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CI Games is a European video game developer and publisher known for AAA franchises Sniper Ghost Warrior and Lords of the Fallen (LotF). In October, the company launched the latest LotF iteration, its largest title to date, which we expect to drive scalable growth. Despite some initial issues relating to gamers’ legacy hardware, post-launch fixes have driven sales of 1.2m units by end-November. LotF is the first of CI Games’ strategic pillars aimed at increasing new intellectual property and rele
Companies: CI Games S.A.
Edison
CI Games has completed a key milestone with its Lords of the Fallen (LotF) launch on 13 October, achieving 1.2m unit sales by end-November. Q3 performance benefited from pre-launch sales of LotF, although marketing costs affected profitability. LotF is one of the first games to use the Unreal Engine 5 platform for cutting-edge graphics, which caused some initial compatibility issues that have since been addressed. Sentiment is positive across all demographics and the game has since received acco
CI Games is a leading global video games developer and publisher focused on premium multi-platform titles, with two flagship franchises – the first-person shooter Sniper: Ghost Warrior and fantasy action role-playing game Lords of the Fallen (LotF). Over the years the group has become a global player with offices in Poland (headquarters), the UK, the United States, Spain and Romania, and its games selling worldwide.
CI Games’ H123 results were reasonably robust, underpinned by continued strong back catalogue performance, especially Sniper Ghost Warrior (released in 2021) and releases from United Label. We are expecting a substantial revenue and profit uplift following the launch of Lords of the Fallen (LotF) on 13 October, with lead indicators continuing to look positive. Borrowings increased to invest in the development and commercialisation of new releases including LotF, Project Scorpio and the group’s n
CI Games’ Q123 results were robust, given that revenue continues to be driven by its back catalogue as we await the release of its next headline game, Lords of the Fallen (LotF), which has now been confirmed for 13 October 2023. The group continues to generate positive EBITDA, despite a significant increase in marketing costs related to LotF and other operating expenses tied to its strategic pillars. Lead indicators are encouraging for LotF and momentum could continue to build with five to six m
CI Games’ Q322 results reflect investments in its next major games release The Lords of the Fallen (TLotF) and the hiatus between releases. Its performance in the year to date has been driven by its back catalogue, resulting in year-on-year falls in revenue and profitability. However, margin compression in Q322 primarily relates to the group’s marketing push for the release of TLotF, which has been confirmed for FY23. Positive newsflow around TLotF gives us confidence in rapid sales growth and s
CI Games confirmed Q122 net revenues of PLN12.9m, a 36% rise y-o-y (Q121: PLN9.5m), with adjusted EBITDA of PLN6.5m (Q121: PLN6.3m), a 51% margin, down from 66% in Q121 (FY21: 59%). However, with reduced levels of amortisation, PBT was up 45% to PLN5.0m (Q121: PLN3.5m), with EPS rising 38% to PLN0.02. Cash at period end stood at PLN34.6m, with net cash of PLN29.7m, net of lease liabilities. Since quarter-end, in Q222, CI Games has announced an ongoing tender offer to buy out the 22% minority in
Following its strategic review, announced in August 2021, CI Games has today announced that it is considering a dual listing in London. It has appointed Berenberg as its financial adviser in relation to the potential listing and announced the appointment of David Broderick (ex Keywords Studios and Ryanair) as CFO. As a domestically held stock, CI Games trades on 1.7x EV/EBITDA and 2.7x P/E in FY23e, well below its peer group. If it can successfully launch the next Sniper: Ghost Warrior game and
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In its Q321 results, CI Games reported results ahead of guidance, with revenues of PLN33m, EBITDA of PLN19m (a 59% margin) and PAT of PLN14m, a 42% net margin. 9M21 revenue of PLN82m is c 75% of our FY21 estimate and 9M21 EBITDA of PLN49m is c 76% of our FY21 estimate, leaving the group well placed to meet full year expectations. CI Games also clarified its intended release schedule for its forthcoming titles: Lords of the Fallen 2 in H123; the next iteration of the Sniper: Ghost Warrior franchi
In its Q321 trading update, CI Games confirmed strong Q321 revenues of c PLN30.2m and PAT of c PLN9.8m, a 32.5% net margin. Q4 is CI Games’ seasonally strongest quarter, so we anticipate Q421 trading to be similar to Q321. We have therefore raised our FY21 estimates, with FY21 revenues rising 12% to PLN105.0m, and a 32.5% margin giving reported PAT of PLN34.1m. CI Games also announced a new survival game for the PC and latest console generations on Unreal Engine 5 by Czech games developer, BatFi
CI Games is a global video games developer and publisher that focuses on premium AA+/AAA multi-platform games, with two main franchises: a first-person shooter, Sniper: Ghost Warrior (SGW); and a soulslike fantasy action role-playing game, Lords of the Fallen (LotF). With SGWC2 launched in H121, no major new games are expected in FY22, before LotF2 and the next iteration of the SGW franchise launch in 2023, as CI Games’ revenue base builds. Following a similar strategy to Remedy Entertainment an
Research Tree provides access to ongoing research coverage, media content and regulatory news on CI Games S.A.. We currently have 11 research reports from 1 professional analysts.
Alphawave Semi has reduced guidance for FY23 and prospectively citing lower revenues from China, changes in expected revenue recognition from long-term contracts, and continuing investment in R&D. The share price has reacted negatively, giving up most of the gains since the trading statement at the end of January. Current consensus, which is a good match for pre-existing guidance, should be reduced, most likely following release of the FY23 results and full 1Q24 trading update due on 23 April. H
Companies: Alphawave IP Group PLC
Capital Access Group
Audioboom’s FY23 results and Q1 trading update show Q1 24 revenue growth of +11% yoy, $6.7m of March 2024 revenue marking the platform’s highest revenue month since May 2022, and a confident outlook that leads us to reiterate our FY24E forecasts. Following the focus on new initiatives through FY23, the platform is now in its strongest ever operational position, with a record 1.1bn monthly ad impressions created in March 2024, record global audience reach of 38.6m unique global listeners in Janua
Companies: Audioboom Group PLC
Cavendish
Crimson Tide has reported FY23 results to December in line with expectations, with additional operating leverage benefitting updated FY24 and maiden FY25 and FY26 forecasts. FY23 delivered +15% revenue growth to £6.2m at 86% GM, of which over 90% is recurring, and maintained £5.8m ARR even after unexpected customer churn in the year as we previously noted. Crucially, the Group achieved milestone adj EBITDA profitability of £0.4m at 7% EBITDA margin, and edges closer to adj PBT profitability expe
Companies: Crimson Tide Plc
Companies: BILN ELCO NXQ CUSN ATG
Devolver Digital encouragingly delivered 2023 results slightly ahead of expectations and provided a steady medium-term outlook that leads us to reiterate our 2024 Adjusted EBITDA estimates. Longer term, the company is now planning to further develop its two major planned titles, Human Fall Flat 2 and System Era's next major new release. We now expect those major titles to be released in 2026 rather than 2025, meaning we lower our 2025 Adjusted EBITDA forecast to $10.6m from $17.6m but introduce
Companies: Devolver Digital, Inc.
Zeus Capital
Companies: 88E RNO TRIN KRM EXR BOOM
GE Healthcare has announced the launch of the Voluson Signature 20 and 18 ultrasound systems, with the related press release noting these systems ‘comprehensively integrate artificial intelligence’ to improve the ultrasound procedure for clinicians and the women being scanned. These ultrasound systems include SonoLyst, the AI which incorporates Intelligent Ultrasound’s ScanNav Assist and ScanNav AutoCapture AI software. The launch of additional Voluson systems including the SonoLyst suite of AI
Companies: Intelligent Ultrasound Group Plc
Checkit has won contracts with two customers worth at least £417k over the three-year lives of the contracts, confirming its ability to upsell to its existing customer base and supporting our forecasts. Having trialled the new technology with multiple customers, Checkit has launched its Asset Intelligence module, which uses advanced analytics and machine learning to enhance customer sustainability, reduce costs and increase revenue.
Companies: Checkit plc
Companies: Kainos Group PLC
Canaccord Genuity
ATG’s H1/24 trading statement indicates revenue for the six-month period to 31 March 2024 was $86m, a 6% increase on H1/23 (1% organic growth), helped by the addition of the EstateSales.Net (ESN) marketplace last year, which performed well in the period. Total marketplace revenue increased 2% (organic), driven by growth in value-added services (VAS) and event fees, offsetting a decline in commission revenue (mainly through lower asset prices).
Companies: Auction Technology Group PLC
Companies: Crimson Tide Plc (TIDE:LON)Plant Health Care PLC (PHC:LON)
Touchstar is a supplier of mobile data computing solutions and managed services to a variety of industrial sectors. This morning's full year results reflect the outcome of a multi-year strategy coming to fruition for the group, with recurring revenue growth of 8.7% delivering overall revenue growth of 7.1% and in turn a 60% increase in PBT to £0.7m. Over the past few years, Touchstar has focused on enhancing the returns from their product offering through a shift towards recurring software licen
Companies: Touchstar plc
WHIreland
This report is intended to help UK small- and mid-cap investors gain a better understanding of software companies’ routes to market, and to highlight how one of the most important facets of the way in which they grow and deliver value is routinely ignored. We examine sales processes for six UK-listed companies and one that has recently been taken over, and consider why they have followed their respective paths.
Companies: Idox plc
Progressive Equity Research
Companies: Cirata Plc
Liberum
ENGAGE XR’s FY23 results show revenue and net cash in line with the February trading update, EBITDA ahead at -€4.0m vs -€4.5m due to the split of cash outflow between opex and working capital, and a confident outlook that leads us to reiterate our FY24E forecasts. FY23 revenue for the core ENGAGE platform was unchanged vs FY22 at €3.3m, as H2 23 revenue was impacted by the record seven-figure contract announced in February shifting to 2024, and several enterprise customers scaling back renewals
Companies: Engage XR Holdings PLC
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