhman will continue to serve as board members, Natasha Braginsky-Mounier and Andrew Sheppard will continue to serve as independent directors on the Board. 

Ivan Tavrin will leave the board and the position of chairman, and a new chairman will be elected later. Igor Bukhman and Boris Gertsovskiy will also resign as directors of the board, while remaining major shareholders and participating in the company’s operations on the advising and management levels.

Three new independent directors with strong international, multi-industry background will join the Board, which will also result in increasing the share of independent directors from the existing 43% to 71%: 

  • Tal Shoham with over 10 years of experience in gaming, ad-tech, growth & monetization technologies at such companies as SuperSonic, ironSource, and Huuuge; 
  • Marie Holive with over 20 years of experience of finance and audit at such companies as General Electric and Comcast NBCUniversal; 
  • Olga Loskutova with over 20 years of experience in marketing and general management across Western/Eastern Europe, the United States, and the Middle East in such multinational corporations as Nestle, SABMiller, and Whirlpool.

To get more details, please refer to the official press release: https://investor.nexters.com