Nexters raises financial forecasts as it beats anticipated post-COVID-19 trends
Limassol, Cyprus, July 01, 2021
- Players’ behavior continued to show positive dynamics: monthly Average Bookings Per Paying User grew by 7% in Q1
- Company estimates year-on-year revenue growth of 48% in Q1 2021 based on a solid 15% growth in Bookings
- Due to players’ behavior, Q1 results, and April’s growth of Paying Users Nexters raised 2021 Bookings growth forecast at 38%
July 01, 2021 — Limassol, Cyprus — Nexters, an international game development company which is preparing to go public on Nasdaq this year, reports positive operating and financial metrics in its existing and new titles in 2021. This performance comes in spite of industry’s cautious expectations regarding post-COVID-19 trends, and has led the company to revise its forecasts for 2021 and beyond.
Mobile player behavior has not experienced any negative change since the start of 2021. Players’ spending proceeded to grow, as Monthly Average Bookings Per Paying User grew by 7% in Q1 2021 compared to Q1 2020 and reached $115.
Q1 Bookings has reached $113 million, 15% higher compared to the same period of 2020, resulting in estimated revenue growth of 48%.The growth has been supported by new marketing initiatives and acquiring users with forecasted paybacks above initial expectations, which led to an increase in the number of Monthly Paying Users by 9%. To capitalize on the Q1 growth, the company has increased its marketing campaigns and achieved an increase in Monthly Paying Users of 42% year-on-year in April 2021.
Strong performance in the beginning of the year allowed Nexters to significantly update the forecast for 2021 Bookings, which are expected now to grow at 38% year-over-year and reach around $610 million.
«Our games won’t stop being fun when the pandemic ends,» Nexters CEO and Cofounder Andrey Fadeev said. «On the one hand we see an ongoing growth of Hero Wars, a ‘forever franchise’ first released in 2016. On the other we see some promising results from new titles such as Chibi Island. Our strong performance from both new and well-established titles positions us well for our anticipated upcoming listing on Nasdaq,»
On February 1, Nexters and Kismet Acquisition One Corp («Kismet») (Nasdaq: KSMTU), a special purpose acquisition company (SPAC), entered into a definitive business combination agreement that will result in Nexters becoming a publicly-listed company on Nasdaq. The transaction, which placed Nexters at an enterprise value of $1.9 billion, will be funded by approximately $250 million held in trust by Kismet, subject to potential redemptions, as well as the additional $50 million investment by the SPAC Sponsor, Kismet Capital Group, and is expected to close in 2021. Please find more information about the SPAC transaction at: https://nexters.com/investors_content
Nexters is an international game development company which strives to introduce the joy of core gaming experiences to casual players. Thanks to such hit games like Hero Wars, Throne Rush, and others the company reached over 100 million installs worldwide and became one of the top five independent mobile game companies in Europe. Headquartered in Cyprus, Nexters is built upon a team of 500+ inspired game developers. Please find more information about Nexters at: https://nexters.com and follow Nexters on LinkedIn
Andrey Akimov | Chief Communications Officer
 Preliminary estimate based on information currently available to the Company and based on judgments that the Company believes are reasonable. Actual results may differ, even significantly, from the Company's estimate.