Vivid Games has published its Q1 2023 report. The Company is focusing on the new strategy implementation, with the fight with NCBiR for funds due under the Fast Track in the background.
24.05.2023
Vivid Games has published its Q1 2023 report.
The Company is focusing on the new strategy implementation, with the fight with NCBiR for funds due under the Fast Track in the background.
The Q1 results presented in today's report do not differ from the estimates shown in April. The Company generated PLN 5.75 million in sales revenues, EBITDA amounted to PLN 0.89 million, and the loss for Q1 was PLN 17 thousand. The Company is pursuing a new strategy, the first key element of which is the development of Real Boxing 3. Work is proceeding on schedule, and the Management Board remains focused on finding the suitable business partners for further ideas implementation.
The Company has successfully completed the tasks planned for the first quarter in the most imortant projects and is improving results in individual titles with each comming month. "The first quarter was a period for us to review our approach to paid user acquisition. The situation is changing dynamically and requires constant monitoring and quick responses. In terms of in-game content development, we benefit from our extensive developer experience and the mass of information we have. The effects of our activities are increasingly satisfying," emphasizes Piotr Gamracy, CEO of Vivid Games. "For me personally, however, the most important thing is to take the Company to a higher level. The assumptions of our new strategy are ambitious, but we know what to do to realize them. Real Boxing 3 is developing according to plan. We have selected the engine and testing is currently underway, as a result of which we will choose the visual style of the entire production. We are also in preliminary talks with several potential partners, and I am confident that we will soon be able to take another step forward." - adds the CEO.
On May 15, the Company was surprised by NCBiR's decision to revoke the grant awarded for the project under the Fast Track competition. The refund was guaranteed by the grant agreement concluded in February. The Company, waiting to hear from NCBiR what about the payment of the funds due to it, requested payout of the advance due."The agreement has not been terminated. We are continuing to implement the project according to schedule. We expect NCBiR to respond to the Company's request for payment. If it fails to do so, we will be forced to take legal action." - Gamracy emphasizes.